20250917-招银国际-Fixed_Income_Daily_Market_Update_5页_708kb

报告摘要

Asia IG space widened by 1-5bps this morning; new MPEL 33s rose 0.1pt from RO at par; CNH TENCNT bonds widened or held steady; MPEL curve and Chinese IG curves tightened.
VNKRLE (Vanke) bonds performed well with support from Shenzhen Metro for bond repayments.
VEDLN (Vedanta) received India court approval for a demerger, with bonds slightly higher.
Global IG high-beta credits remained volatile despite high valuations; Macau gaming and Japanese debt markets showed mixed movements.

Asian credit curves tightened across various tenors: HYNMTR bonds and FRNs tightened by 5-15bps; China and Macau credits saw selective buying and rising prices.
US markets declined Tuesday, with Fed interest rate cuts expected; US yields fell.

VNKRLE: Strong offshore debt support from Shenzhen Metro amid property sector challenges; bonds offer attractive yields, maintaining buy recommendation.
New issues: Melco Resort priced 8NC3 bonds at 6.5%, tightened significantly from indicative pricing.

Global equities down: S&P (-0.13%), Dow (-0.27%), Nasdaq (-0.07%).
US retail sales stronger than expected; UST yields lower.
Asia: Central bank interventions and corporate news dominated headlines, including Indonesia's Freeport stake hike and Medco Energi's acquisitions.

Offshore Asia new issues: Melco Resort and Transurban Finance bonds priced, with various deals tightening from indicative rates.
Pipeline: No upcoming Asian offshore issues reported.

Onshore Chinese bond issuance high this month.
Key movers: VNKRLE bonds gained, while some credits like CQSXGU underperformed.
Corporate news: Mergers, investments, and divestitures reported, e.g., SK On's battery plans and Rakuten's redemption.

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