> **来源：[研报客](https://pc.yanbaoke.cn)** # CMBI Credit Commentary # Fixed Income Daily Market Update 固定收益部市场日报 - Asian IG credits were unchanged to 2bps wider this morning. We saw better selling on MEITUA and Korean IG names. NWDEVL 4.8 Perp was 0.8pt higher. YPCORP 29/VLLPM 29 were 0.6pt lower. HYSAN 4.85 Perp leaked 0.5pt. FABUH: FY25 net profit surged $24\%$ yoy to AED21.1bn from higher income across all segments. See below. - ADSEZ: Adani Ports committee approved tender offer to purchase up to USD345.137mn of ADSEZ 4 07/30/27 and up to USD150mn of ADSEZ 3.1 02/02/31. ADSEZ 27-29 edged 0.3pt higher this morning. # Trading desk comments 交易台市场观点 Yesterday, in the FRN space, we saw buying interests from real-money and PB accounts seeking to lock in yields before the upcoming Chinese New Year holiday on Australian, Chinese, European, Japanese and Korean bank/corporate FRNs. In the Middle East, BSFR 6.375 Perp and BSFR 35 edged 0.1pt higher; we maintain buy on these two issues. See our comments on BSFR yesterday. FABUH 34-35s were unchanged to 0.2pt higher. See comments on FABUH's FY25 net profits surge below. Meanwhile, global real-money and PB accounts sold long-end KSAs and long-dated China TMT papers, notably those with maturities longer than 20 years. In Greater China higher-yielding space, WESCHI 28/LIFUNG 5.25 Perp closed 0.3-0.4pt higher. However, FAEACO 12.814 Perp/EHICAR 26-27 were down by 0.1-0.3pt. In Chinese properties, VNKRLE '27 and '29 led the space and rose 1.3-1.6pts. YTD, VNKRLEs have surged 10.4-11.0pts, supported by an RMB2.36bn (cUSD339mn) loan from SZ Metro, as well as Vanke's upfront cash payment for three domestic notes totaling RMB6.8bn (cUSD976mn). Fitch upgraded China Vanke to CC from RD on completion of distressed debt exchange, and affirmed Vanke HK's CC rating. FUTLAN 28/FTLNHD 27 were unchanged to 0.2pt higher, while FTLNHD 26 was 0.2pt lower. Seazen expects to get an offshore-debt quota before Chinese New Year and could launch a USD bond offering afterwards to partially refinance its USD400mn FTLNHD 26. DALWAN 28s were unchanged to 0.1pt higher. In SE Asian space, VLLPM 27-29 dropped 1.0-1.6pts. ACPM 3.9 Perp was 0.7pt lower. On the other hand, INDYIJ 29/IHFLIN 27-30/VEDLN 28-33s and the ReNew Energy complex were unchanged to 0.2pt higher. GLPSPs traded 0.2-0.3pt higher. Yankee AT1s recovered by 0.1-0.4pt. LGFVs were stable amid light two-way flows from retail accounts, whilst institutional interests were mild. Glenn Ko, CFA 高志和 (852) 3657 6235 glennko@cmbi.com.hk Cyrena Ng, CPA 吴蓓莹 (852) 3900 0801 cyrenang@cmbi.com.hk Yujing Zhang 张钰婧 (852) 3900 0830 zhangyujing@cmbi.com.hk Last Trading Day's Top Movers <table><tr><td>Top Performers</td><td>Price</td><td>Change</td></tr><tr><td>VNKRLE 3.975 11/09/27</td><td>31.6</td><td>1.6</td></tr><tr><td>VNKRLE 3 1/2 11/12/29</td><td>30.3</td><td>1.3</td></tr><tr><td>PMBROV 11 1/2 02/18/30</td><td>97.5</td><td>0.7</td></tr><tr><td>HCELEC 4.65 12/29/26</td><td>66.8</td><td>0.6</td></tr><tr><td>LOGPH 5 1/4 02/23/23</td><td>11.1</td><td>0.6</td></tr></table> <table><tr><td>Top Underperformers</td><td>Price</td><td>Change</td></tr><tr><td>VLLPM 9 3/8 07/29/29</td><td>43.0</td><td>-1.6</td></tr><tr><td>VLLPM 7 1/4 07/20/27</td><td>55.5</td><td>-1.0</td></tr><tr><td>GARUDA 6 1/2 12/28/31</td><td>91.5</td><td>-1.0</td></tr><tr><td>CHGRID 4.85 05/07/44</td><td>99.9</td><td>-0.8</td></tr><tr><td>ACPM 3.9 PERP</td><td>66.4</td><td>-0.7</td></tr></table> # Marco News Recap 宏观新闻回顾 Macro - S&P (+0.47%), Dow (+0.04%) and Nasdaq (+0.90%) were higher on Monday. 2/5 year UST yield was lower on Monday. 2/5/10/30 year yield was at 3.48%/3.75%/4.22%/4.85%. # Desk Analyst Comments 分析员市场观点 # > FABUH: FY25 net profit surged 24% yoy to AED21.1bn from higher income across all segments We maintain buy on FABUH 6.32 04/04/34 and FABUH 5.804 01/16/35, which offer c60bps yield pick-up over its senior unsecured bonds for similar tenor. We believe the likelihood of First Abu Dhabi Bank (FAB) to call its T2s to on their respective first call dates is high given FAB's adequate capital buffer. FAB called its first USD AT1, FABUH 5.25 Perp, on the first call date in Jun'20. The next USD AT1 callable is FABUH 4.5 Perp in Apr'26. See below for our AT1 and T2 picks within the Middle East space. Table 1: Our Middle East AT1 and T2 picks <table><tr><td>Security name</td><td>Amt o/s (USDmn)</td><td>Basel III</td><td>Ask px</td><td>YTC</td><td>Mod dur</td><td>First call</td><td>First coupon reset</td><td>Issue rating (M/S/F)</td><td>Issuer rating (M/S/F)</td></tr><tr><td>BSFR 6.375 Perp</td><td>650</td><td>AT1</td><td>100.8</td><td>6.2%</td><td>4.0</td><td>11/07/2030</td><td>05/07/2031</td><td>Unrated</td><td>A1/A-/A-</td></tr><tr><td>BSFR 5.761 09/03/35</td><td>1000</td><td>T2</td><td>100.0</td><td>5.8%</td><td>3.9</td><td>09/03/2030</td><td>09/03/2030</td><td>-/-/BBB</td><td>A1/A-/A-</td></tr><tr><td>FABUH 6.32 04/04/34</td><td>1,000</td><td>T2</td><td>104.1</td><td>4.7%</td><td>2.4</td><td>10/04/2028</td><td>04/04/2029</td><td>-/-/A</td><td>Aa3/AA-/AA-</td></tr><tr><td>FABUH 5.804 01/16/35</td><td>750</td><td>T2</td><td>103.0</td><td>4.8%</td><td>3.1</td><td>07/16/2029</td><td>01/16/2030</td><td>-/-/A</td><td>Aa3/AA-/AA-</td></tr></table> Source: Bloomberg. In FY25, FAB's operating income rose $16\%$ yoy to AED36.7bn, mainly driven by $36\%$ yoy increase in non-interest income to AED16.4bn. Growth was supported by higher fee and commission income, as well as higher FX and other investment income. Net interest income increased by $4\%$ yoy to AED20.3bn, supported by $15\%$ yoy growth in gross loan to AED633bn despite NIM declined to $1.84\%$ in FY25 from $1.93\%$ in FY24 amid a lower-rate environment. UAE cut interest rate 3 times with 25bps each in Sep, Oct and Dec'25. Cost-to-income ratio dropped to $22.4\%$ in FY25 from $24.6\%$ in FY24, reflected disciplined cost management. Net impairment charges fell $17\%$ yoy to AED3.3bn, as supported by a stronger macro-economic environment, and net profit rose $24\%$ yoy to AED21.1bn. ROTE improved to $19.2\%$ from $16.8\%$ in FY24, exceeded the management guidance of higher than $16\%$ , and FAB maintained the same ROTE guidance in FY26. Asset quality improved with NPL ratio declining to $2.2\%$ as of Dec'25 from $3.4\%$ as of Dec'24, while NPL coverage ratio increased to $108\%$ from $96\%$ . Moreover, FAB's capital adequacy remained solid. CET1 pre-dividend ratio at $14.5\%$ as of Dec'25, strong organic capital generation offset higher RWA. CET1 post-dividend ratio was $13.3\%$ , down from $13.7\%$ as of Dec'24, still above the regulatory minimum requirement of $11.6\%$ . FAB guided CET1 ratio to be above $13.5\%$ in FY26. We believe that the increase in countercyclical buffer to $0.5\%$ from $0.15\%$ from 1 Jan'26 to have limited impact to FAB, and the CET1 ratio regulatory minimum requirement will be increased to $c12\%$ from $11.6\%$ . Furthermore, FAB's Tier 1 ratio/CAR was $15.2\%/16.9\%$ as of Dec'25, higher than the regulatory requirement of $13.1\%/15.1\%$ , respectively. # > Offshore Asia New Issues (Priced) <table><tr><td>Issuer/Guarantor</td><td>Size (USD mn)</td><td>Tenor</td><td>Coupon</td><td>Priced</td><td>Issue Rating (M/S/F)</td></tr><tr><td></td><td colspan="5">No Offshore Asia New Issues Priced Today</td></tr></table> # > Offshore Asia New Issues (Pipeline) <table><tr><td>Issuer/Guarantor</td><td>Currency</td><td>Size (USD mn)</td><td>Tenor</td><td>Pricing</td><td>Issue Rating (M/S/F)</td></tr><tr><td>Central Nippon Expressway Co Ltd</td><td>USD</td><td>-</td><td>5yr</td><td>MS+64</td><td>A1/-/ -</td></tr><tr><td>Xingye Gold (Hong Kong) Mining</td><td>USD</td><td>-</td><td>3yr</td><td>7.7%</td><td>Unrated</td></tr></table> # > News and market color - Regarding onshore primary issuances, there were 80 credit bonds issued yesterday with an amount of RMB61bn. As for month-to-date, 687 credit bonds were issued with a total amount of RMB580bn raised, representing a $4998.2\%$ yoy increase [ADTIN] Adani Energy Solutions secured loan from Japanese banks led by MUFG and SMBC [DAESEC] Mirae Asset Securities FY25 operating revenue rose 22% yoy to KRW2.5tn (cUSD1.7bn) - [FTLNHD/FUTLAN] Seazen expects to get an offshore-debt quota before Chinese New Year and could launch a USD bond offering soon after [HYUNHI] HD Hyundai Heavy won an order for two LNG carriers from Greece's Tsakos [MINMET] Minmetals Land privatization offer by June Glory has been approved by shareholders [NIO] NIO recalls more than 246,000 EVs in China to fix software issue - [PTTGC] PTT Global Chemical 2025 adjusted EBITDA fell $34.4\%$ to THB20.85bn (cUSD667mn) [VNKRLE] Fitch upgraded China Vanke to CC from RD and affirmed Vanke HK's CC rating Fixed Income Department Tel: 852 3657 6235/ 852 3900 0801 fis@cmbi.com.hk Author Certification CMBIGM or its affiliate(s) have investment banking relationship with the issuers covered in this report in preceding 12 months The author who is primary responsible for the content of this research report, in whole or in part, certifies that with respect to the securities or issuer that the author covered in this report: (1) all of the views expressed accurately reflect his or her personal views about the subject securities or issuer; and (2) no part of his or her compensation was, is, or will be, directly or indirectly, related to the specific views expressed by that author in this report. Besides, the author confirms that neither the author nor his/her associates (as defined in the code of conduct issued by The Hong Kong Securities and Futures Commission) (1) have dealt in or traded in the stock(s) covered in this research report within 30 calendar days prior to the date of issue of this report; (2) will deal in or trade in the stock(s) covered in this research report 3 business days after the date of issue of this report; (3) serve as an officer of any of the Hong Kong listed companies covered in this report; and (4) have any financial interests in the Hong Kong listed companies covered in this report. # Important Disclosures There are risks involved in transacting in any securities. The information contained in this report may not be suitable for the purposes of all investors. CMBIGM does not provide individually tailored investment advice. This report has been prepared without regard to the individual investment objectives, financial position or special requirements. Past performance has no indication of future performance, and actual events may differ materially from that which is contained in the report. The value of, and returns from, any investments are uncertain and are not guaranteed and may fluctuate as a result of their dependence on the performance of underlying assets or other variable market factors. CMBIGM recommends that investors should independently evaluate particular investments and strategies, and encourages investors to consult with a professional financial advisor in order to make their own investment decisions. This report or any information contained herein, have been prepared by the CMBIGM, solely for the purpose of supplying information to the clients of CMBIGM and/or its affiliate(s) to whom it is distributed. This report is not and should not be construed as an offer or solicitation to buy or sell any security or any interest in securities or enter into any transaction. Neither CMBIGM nor any of its affiliates, shareholders, agents, consultants, directors, officers or employees shall be liable for any loss, damage or expense whatsoever, whether direct or consequential, incurred in relying on the information contained in this report. Anyone making use of the information contained in this report does so entirely at their own risk. The information and contents contained in this report are based on the analyses and interpretations of information believed to be publicly available and reliable. CMBIGM has exerted every effort in its capacity to ensure, but not to guarantee, their accuracy, completeness, timeliness or correctness. CMBIGM provides the information, advices and forecasts on an "AS IS" basis. The information and contents are subject to change without notice. CMBIGM may issue other publications having information and/ or conclusions different from this report. These publications reflect different assumptions, point-of-view and analytical methods when compiling. CMBIGM may make investment decisions or take proprietary positions that are inconsistent with the recommendations or views in this report. CMBIGM may have a position, make markets or act as principal or engage in transactions in securities of companies referred to in this report for itself and/or on behalf of its clients from time to time. Investors should assume that CMBIGM does or seeks to have investment banking or other business relationships with the companies in this report. As a result, recipients should be aware that CMBIGM may have a conflict of interest that could affect the objectivity of this report and CMBIGM will not assume any responsibility in respect thereof. This report is for the use of intended recipients only and this publication, may not be reproduced, reprinted, sold, redistributed or published in whole or in part for any purpose without prior written consent of CMBIGM. Additional information on recommended securities is available upon request. # Disclaimer: For recipients of this document in the United Kingdom This report has been provided only to persons (I)falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended from time to time)(The Order") or (II) are persons falling within Article 49(2) (a) to (d) ("High Net Worth Companies, Unincorporated Associations, etc.,) of the Order, and may not be provided to any other person without the prior written consent of CMBIGM. For recipients of this document in the United States CMBIGM is not a registered broker-dealer in the United States. As a result, CMBIGM is not subject to U.S. rules regarding the preparation of research reports and the independence of research analysts. The research analyst who is primary responsible for the content of this research report is not registered or qualified as a research analyst with the Financial Industry Regulatory Authority ("FINRA"). The analyst is not subject to applicable restrictions under FINRA Rules intended to ensure that the analyst is not affected by potential conflicts of interest that could bear upon the reliability of the research report. This report is intended for distribution in the United States solely to "major US institutional investors", as defined in Rule 15a-6under the US, Securities Exchange Act of 1934, as amended, and may not be furnished to any other person in the United States. Each major US institutional investor that receives a copy of this report by its acceptance hereof represents and agrees that it shall not distribute or provide this report to any other person. Any U.S. recipient of this report wishing to effect any transaction to buy or sell securities based on the information provided in this report should do so only through a U.S.-registered broker-dealer. For recipients of this document in Singapore This report is distributed in Singapore by CMBI (Singapore) Pte. Limited (CMBISG) (Company Regn. No. 201731928D), an Exempt Financial Adviser as defined in the Financial Advisers Act (Cap. 110) of Singapore and regulated by the Monetary Authority of Singapore. CMBISG may distribute reports produced by its respective foreign entities, affiliates or other foreign research houses pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the report is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, as defined in the Securities and Futures Act (Cap. 289) of Singapore, CMBISG accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact CMBISG at +65 6350 4400 for matters arising from, or in connection with the report.