> **来源：[研报客](https://pc.yanbaoke.cn)** # CMBI Credit Commentary Summary ## Core Content Overview This document is a **Fixed Income Daily Market Update** from the CMBI Credit Commentary, summarizing key developments in the fixed income market, including new issuance activity, price movements, and macroeconomic news. It also provides **desk analyst comments** on specific securities and includes a **news and market color** section with recent corporate actions and regulatory updates. --- ## Key Market Updates ### New Issuance Activity - **KORGAS 29-31s**: Widened 2-3bps from ROs. - **MITCO 31s**: Tightened 5bps from RO at T+47. - **MITCO 36s**: Unchanged. - **HYNMTR 29s**: Tightened 1bp from RO at T+70. - **HYNMTR 33s**: Widened 2bps from RO at T+93. - **TENCNTs**: Traded 2bps wider. - **TW lifers**: Unchanged to 2bps wider. ### WLISRC T2 Issuance - **WLISRC 7.875 06/23/36**: Priced at 8.0% yield, 0.5pt lower from RO at 99.493. - The issuance reflects a premium for smaller scale and shorter operating history. - **Preferred Asian Lifer Securities**: - FUBON 5.45 12/10/35 - NSINTW 5 7⁄8 03/17/41 - RESLIF 6.875 Perp - SUMILF 5.875 Perp ### Other Price Movements - **LNGFOR 28-32**: Traded 0.3-0.6pt higher. - **WESCHI 28-29**: Lost 0.4-0.5pt. - **LASUDE 26**: Gained 1.0pt in HK. - **LIFUNGs**: Traded 0.1-0.9pt higher. - **FAEACO 12.814 Perp**: 0.4pt weaker. - **Macau gaming complexes**: Unchanged to 0.5pt higher. - **European AT1s**: STANLN 7 Perp gained 0.5pt. - **SE Asian Perps**: VLLPM 29/GARUDA 31 marked 3.8-4.4pts higher. - **LGFV**: QDJZWDs gained 0.1-0.2pt. --- ## Top Movers ### Top Performers | Security | Price | Change | |----------|-------|--------| | VLLPM 9 3/8 07/29/29 | 44.5 | +4.4 | | GARUDA 6 1/2 12/28/31 | 88.3 | +3.8 | | VNKRLE 3.975 11/09/27 | 46.8 | +1.7 | | VNKRLE 3 1/2 11/12/29 | 44.5 | +1.5 | | NWDEVL 5 1/4 PERP | 84.8 | +1.2 | ### Top Underperformers | Security | Price | Change | |----------|-------|--------| | PTTGC 5.2 03/30/52 | 90.2 | -0.9 | | CFAMCI 5 1/2 04/27/47 | 98.2 | -0.7 | | BEIENT 6 3/8 05/12/41 | 109 | -0.6 | | NWDEVL 4.8 PERP | 56.0 | -0.6 | | WDSAU 5.7 09/12/54 | 95.8 | -0.6 | --- ## Macro News Recap - **U.S. Markets**: S&P (+1.65%), Dow (+0.92%), and Nasdaq (+3.07%) rose on Monday. - **U.S. Treasury Yields**: 2/5/10/30 year yields were at 4.07%/4.18%/4.47%/4.97%. - **Bank of Japan**: Raised benchmark interest rate by 0.25% to 1.0%, highest since 1995. - **Bank Indonesia**: 25 bps rate hike challenges property sector recovery. - **ACENPM**: ACEN to sell up to 49% stake in a solar energy project in India to DIRO for undisclosed amount. - **CTFSHK**: CTF Services plans to sell more low-performing toll roads and reinvest proceeds. - **DAESEC**: Mirae Asset under investigation in South Korea for failure to obtain SpaceX IPO shares. - **ROADKG**: Road King Infrastructure scrapped acquisition of Beijing JV and seeks to recoup paid installment. --- ## Company Information - **Well Link Life Insurance**: - A small life insurer in Hong Kong, regulated by HKIA. - 100%-owned by Well Link Insurance Group, which is 82.68% owned by Mr. Xu Chujia. - Market shares in FY25: 2.9% (total NBP), 4.8% (agents and brokerage), 7.4% (brokerage). - PBT increased 31.4% yoy to HKD273.3mn. - Investment portfolio: 83% bonds, 13% equities, 4% cash and deposits. - RBC ratio: 217%, above regulatory minimum. --- ## Offshore Asia New Issues ### Priced Issues | Issuer/Guarantor | Size (USD mn) | Tenor | Coupon | Priced | Issue Rating | |------------------|---------------|--------|--------|--------|----------------| | Hyundai Capital America | 400/1250/750/600 | 2yr/3yr/5yr/7yr | 4.5%/4.75%/5.0%/5.25% | T+55/T+70/T+83/T+93 | A3/A-/A- | | Korea Gas Corporation | 350/350 | 3yr/5yr | SOFR+45/4.5% | SOFR+45/T+33 | Aa2/AA/AA- | | Mitsubishi Corporation | 500/500 | 5yr/10yr | 4.625%/5.125% | T+47/T+70 | A2/A/- | | Well Link Life Insurance | 200 | 10NC5 | 7.875% | 8.0% | -/BB+/BB+ | ### Pipeline Issues | Issuer/Guarantor | Currency | Size (USD mn) | Tenor | Pricing | Issue Rating | |------------------|----------|---------------|--------|--------|----------------| | China Education Group | USD | - | 3yr | T+220 | -/BBB/- | | HDFC Bank | USD | - | 5yr | T+120 | Baa3/BBB/- | --- ## Author Certification - The author certifies that all views expressed reflect their personal views. - No compensation is tied to the specific views in this report. - The author has not traded in or dealt with the securities covered in the last 30 days. - The author is not subject to any conflicts of interest affecting the report's objectivity. --- ## Important Disclosures - **Investment Risks**: The report is for informational purposes only and does not provide tailored advice. - **No Liability**: CMBIGM is not liable for any losses incurred from relying on the report. - **Legal Responsibility**: In Singapore, CMBISG accepts legal responsibility for non-accredited investors only to the extent required by law. - **U.S. Restrictions**: The report is intended for major U.S. institutional investors only and must be used through a U.S.-registered broker-dealer. - **UK Restrictions**: The report is only provided to persons falling under Article 19(5) or Article 49(2) of the Financial Promotion Order 2005. --- ## Contact Information - **Fixed Income Department**: Tel: 852 3657 6235 / 852 3900 0801 - **Email**: fis@cmbi.com.hk - **Analysts**: - **Glenn Ko, CFA**: (852) 3657 6235 / glennko@cmbi.com.hk - **Cyrena Ng, CPA**: (852) 3900 0801 / cyrenang@cmbi.com.hk - **Yujing Zhang**: (852) 3900 0830 / zhangyujing@cmbi.com.hk