固定收益部市场日报-20251118

Report Industry Investment Rating - No information provided Core Viewpoints - The Asia IG space was 1 - 2bps wider this morning, with better selling on KR/JP/HK T2s [4]. - Tactical buyers continued to pick up cheaper offers in higher - yielding LGFV names in preparation for next year, while lower - yielding CNH issues remained under selling pressure [3]. - The report maintains a buy rating on PCORPM 7.35 Perp due to better carry, trading liquidity, smooth access to diverse funding channels, and notably lower refinancing pressure [11]. Summary by Relevant Catalogs Trading Desk Comments - There was better selling on Japanese names such as NOMURA/JERA/KUB/MITCO/MIZUHO/MUFG. Small selling on the BBLTB curve occurred due to news of new USD issues. PBs were buying Asia/Yankee FRNs with wider spreads. Mixed two - way flows were seen on AU/KR lower - spread names. Chinese onshore accounts were buying FRNs of leasing/security houses. Macau gaming names had price changes ranging from unchanged to 0.2pt lower, LIHHK 26 was 0.5pt higher, the NWDEVL complex was unchanged to 0.9pt lower, LASUDE 26 was down by 0.7pt. In Chinese properties, VNKRLE 27 was 0.2pt lower while VNKRLE 29 was 0.2pt higher, and some other property papers had price drops [2]. Analyst Comments - PCORPM's net leverage improved due to lower net working capital. Its revenue declined by 10% yoy in 9M25, mainly due to lower sales volume and selling price. However, gross profit increased by 15% yoy, EBITDA grew by 11% yoy, and net profit surged 37% yoy. Free cash flow jumped 361% from 9M24 to PHP47bn. The report maintains a buy on PCORPM 7.35 Perp [8][9][11]. - WESCHI proposes to issue a new USD bond to fund a tender offer for WESCHI 26 at 101.238. Holders of WESCHI 26 who subscribe to the new bond may get priority in the tender offer and preferential allocation. The offer expires on 28 Nov '25 5pm CET, and WESCHI 26 was 0.4pt higher this morning [4]. Top Performers and Underperformers - Top performers include PTTTB 4 1/2 10/25/42 (price 88.7, change 0.6), CRNAU 9 1/4 10/01/29 (price 92.4, change 0.6), CQSXGU 6.95 08/07/28 (price 99.1, change 0.6), LIHHK 4.8 06/18/26 (price 94.9, change 0.5), ROADKG 6 03/04/29 (price 19.5, change 0.5) [5]. - Top underperformers include NWDEVL 5 1/4 PERP (price 45.1, change - 0.9), TENCNT 3.68 04/22/41 (price 85.5, change - 0.9), NWDEVL 6 1/4 PERP (price 44.7, change - 0.8), LASUDE 5 07/28/26 (price 68.1, change - 0.7), NWDEVL 10.131 PERP (price 48.3, change - 0.6) [5]. Macro News Recap - On Monday, S&P (-0.92%), Dow (-1.18%), and Nasdaq (-0.84%) were lower, and UST yield was lower. The 2/5/10/30 - year yield was at 3.60%/3.72%/4.13%/4.73% [7]. Offshore Asia New Issues - Priced: Guilin ETDZ Holding Group issued a 3 - year USD40mn bond with a 5.0% coupon at 5.0% and is unrated [15]. - Pipeline: Sichuan Kaizhou Development Holding plans a 3 - year bond with a 6.5% coupon and is unrated; The Hong Kong Mortgage Corporation plans a 5 - year bond at T + 50 with a rating of Aa3/AA+/- [16]. News and Market Color - 98 credit bonds were issued onshore yesterday with an amount of RMB120bn. Month - to - date, 1,027 credit bonds were issued with a total amount of RMB1,115bn, a 27.9% yoy increase. S&P upgraded Bharti Airtel to BBB from BBB - and Del Monte Pacific 2QFY26 sales rose 10% yoy to USD234.9mn [17]. - Danantara will restore all grounded Garuda Indonesia aircraft by next year. Geely Automobile seeks a USD1.5bn - equivalent one - year loan for ZEEKR take - private. S&P downgraded Longfor to BB - from BB. NWD announced early tender results of its USD bonds and perps. Rio Tinto pauses a AUD215mn (cUSD140mn) BioIron green steel project. Transurban launches tender offers for TCLAU 3.375 03/22/27 and EUR bonds due 2028 and 2030 [23].