20250702-招银国际-Fixed_Income_Daily_Market_Update_6页_903kb

CMBI Fixed Income Commentary: The Asset Asian G3 Bond Benchmark Review 2025

Date: Tuesday, 22 July 2025
Summary:

Key Market Highlights

• Asian G3 bonds: Prices stable, with notable changes in specific segments.

  • HYSAN Perps rose 0.1–0.2 pts, FAEACO Perp declined 1.1 pts.

• Mainland China market:

  • Non-casino revenue in Macau boosted gaming stocks; SANLTD, STCITY, WYNMAC, and MPEL saw slight price increases.
  • Lingnan properties experienced mixed results, while Yuxiu and Soda Springs showed positive gain.

• External bonds:

  • SOBKCO priced 5yr/10yr USD bonds at T+90/T+110.
  • SOFTBK and SUMIBK issued new floating and fixed-rate bonds.

• Regional insights:

  • Japan: Nissan delayed payments amid fund shortages; Toyota saw mixed movements.
  • LGFVs and Chinese IGs (BABA, TENCENT) remained relatively unchanged.

Remarks and Views

NWDEVL:

• Successful completion of HKD88.2bn loan refinancing hints at future stability despite current market pressure.
• Positive outlook despite potential LME risks, with bond liquidity enhanced by lower HIBOR.
• Recommended high-yield bond (NWDEVL 8 5/8 02/08/28) and preferred stock (NWDEVL 5 1/4 PERP) for aggressive investors.

Secondary Market Data

• Leading Gainers: CCAMCL, VLLPM, EHICAR, etc., saw significant appreciation.
• Decliners: LASUDE led losses, alongside FAEACO and NSANY.
• Tertiary Market:
  • High volatility in US markets, driven by tariff deadlines and economic data.

Another credit activities

• Offshore New Issues (Recent): SoftBank, Sumitomo Mitsui, etc., solid new bond placements.
• Pipeline: Details on China Modern Dairy, Korea Gas Corp., Qatar Insurance, and others in exploration.
• Notable company news included Fosun International, Garuda, and Greenko Energy.

Risk Management & Compliance

This commentary includes investment analyst viewpoints with full disclaimer. All securities covered by the firm have prior investment banking relationships. Views expressed are professional and independent of compensation.

The information used in this report is believed to be reliable but not guaranteed. Use of the report is not a guarantee of any outcome.