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 This morning, the new KORGAS 29-31s widened 2-3bps from ROs. The newMITCO 31s tightened 5bps from RO at T+47, while MITCO 36s wereunchanged.The new HYNMTR 29s tightened 1bp from RO at T+70,HYNMTR 28s and 31s were unchanged, and HYNMTR 33s widened 2bps Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk WLISRC:Debut T2 issuance reflects a premium for smaller scale and shorteroperating history. The new WLISRC 7.875 06/23/36 was 0.5pt lower from ROat 99.493 this morning. See below. VEDLN:Media reported Vedanta Resources is looking to relist its shares inthe US. VEDLNs were unchanged this morning. Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk Trading desk comments交易台市场观点 Yesterday, VNKRLE 27’ and 29’ rose 1.5-1.7pts. Vanke will redeem 40%principal and interest on 23WankeMTN003, and receive a secured loan of uptoRMB1.1bn(cUSD168.4mn)from Shenzhen Metro to repay debts.LNGFOR28-32 traded 0.3-0.6pt higher. WESCHI 28-29 lost 0.4-0.5pt. In HK,LASUDE 26 gained 1.0pt. Lai Sun Development launched an exchange offerfor any and all of LASUDE 26 into a new 3yr USD bond with 8% coupon. Seeour commentsyesterday. LIFUNGs traded 0.1-0.9pt higher. Li & Fungexpanded its licensing partnership with Vera Bradley into apparel, buildingon the strong performance of its existing soft home business. On the otherhand,FAEACO 12.814 Perp was 0.4pt weaker.The Macau gamingcomplexes were unchanged to 0.5pt higher. In IG space, the recent newissues TENCNT 36/46 tightened 1-2bps amid small better buying. Despitefront-end sellers emerged on HAOHUA/TAISEM/FRESHK/NANYAN/OCBCSP/RECLIN/MTRC,their spreads were held up well and closed Last Trading Day’s Top Movers Marco News Recap宏观新闻回顾 Macro–S&P (+1.65%), Dow (+0.92%) and Nasdaq (+3.07%) were higheron Monday. 2/5/10 yearUST yieldwere lower on Monday. 2/5/10/30 year yield was at 4.07%/4.18%/4.47%/4.97%. Desk Analyst Comments分析员市场观点 WLISRC:Debut T2issuance reflects a premium for smaller scale and shorter operating history Yesterday, Well Link Life Insurance (Well Link,-/BBB-/BBB) priced its 10NC5 T2 USD bond (-/BB+/BB+) at8.0% yield with acoupon of 7.875%, tightened from IPT at 8.375%. The issue size is USD200mn on an orderbook of over USD900mn.We note a lack of comparable peers within the Asian lifer universe in terms ofoperating scale, market positioning, and credit ratings. Taking cues of the valuations of FWDGHD 7.63507/02/31 (Baa2/-/BBB-, YTW of 5.6%) and SHIKON 6.95 06/26/35 (-/BBB/-, YTW of 6.3%), we view the newWLISRC 7.875 06/23/36 at 8.0% yield as broadly fair, after adjusting for rating differentials, smaller issue size Proceeds from the new issue will be used to replenish T2 capital and for general corporate purposes. The T2will be callable at par at the issuer’s option in whole on the 23 Jun’31 and any distribution payment datesthereafter, subject to prior regulatory approval, or the coupon will be reset to 5yrUST+initial spread of 3.83%. Well Link is a small life insurer in Hong Kong and regulated by the Hong Kong Insurance Authority (HKIA). Itobtained HKIA license and commenced businesses in Jul’19. It is 100%-owned by Well Link Insurance Group,which is 82.68%-owned by Mr. Xu Chujia. We understand that Well Link Insurance Group is ring-fenced from shareholders and subject to HKIA oversight. In 2025, Well Link ranked 11thin Hong Kong with a 2.9% marketshares by total new business premium (NBP), 9thwith 4.8% market shares by NBP by agents and brokerage In FY25, Well Link’s PBT increased 31.4% yoy to HKD273.3mn, driven by stronger investment returns andpartly offset by weaker insurance results.Investment yields ranged from 5.0% to 11.5% over the past threeyears, averaging 8.9%. As of Dec’25, Well Link’s investment portfolio comprised of bonds (83%), equities (13%)and the remaining in cash and bank deposit (4%); 97% of bond holdings were IG-rated, with sector exposureconcentrated in financials (64%), followed by commercial and industrial (20%) and real estate (6%).Its ROA News and market color Regardingonshore primary issuances, there were 146 credit bonds issued yesterday with an amountofRMB158bn. As for month-to-date, 1,132 credit bonds were issued with a total amount of RMB1,305bn The Bank of Japan raised its benchmark interest rate by 0.25% to 1.0%, its highest level since 1995 Bank Indonesia 25 bps rate hike poses challenges to property sector recovery [ACENPM]ACEN will sell up to a 49% stake in a solar energy project in India to Diamond IndiaRenewables One (DIRO) for an undisclosed amount [CTFSHK]CTF Services is looking to sell more low-performing toll roads in addition to those announcedin May’26, and plans to use the proceeds to invest in higher-return businesses [DAESEC]Mirae Asset probed in South Korea over failure to obtain SpaceX IPO shares [ROADKG]Road King Infrastructure scrapped its planned acquisition of the remaini