固定收益部市场日报-20250805

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Yesterday, the IG space opened 5 - 10bps wider with a cautious tone, and various bonds had different price movements. For example, TH bank BBLTB sub - curve and TW lifers gradually recovered and closed 1 - 3bps wider. In Chinese properties, GRNLGR 28 - 31s dropped 1.0 - 2.9pts [1]. - This morning, MTRC Perps were up 0.2pt, ADSEZ 31 - 41s and ADGREG 42s rose 0.6 - 2pts, while CKINF 4/4.2 Perps decreased 1pt [2]. - AVIC launched a tender offer and consent solicitation for its USD300mn AVICCP 2.375 02/09/26 at par, and is soliciting consent from bondholders for two modifications [6][7]. Summary by Related Catalogs Trading Desk Comments - The IG space opened 5 - 10bps wider. TH bank BBLTB sub - curve and TW lifers closed 1 - 3bps wider. Lower - beta papers with 4.5% yield or below and front - end papers were heavily traded. FRESHK 26 - 28s had a spread change of 7bps tighter to 3bps wider. In Macau gaming, different bonds had price changes ranging from unchanged to +1pt. Among greater China higher - beta credits, Perps moved higher. There were block selling on FRNs of China leasing/securities houses and two - way flows on EU/Japan banks FRNs. Yankee AT1s recovered. In Chinese properties, GRNLGR, LNGFOR, and VNKRLE bonds dropped, while LIFUNGs rose. In the SEA, MEDCIJ 28 - 29s were unchanged to 0.1pt lower, and VEDLN 28 - 33s were unchanged to 0.2pts higher [1]. Analyst Comments - AVIC launched a tender offer and consent solicitation for AVICCP 2.375 02/09/26 at par. It failed to furnish audited FY24 financial statements and expects to be unable to provide unaudited 1H25 financial statements on time. It is soliciting consent for two modifications: removing the financial statement requirement and adding an early redemption option. The offer expires on 15 Aug'25, and two bondholder meetings will be held on 26 Aug'25. The tender offer settlement is on 29 Aug'25. The resolutions are binding if passed and the eligibility condition is met. The tender offer can be an opportunity for investors to switch to other Chinese IG names [6][7][9]. Macro News Recap - On Monday, S&P (+1.47%), Dow (+1.34%), and Nasdaq (+1.95%) were higher, and UST yield was lower with 2/5/10/30 yield at 3.69%/3.75%/4.22%/4.80% [5]. Last Trading Day's Top Movers - Top Performers included GWFOOD 3.258 10/29/30 (price 86.3, change 2.4), WESCHI 4.95 07/08/26 (price 92.8, change 1.3), etc. Top Underperformers included GRNLGR 6.9 02/12/29 (price 20.1, change - 2.9), GRNLGR 8 1/4 01/22/31 (price 20.1, change - 2.9), etc. [4]. Offshore Asia New Issues - Priced: No Offshore Asia New Issues Priced Today [12]. - Pipeline: Licheng International Development plans a 3 - year issue with a 5.5% pricing and is unrated. Macquarie Bank plans an 11NC10 issue with a pricing of T + 170 and has an issue rating of A3/BBB+/BBB+ [13]. News and Market Color - Regarding onshore primary issuances, 85 credit bonds were issued yesterday with an amount of RMB66bn. Month - to - date, 130 credit bonds were issued with a total amount of RMB149bn, a 4.4% yoy increase. S&P revised the outlook of Adani Electricity Mumbai to stable from negative, affirmed BBB - rating [14]. - S&P revised the outlook of Adani Green Energy RG2 to stable from negative, affirmed BB+ rating; revised the outlook of Adani Ports to positive from negative, affirmed BBB - rating. Agile plans to deliver a preliminary restructuring proposal to offshore creditors in 3Q25. Ant Group will exit India's Paytm by selling its 5.84% stake for up to INR38bn (cUSD434mn). Road King bondholder group can block revised consent solicitation. SK Telecom will help develop a South Korean ChatGPT challenger. SK On will focus on cutting - edge technology [21].