20260205-招银国际-Fixed_Income_Daily_Market_Update_5页_735kb

CMBI Credit Commentary Summary

Core Content Overview

This document is a Fixed Income Daily Market Update from CMBI's Fixed Income Department, providing insights into the fixed income market dynamics, rating actions, new issues, and relevant macroeconomic news. The report includes analysis of specific bonds, market movements, and corporate updates affecting credit performance in Asia and beyond.

Key Market Movements

Bond Price Movements

• CDBALF 4.25 02/11/31: Remained largely unchanged around $T + 50$ pricing.
• PMBROV 30/BSFR 6.375 Perp: Edged 0.3-0.4 points higher.
• ACPM 4.85 Perp/EHICAR 26: 0.9-1.2 points lower.
• GLPCHI 26: 0.5 points higher.
• GLPCHI 29/GLPSP 28/GLPSP Perps: 0.5-1.0 points lower.
• EHICAR 26: Decreased by 1.3 points.
• FAEACO 12.814 Perp/MTRC 4.875 Perp: 0.1 points lower.
• SUNHKC 29: 0.1 points higher.
• Macau gaming complex: Unchanged to 0.1 points higher.
• FUTLAN 28/FTLNHD 26-27: 0.6-1.3 points higher.
• VNKRLE 27-29: 1.0 points lower.
• GLPSP Perps: Closed 0.1 points lower.
• ARAMCO: Belly tightened 1-3bps, long-end widened 1-3bps.

Top Performers (Price Change)

Top Underperformers (Price Change)

Rating Action on FRESHK

• S&P placed Far East Horizon (FEH) on CreditWatch negative due to a profit warning from its subsidiary Horizon Construction Development (HCD), which reported a 70%-90% YoY decline in shareholder attributable profit for FY25.
• HCD is a listed subsidiary of FEH, with 41.7% stake held by FEH.
• Despite the rating action, FEH's core financial leasing business remains resilient, and net profit is expected to stay stable.
• FRESHK 26-29 were widened in the morning but stabilized in the afternoon.
• The report maintains a buy recommendation on FRESHK 26-29, citing attractive risk-return profiles and stronger shareholding background compared to peers like BOCAVI.

New Issues in Offshore Asia

Priced Issues

Pipeline Issues

Macro News Highlights

• S&P, Dow, Nasdaq: Mixed performance on Wednesday, with S&P down by -0.51%, Dow up by +0.53%, and Nasdaq down by -1.51%.
• US Employment Data: ADP nonfarm employment rose by +22k, below expectations of +46k.
• US ISM Non-Manufacturing: Prices at 66.6 and PMI at 53.8, both above expectations.
• UST Yields: 10/30 year yields increased, with 2/5/10/30 year yields at 3.57%/3.83%/4.29%/4.91% respectively.

Corporate Updates

• FRESHK: Unconvincing rating action, with FRESHK 28-29 widening in the morning.
• China Oil & Gas: Accepted USD271.795mn of CHIOIL 4.7 06/30/26 in a tender offer, reducing the outstanding amount to USD89.205mn.
• Seazen: Applying for USD300mn offshore-debt quota to refinance FTLNHD 26 of USD404mn.
• Sammaan Capital: 9MFY26 interest income fell by 20.6% YoY.
• KDB: Reviewing independent stake sale in HMM.
• KazMunayGas: Agreed production expansion plan with CNPC.
• Lai Sun Development: Delayed dispatch of circular on LP interest sale.
• LG Energy Solution: Supplying Hanwha Qcells in a KRW1.5tn deal.
• Marubeni: 9M25 revenue increased by 7.9% YoY.
• QNB Bank: FY25 net interest income rose by 52% YoY.
• Petroliam Nasional: Subsidiary signed 20-year LNG SPA with QatarEnergy.
• Sino-Ocean: Sold 75% stake in a key project and has RMB16.78bn in overdue debts.
• Sinopec: Partnering with Towngas on hydrogen projects in Hong Kong.

Author Certification

• The report is authored by Glenn Ko, CFA, Cyrena Ng, CPA, and Yujing Zhang.
• The authors certify that the views expressed accurately reflect their personal opinions and that no compensation is tied to the report's content.
• No trading or dealing in the stocks covered in the report occurred within 30 days prior to the report's issuance, nor will it occur within 3 business days after.

Important Disclosures

• This report is not investment advice and should not be relied upon for decision-making.
• CMBIGM is not liable for any losses incurred from using the report.
• The report is intended for CMBI clients only and not for public distribution.
• It is subject to change without notice and not guaranteed in accuracy or completeness.
• CMBIGM may have investment banking relationships with the issuers, which could affect objectivity.

Disclaimer

• The report is intended for specific recipients in the UK, US, and Singapore.
• In the UK, it is only provided to those falling under Article 19(5) or Article 49(2) of the Financial Promotion Order.
• In the US, it is only for major institutional investors and not for public distribution.
• In Singapore, it is distributed by CMBISG, an Exempt Financial Adviser, and may be provided to non-accredited investors only to the extent required by law.