固定收益部市场日报-20250722

Report Industry Investment Rating - Maintain a buy recommendation on CPDEVs [3][9] Core View - The report provides a daily update on the fixed - income market, including price changes of various bonds, macro - news, new issuance information, and company - specific news [1][6][16] Trading Desk Comments - Yesterday, long - end Chinese IGs like TENCNT/BABA 50 - 57s were 0.5 - 0.7pt higher (unchanged to 5bps tighter), while JD 50 was 0.8pt lower (12bps wider) [1] - In insurance, SHIKON 35 tightened another 5bps (0.6pt higher) after tightening 20bps last week. CATLIF/NSINTW 34s were unchanged to 2bps tighter [1] - NIPILF 51/MYLIFE 55 were up 0.1pt, ASAMLI/SUMILF Perps were down 0.1 - 0.2pt. In AT1s, BACR 9.675/HSBC 7.05/UBS 6.85 Perps were up 0.1 - 0.3pt [1] - In HK, HYSAN 4.85 Perp was up 0.6pt. NWDEVL 28 - 31s/Perps were 0.7pt lower to 0.3pt higher. MTRC Perps were 0.1 - 0.2pt higher [1] - In Chinese properties, ROADKG 28 - 30s were 0.1 - 0.4pt lower, ROADKG Perps closed unchanged. LNGFOR 28/DALWAN 26 were down 0.3 - 0.5pt. Outside properties, WESCHI 26 was up 0.9pt [1] - In SE Asia, MEDCIJ 30 was up 0.6pt. Elsewhere, MONMIN 30 was up 1.0pt [1] - In CNH space, the new SWIPRO 35 was 0.1pt higher with yield tightening towards 3%. In LGFVs, CPDEV 26 was down 0.2pt, CPDEV 29 was up 0.2pt [2] - There were two - way interests on USD names like CHDOHU 7.6 28s/KNMIDI 8.5 26s and CNH names like ZCHTCD 6.7 28s/QHURGR 7.8 26s. In SOE perps, AVIILC Perp was up 0.2pt, CHPWCN Perp was down 0.2pt [2] Morning Updates (22 Jul 2025) - SHIKON 35 widened 10bps and NSINTW 34 widened 5bps. NACF/SHINFN 29 - 30s widened 1 - 2bps. HYSAN 4.85/FAEACO 12.814 Perps were down 0.3 - 0.4pt. WESCHI 26 was up another 0.5pt [3] - USD90.4mn of CPDEV 4.65 01/19/26 was validly tendered at expiration, meeting adjourned to 5 Aug'25. CPDEV 26 was 0.1pt higher this morning [3] - VEDLN: Hindustan Zinc 1QFY25 results beat estimates on record output and silver gains, VEDLNs were unchanged this morning [3] Top Performers and Underperformers | Top Performers | Price | Change | Top Underperformers | Price | Change | | --- | --- | --- | --- | --- | --- | | FWDGHD 6.675 PERP | 99.5 | 1.2 | GRNLGR 5 7/8 07/03/30 | 22.7 | - 4.4 | | RILIN 3 5/8 01/12/52 | 68.9 | 1.0 | JD 4 1/8 01/14/50 | 77.8 | - 0.8 | | MONMIN 8.44 04/03/30 | 95.9 | 1.0 | NWDEVL 4 1/2 05/19/30 | 48.6 | - 0.7 | | WESCHI 4.95 07/08/26 | 89.4 | 0.9 | LNGFOR 4 1/2 01/16/28 | 89.9 | - 0.5 | | CCAMCL 5 02/08/48 | 87.0 | 0.8 | NWDEVL 3 3/4 01/14/31 | 47.3 | - 0.5 | [4] Macro News Recap - On Monday, S&P (+0.14%), Dow (-0.04%) and Nasdaq (+0.38%) were mixed. The S&P 500 Index finished at 6305.6, its highest close ever [6] - UST yield was lower on Monday, with 2/5/10/30 - year yields at 3.85%/3.91%/4.38%/4.94% [6] Desk Analyst Comments on CPDEV - Central Plaza Development adjourned the meeting on CPDEV 4.65 01/19/26 to 5 Aug'25 due to lack of quorum. As of expiration, USD90.42mn of the bond was validly tendered [7] - Voting deadline for consent solicitation extended to 31 Jul'25. If approved, CPDEV can redeem all CPDEV 26 outstanding at par with 5 - business - day notice [8] - Maintain buy on CPDEVs due to Beijing SASAC's ownership, CPDEV's strategic importance, and good access to on - shore funding, and proactive management of offshore maturity profile [9] Offshore Asia New Issues - No new offshore Asia issues were priced today [14] - There are no new offshore Asia issues in the pipeline today [15] News and Market Color - Yesterday, 89 credit bonds were issued onshore with an amount of RMB170bn. Month - to - date, 1,337 credit bonds were issued, raising RMB1,409bn, a 12.8% yoy increase [16] - Land sales in China's smaller cities fell to the lowest level in over a decade [16] - Indonesian coal exports to China fell 12% yoy in 1H25 due to falling prices [16] - Fitch changed Continuum Green Energy's outlook to stable from positive and affirmed its B+ rating [16] - CTF Services issued HKD850mn CTFSHK 2.8 01/18/27 (CB) and repurchased HKD566mn CTFSHK 4 07/22/25 (CB), with the remaining HKD74mn converted into shares [16] - China Water Affairs Group and its top shareholder offered to buy the remaining stake in wastewater firm Kangda [16] - EQT and Brookfield are in active negotiations to acquire Gland Pharma from Fosun Group [16] - S&P assigned Fubon Life an A - rating with a stable outlook [16] - Vale Indonesia plans to raise USD1 - 1.2bn in 2026 - 27 for mine and smelter projects [16] - Road King bondholders were advised to reject the revised consent solicitation offer [16] - Sands China's new incentives on table - side bets could boost market share [21] - SoftBank - OpenAI US venture scaled back near - term goals due to disputes [21] - Hindustan Zinc 1Q25 results beat estimates on record output and silver gains [21]