20250924-招银国际-Fixed_Income_Daily_Market_Update_5页_736kb

报告摘要

Bond Pricing Movement:
- PINGAN 5 10/08/35: 2-3bps tighter from initial T+89 pricing.
- CK Hutchison 4.25 09/26/30: Initial 1-2bps wider then recovered to RO at T+62.5.
- KOCRGF 28: Tightened 2-3bps from SOFR+65 pricing.
- Higher-yielding LGFV issues showed slight demand recovery.
Market Highlights:
- EHICAR: Top performer, rose 1.7-1.2 pts; CNY Vanke bond dropped 4.1-4.5 pts (Vanke skipped payment, potential resolution).
- Yankee AT1s: Light buying; TW lifers slightly tighter.
- MPEL: Bond prices drifted down by 0.2-0.1pts; CTFSHK 29 up 0.9pts.
- Chinese Properties: VNKRLE 27-29s fell 4.1-4.5pts (Vanke deal overhang, repayment discussions).
- Southeast Asia: GLPSP 4.5PERP dropped 0.9pts.
Liquidity/Demand: LGFV space was thin; sporadic demand for higher-yielding names.

Equities: S&P(-0.55%), Dow(-0.19%), Nasdaq(-0.95%).
UST Yields: Down; 2/5/10/30y yields at 3.53/3.68/4.12/4.73%.
Market Actions: China halts tokenization of real-world assets; Vanke facing interest payment discussions; Regulatory scrutiny on AI chip prices.

VEDLN:
- Short-term take profit on 10.875 09/17/29 (+~8pts rally YTD).
- Maintain buy on 9.475 07/24/30 due to better risk-adjusted profile.
- Acquisition of JPA by Vedanta delays deleveraging and may raise risk focus; current price ~105.2.
- Onshore PSC rejection (CB-OS/2) has minor EBITDA impact (~<0.3%).
- Demerger case delayed until Oct; prior rejection banks cited potential financial risks.
Offshore Asia New Issues:
- Rated Pricings:
  - VEDLN 10yr 5.0% (T+89, Baa2)
  - CK Hutchison 5yr 4.25% (T+62.5, A2)
  - KGC Fund 3yr SOFR+65 (Aa2)
- Pipeline:
  - Nickel Industries 5NC2 9.25% (B1)