固定收益部市场日报-20260114

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Asian fixed - rate IG credits tightened by 1 - 4bps this morning. Some bonds like VLLPM 29 were down, while PMBROV 30 recovered [3] - The FV of the new SUNHKC 29 is expected to be mid - 6% compared to an IPT of 6.75% [3][7] - Yuexiu REIT is gauging investor interest in USD/CNH bonds to refinance USD400mn YXREIT 2.65 02/02/26 [3][17] Summary by Directory Trading Desk Comments - Yesterday, new POHANG 31 - 36s/SKBTAM 29 tightened 3 - 5bps due to buying from Chinese onshore accounts, and new CSILTD Float 31 widened 1bp. Chinese IG credits tightened 1 - 3bps overall, with strong buying in beta names. Some bonds like EHICAR 26 - 27 were down, while NWDEVL/VDNWDL complex rose [2] - In Chinese properties, VNKRLE 27 - 29 were down, and Vanke proposed revised terms for its onshore bond. FUTLAN 28/FTLNHD 26 - 27 had mixed performance [2] - In JP space, SUMIBK/MUFG 5yr FRNs tightened. In SE Asia, BBLTB subs tightened, and GARUDA 31s surged. In the Middle East, FABUH 31s had block - size trading but closed unchanged. In AU space, CRNAU 29/PMBROV 30 were down [2] Macro News Recap - On Wednesday, S&P (-0.19%), Dow (-0.80%), and Nasdaq (-0.10%) were lower. US approved Nvidia H200 chip exports to China with conditions. UST yield was lower, with 2/5/10/30 - year yield at 3.53%/3.75%/4.18%/4.83% [6] Desk Analyst Comments - Sun Hung Kai proposes to issue a 3yr USD senior unsecured bond. The FV of the new SUNHKC 29 is seen as mid - 6% vs IPT at 6.75%, considering peer valuation and tenor differential [7] - Proceeds from the new issue will fund a tender offer for SUNHKC 5 09/07/26 and for general working capital. The tender price is at par, and SHK may prioritize allocation to tendering bondholders. Tender offer settlement depends on new bond issue settlement [8] - SHK is 74.6% - owned by Allied Group and ultimately by Lee and Lee Trust. It has businesses in credit, investment management, and fund management. In 1H25, it had a 43.5% yoy income increase, with credit and fund management contributing 62% of total income [9] - In 1H25, pre - tax profit increased, ROE rose, and leverage metrics improved. As of Jun'25, it had cash of HKD2.8bn and total debts of HKD11.0bn, with 52% due within one year [10] Offshore Asia New Issues - No offshore Asia new issues were priced today [14] - ANZ New Zealand (Int'l) London Branch and Sun Hung Kai are in the pipeline for new issues, with ANZ having 3yr/5yr options and Sun Hung Kai a 3yr bond at 6.75% [15] News and Market Color - Yesterday, 112 onshore credit bonds were issued with an amount of RMB107bn. Month - to - date, 645 credit bonds were issued, raising RMB517bn, a 20.3% yoy decrease [16] - Biocon's INR41.5bn QIP attracted 4x demand. CAS accepted USD580.629mn of CASHLD 4 Perp in a tender offer. Piramal Finance raised USD350mn. SJM accepted USD170.115mn of SJMHOL 4.5 01/27/2026 in a tender offer [16] - Vanke proposed revised terms for an onshore bond extension, and Yuexiu REIT is gauging investor interest in bonds for refinancing [16][17] Top Performers and Underperformers - Top performers include NWDEVL and GARUDA bonds with significant price increases, while top underperformers like CRNAU, ARAMCO, and PMBROV bonds had price drops [4]