固定收益部市场日报-20250908

Report Industry Investment Rating - Not provided Core View of the Report - Longfor has shown good debt maturity management and debt reduction ability despite weak 1H25 results The growing contribution from investment properties and property management partly offsets the impact of weak property sales and margin pressure The current valuation of LNGFORs offers good carry plays, so the buy rating on LNGFORs is maintained [7] Summaries by Relevant Catalogs Trading Desk Comments - Last Friday, HYUELE 28 - 30s tightened 2 - 3bps, SHIKON 35 tightened another 10bps, CATLIFs/NSINTW 34 tightened 4 - 8bps, and FUBON 35 was 5bps tighter Japan - related bonds like KYUSEL 35/NOMURA 35 etc were 3 - 5bps tighter Some PERP bonds increased in price MEITUA curve was under pressure, while FOSUNI 28 - 29s saw buying and the new FOSUNI 29s firmed slightly Macau gaming bonds had price changes ranging from 0.1pt lower to 0.3pt higher MTRC PERPs were 0.3pt higher and LIHHK 4.8 06/18/26 was down 0.8pt LNGFOR 27 - 32s climbed 0.5 - 0.9pt BBLTB subs in Southeast Asia were 3 - 5bps tighter Renew Energy complex bonds like RPVIN 28/RNW 26/INCLEN 27 were 0.1 - 0.2pt higher RILIN 45 - 62s rose 1.6pts and VLLPM 9 3/8 07/29/29 dropped 1.9pts [2] - This morning (8 Sep 2025), HYUELE 4.25 28/4.375 30 widened 1 - 2bps, TW lifers CATLIFs/FUBON/NSINTW/SHIKON were 1 - 2bps wider, ZHOSHK 28 widened 5bps Asia Perps were 0.3 - 0.5pt higher with better institutional buying LNGFOR 28 was 0.1pt lower and others were unchanged SHUION 26 was 0.4pt higher as Shui On plans to issue USD bonds for refinancing [3] Top Performers and Underperformers - Top Performers include CHGDNU 4.8 09/11/48 with a price of 91.5 and a change of 1.9, TAISEM 3 1/4 10/25/51 with a price of 76.6 and a change of 1.7 etc [4] - Top Underperformers include VLLPM 9 3/8 07/29/29 with a price of 62.6 and a change of -1.9, LIHHK 4.8 06/18/26 with a price of 93.6 and a change of -0.8 etc [4] Macro News Recap - Last Friday, S&P (-0.32%), Dow (-0.48%) and Nasdaq (-0.03%) were lower US Aug'25 nonfarm payrolls was +22k, lower than the market expectation of +75k, and the unemployment rate was 4.3% as expected UST yield was lower, with 2/5/10/30 - year yields at 3.51%/3.59%/4.10%/4.78% [6] Desk Analyst Comments - LNGFOR has passed through the repayment hump, and the buy rating on LNGFORs is maintained [7] Offshore Asia New Issues - No new offshore Asia issues were priced today [10] - Pipeline issues include Petron Corp with PerpNC3 tenor at 7.35% (unrated), Shaoxing Shangyu State - owned Capital with 3 - year tenor at 4.8% (unrated), and Westpac with 5 - year tenor at T + 85 (A1/AA - /A +) [11] News and Market Color - Yesterday, 83 credit bonds were issued onshore with an amount of RMB54bn Month - to - date, 278 credit bonds were issued with a total amount of RMB207bn, a 17.2% yoy decrease [15] - Shenzhen eased home purchasing rules Moody's withdrew the Baa2 rating of AVIC Industry - Finance Alibaba reduced its stake in Singapore Post, cashing out SGD65mn (cUSD50.4mn) Central Huijin became China Cinda's largest shareholder with 58% stake Wanda Group plans to raise up to USD200mn in private debt Emperor International will sell Macau properties for HKD90mn (cUSD11.5mn) LG Electronics aims to double European sales in five years Fitch revised Meituan's outlook to stable from positive S&P revised Zhongsheng's outlook to negative from stable [15]