固定收益部市场日报-20251124

Report Summary 1. Report Industry Investment Rating - Not provided in the report. 2. Core Views - The Chinese government is considering a stimulus package to revive the property market, which led to some recovery in Chinese property bonds [2]. - SJM's acquisition of the L'Arc Hotel and termination of the Ponte 16 acquisition could delay its de - leverage trajectory and may lead to negative rating action [7][8]. - Xiaomi's solid credit profiles and strong performance in the Smart EV segment support a buy recommendation on its 30 - 31s bonds [13]. 3. Summary by Relevant Sections Trading Desk Comments - Yesterday, new BBLTB 35s widened 1bp, new BBLTB 30s tightened 1bp, new SMBCAC 35s tightened 2 - 3bps, and there were better selling flows on existing SMBCAC 28s/34s [2]. - Asia IG space had some recoveries (1 - 2bps tighter) in TW lifers and KR/TH/SG T2s, but better selling on JP corps and some bank papers [2]. - JP AT1s and insurance subs struggled, while SOFTBK 31 - 65s were up 0.9 - 1.4pts, Yankee AT1s bounced back 0.3 - 0.5pt, and NWDEVL complex rose 0.2 - 1.0pt [2]. - In Chinese properties, VNKRLE 27 - 29 recovered 0.5 - 0.8pt, LNGFOR 27 - 32 increased 0.2 - 0.3pt, and in SEA, VLLPM 27 - 29 dropped 0.8 - 2.4pts [2]. - In AU, INFRAB 14.5 28 lost 0.5pt, and in LGFV space, HFs bought higher - yielding issues and RMs sourced AAA - guaranteed papers [2]. Analyst Comments - SJMHOL: SJM is acquiring the L'Arc Hotel for HKD1.75bn and terminating the Ponte 16 acquisition. The pro - forma net debt/LTM EBITDA may increase to 7.3x from 6.8x as of Sep'25 [7][8]. - XIAOMI: In 3Q25, Xiaomi's revenue increased 22% yoy to RMB113.1bn, mainly driven by the Smart EV segment. Smartphones revenue declined 3.1% yoy, while Smart EV segment revenue rose 199% yoy and achieved a quarterly operating profit of RMB0.7bn [13][14][15]. Macro News Recap - On Thursday, S&P was down 1.56%, Dow was down 0.84%, and Nasdaq was down 2.15%. US initial jobless claims were +220k, lower than expected, and Sep'25 non - farm payroll was +119k, higher than expected [6]. - The US Sep'25 unemployment rate was 4.4%, higher than expected, and UST yields were lower on Thursday [6]. Offshore Asia New Issues - Priced: Agricultural Bank of China Limited, Singapore Branch issued USD300mn 3 - year bonds at SOFR + 43 with an issue rating of A1/-/- [21]. - Pipeline: First Abu Dhabi Bank is planning a PerpNC6 issuance with a coupon of 6.375 - 6.5% and an issue rating of Baa3/-/- [22]. Onshore Primary Issuances - Yesterday, 153 credit bonds were issued with an amount of RMB137bn. Month - to - date, 1,456 credit bonds were issued with a total amount of RMB1,561bn, a 34.3% yoy increase [25]. - There were also various corporate news such as China Great Wall's asset - backed special plan, IDASAL's possible investment, and others [25].