20250611-招银国际-Fixed_Income_Daily_Market_Update_5页_797kb

CMBI Credit Commentary Summary

Core Content Overview

This document is a Fixed Income Daily Market Update by CMBI Credit Commentary, focusing on the The Asset Asian G3 Bond Benchmark Review 2025. It provides market insights, trading desk comments, macroeconomic news, and analyst recommendations on various fixed income instruments, primarily in the Asia-Pacific region, including the Philippines and China.

Key Market Updates

• ANZs: New ANZs were unchanged from ROs, with KR space remaining strong.
• LGENSO/HYUELE 27-33s: Tightened 5-10bps.
• KBANK 28-31s/PPTGC 31-52s: Tightened 5bps.
• GRWALL 26-30s: Unchanged to 2bps tighter following Fitch's upgrade to BBB.
• SMCPM 5.5 Perp: To be redeemed on 29 Jul'25. Down 0.1pt this morning.
• LIHHK 4.5 06/26/25: Repurchased USD15.559mn, with USD182.204mn remaining outstanding. Down 0.4-0.8pt yesterday and unchanged this morning.

Trading Desk Comments

• KR Space: Strong performance, with LGENSO/HYUELE/PKX 27-35s tightening 3-7bps.
• CITNAT/SHNHAN/DAESEC 26-30s: Tightened 5-10bps.
• Chinese IGs: BABA/MEITUA 27-35s were 1-2bps wider.
• Financials: FRESHK 25-28s tightened 10-20bps. BBLTB 33-40s tightened 2-7bps.
• Insurance Hybrids: MYLIFE/NIPLIF 51-55s rose 0.1-0.2pt.
• HK: NANYAN 34s tightened 1bp, DAHSIN 33s widened 1bp.
• NWDEVL Perps: Rose another 0.9-1.3pts, closed 3.6-4.0pts higher WTD.
• NWSZF 28-29s: Rose another 0.5-0.9pt, closed 0.7-2.9pts higher WTD.
• LNGFOR 27-29s: Up another 1.0pt, closed 2.7-2.8pts higher WTD.
• EHICAR 26s: Up 0.3pt.
• VLLPM 27-29s: Dropped another 1.2-2.0pts, closed 3.3-4.1pts lower WTD.
• SMCPM/SMCGL/PCORPM Perps: Unchanged to 0.2pt higher.
• SMC Complex: Buy recommendation on SMCGL 5.7 Perp, SMCGL 5.45 Perp, SMCGL 8.125 Perp, and PCORPM 5.95 Perp due to better risk-return profiles.

Macro News Recap

• U.S. Indices: S&P (+0.55%), Dow (+0.25%), Nasdaq (+0.63%) were higher.
• Trade Tensions: U.S. and Chinese negotiators in London agreed on a plan to ease trade tensions.
• UST Yields: Lower on Tuesday, with 2/5/10/30 yields at 4.01%/4.08%/4.47%/4.93%.

News and Market Color

• Onshore Primary Issuances: 135 credit bonds issued yesterday with RMB127bn. Month-to-date total: 537 credit bonds with RMB527bn raised, representing a 14.7% YoY increase.
• ANTOIL: Anton Oilfield wins an eight-year contract in Malaysia.
• DAESEC: Mirae Asset Securities considers investments in Chinese high-tech firms.
• FAEACO: Far East Consortium will host NDRs in Singapore, Hong Kong, and London.
• GRWALL: Fitch upgraded China Great Wall AMC to BBB- from BBB.
• LIHHK: Lifestyle International repurchased USD15.559mn of LIHHK 4.5 06/26/25.
• LMRTSP: Lippo Malls Indonesia Retail Trust will not pay SGD120mn distribution on 19 Jun'25.
• MDLNIJ: Modernland Realty and Quantum are using real-estate services firms to accelerate asset sales.
• SMCPM: Anticipates growth from airport and tollway businesses.

Top Movers

Top Performers

• NWDEVL 4.8 PERP: 24.4, +1.3
• NWDEVL 5 1/4 PERP: 28.6, +1.2
• NWDEVL 6.15 PERP: 38.1, +1.1
• LNGFOR 3.95 09/16/29: 79.1, +1.0
• LNGFOR 3.85 01/13/32: 71.4, +1.0

Top Underperformers

• VLLPM 9 3/8 07/29/29: 68.7, -2.0
• VLLPM 7 1/4 07/20/27: 75.8, -1.2
• LIHHK 4.8 06/18/26: 82.8, -0.8
• CPREIT 2.95 06/15/30: 82.9, -0.6
• LIHHK 4 1/2 06/26/25: 98.9, -0.4

Offshore Asia New Issues

Priced

• ANZ:
  • 500/3yr/4.362%/T+38/Aa2/AA-/AA-
  • 1000/3yr/SOFR+62/ SOFR+62/Aa2/AA-/AA-
  • 1250/11NC10/5.816%/T+135/A3/A-/A-
• Fujian Jinshang Holding Group: 180/3yr/5.6%/5.6%/Unrated

Pipeline

• No new offshore Asia issues in the pipeline today.

Author Certification

• The author certifies that the views expressed in the report reflect personal views and are not influenced by compensation.
• The author confirms no trading activity in the stocks covered within 30 days prior to the report date.
• The author does not serve as an officer of any Hong Kong listed companies covered and has no financial interests in them.

Important Disclosures

• Risks: All securities transactions involve risks. The report is not tailored to individual investors.
• Disclaimer: CMBIGM does not guarantee accuracy or completeness of the information.
• Use Restrictions: The report is for intended recipients only and may not be reproduced or distributed without consent.
• Legal Responsibility: In Singapore, CMBISG accepts legal responsibility for the contents of the report only to the extent required by law.
• U.S. Distribution: The report is distributed only to major U.S. institutional investors and not to other persons.
• U.K. Distribution: The report is provided only to persons falling under specific legal definitions.

Summary of Key Points

• The report provides an overview of fixed income market performance in Asia.
• SMCPM is set to redeem its 5.5 Perp on 29 Jul'25, and the SMC Complex offers better risk-return profiles.
• Macro news highlights strong U.S. indices and eased trade tensions between the U.S. and China.
• Onshore primary issuances show a significant increase in volume and amount.
• Market movements indicate mixed performance across various instruments.
• The report includes important legal and ethical disclosures regarding investment recommendations and potential conflicts of interest.