固定收益每日市场更新

CMBI Credit Commentary Fixed Income Daily Market Update固定收益部市场日报 Asian IG credits were unchanged to 2bps tighter this morning. We saw profittaking on 2-3yr notes. VNKRLE 27 and 29' rose 1.0-1.6pts. SOFTBK 61gained 0.7pt. Onthe other hand, NWDEVL 30 leaked 0.4pt. YPCORP 29 was0.3pt lower. FAEACO 12.814 Perp lost 0.2pt. Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk LASUDE:Exchange offer with conditional upfront cash and 3yr maturityextension. LASUDE 26 was 0.8pt higher this morning. See below. Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk VEDLN:Fitch upgraded Vedanta Resources by one notch to BB from BB-ashigher commodity prices, lower cost of debt likely to boost EBITDA; outlookstable. VEDLNs were unchanged this morning. Trading desk comments交易台市场观点 Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk Last Friday,FUBON/SHIKON closed unchanged to 1bp tighter amid betterbuying, while CATLIFs/NSINTWstraded 1-6bps wider. See our commentson CATLIFlast Friday.CCAMCLs widened 1-5bps and TENCNTs were 5bpstighter to 5bps wider.In HK, the NWDEVL/VDNWDL complexes wereunchanged to 0.5pt firmer. NWD generated over HKD2.6bn from PaviliaRosa sales so far. FAEACO 12.814 Perp/LASUDE 26 gained 0.7-0.8pt. LaiSunDevelopment launched exchange and consent solicitation forUSD493mn LASUDE 5 07/28/26. See comments below. The Macau gamingcomplexes were up to 0.4pt higher. WESCHI 28-29 edged 0.4-0.5pt higher.See ourcomments on WESCHI on 11 Jun’26.In Chinese properties,VNKRLE 27’and 29’ were 0.2pt lower to 0.1pt higher. Vanke has scheduledredemption of 40% of the principal and interest of '23WankeMTN003' on 15Jun’26, amounting to RMB863.1mn. Vanke will receive a secured loan of up Marco News Recap宏观新闻回顾 Macro–S&P (+0.50%), Dow (+0.70%) and Nasdaq (+0.31%) were higheronlast Friday.UST yield were higheronlast Friday. 2/5/10/30 year yield was at 4.09%/4.21%/4.48%/4.97%. DeskAnalyst Comments分析员市场观点 LASUDE:Exchange offer with conditional upfront cash and 3yr maturity extension Lai Sun Development (LSD) launched an exchange offer for any and all of LASUDE 5 07/28/26 into a new 3yrUSD bond with 8% coupon. Holders will receive 30% upfront cash and 70% in newbond if LSD receive theproceeds from the disposal of CCB Tower in Central on or prior to 22 Jul’26, or will receive 100% in new bondwith no upfront cash if such condition is not satisfied. In the latter case, LSD undertakes to redeem 30% of thenew bondwithin 10 business days upon the receipt of disposal proceeds, or by 28 Sep’26 at the latest if The new bond will mature on 28 Jul’29 and carry an 8% coupon. A cash sweepmechanism will apply, suchthat net disposal proceeds from specified assets will be deposited into a designated account.See Table 1. Concurrently, LSD launched a consent solicitation for the LASUDE 26 to approve a series of amendments andwaivers, including: (i) extension of maturity by 3 years to 28 Jul’29; (ii) inclusion of an issuer option to convertthe existing bond into the new bond at a 1:1 ratio in whole at any time; (iii) addition of a par call option exercisableat the issuer’s discretion at any time, in whole or in part; (iv) alignment of quorum requirements and cross- Apart from CCB Tower,LSD has also entered into agreements to dispose of 80% interest in Camper &Nicholsons for GBP40mn(cUSD368mn), subject to adjustment and shareholder approval at a meetingexpected on 29 Jun’26 with completion targeted around 14 Jul’26. As of 31 Jan’26, LSD (excl. LF and eSUN)had total debt of HKD15.9bn, comprising HKD11.6bn bank loans and HKD4.2bn senior bonds (incl. cHKD3.8bnLASUDE 26). All IPs and development projects are pledged against banking facilities, while the HKD739mn of News and market color Regardingonshoreprimary issuances, there were 90 credit bonds issued last Friday with an amount ofRMB131bn. As for month-to-date, 989 credit bonds were issued with a total amount of RMB1,151bn [LGELEC]LG Electronics is constructing a ‘data factory’ to train humanoid robots with a KRW400bn [NDPAPE]Nine Dragons Paper obtained a three-year syndicated loan for RMB2bn (cUSD295.4mn);commenced tender offer for USD400mn NDPAPE 14 Perp at 107 [NWDEVL]New World Development generatedover HKD2.6bn from Pavilia Rosa sale so far [PKX]POSCO Holdings signed a definitive agreement with Australia’s Anson Resources to build aproprietary direct lithium extraction demonstration plant in the US [SMCPM]San Miguel is likely to get a 55% stake in the proposed toll road business merger between thePhilippine conglomerate and First Pacific-controlled Metro Pacific Investments [VNKRLE]China Vanke to redeem 40% principal, interest on 23WankeMTN003; to receive a secured loanof up to RMB1.1bn (cUSD168.4mn) from Shenzhen Metro to repay debts; scrapped the sale process forits 99.4% stake in a pig farming business after no bidder qualified by the 11 Jun’26 deadline [WDSAU]Woodside Energy Group exercised itspre-emptive right to acquire PetroChina’s 10.67% interestin Browse j