固定收益部市场日报-20260126

Report Summary 1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints - The market shows mixed trends across different regions and sectors in the fixed - income market. Some bonds tightened, while others widened or had price changes due to various factors such as demand, profit - taking, and company - specific news [2]. - The analysts maintain a buy rating on BBLTB's subordinated bonds, expecting the bank to call its subordinated bonds on the first call dates due to sufficient capital buffer and past redemption records [7]. 3. Summary by Relevant Catalogs Trading Desk Comments - Chinese IG Space: CCAMCL/ORIEAS 2 - 5yr bonds tightened 3 - 5bps due to onshore demand, AMs/prop desks bought FRESHK/ZHOSHK which tightened 1 - 3bps, LIFUNGs gained 0.1 - 0.4pt, EHICAR 26 - 27 were 0.4pt higher [2]. - Chinese/HK Properties: ROADKG bonds and perps rose 0.7 - 1.5pts, SHUION 29 gained 0.3pt, FUTLAN 28/LNGFOR 27 - 32s closed 0.5 - 1.2pts higher, VDNWDL/NWDEVL complex were 0.2pt lower to 0.3pt higher, VNKRLE 27 - 29 were 0.3pt higher [2]. - KR Space: HYNMTR FRNs tightened 3 - 5bps as onshore/offshore buyers sought loose bonds and dealer inventory dried up [2]. - JP Space: NTT 35/MUFG 35s/SOBKCO 35/SMBCAC 35 tightened 1 - 4bps, NOMURA 7 Perp traded 0.1pt lower, RESLIF 6.875 Perp closed 0.1pt higher [2]. - SE Asia Space: OCBCSP 32/35s tightened 1 - 3bps, light selling on OCBCSP 34s, KBANK 31/UOBSP 31 - 32s/BBLTB T2s were 1bp tighter to 2bp wider, ReNew Energy complex edged 0.1 - 0.3pt higher, SMCGL Perps/INDYIJ 29s/MEDCIJ 26 - 30s were unchanged to 0.2pt higher, TOPTB 6.1 Perp lost 0.1pt [2]. - Middle East: BSFR 35s and long - end KSAs softened 0.1 - 0.3pt lower, SECO 29 - 36s traded active two - way and closed 1 - 2bps wider, ARAMCO 30 - 31s were 1 - 2bps wider, LGFV edged a touch tighter overall [2]. - Morning Price Movements: JP AT1s and insurance subs had two - way flows but stable prices, HUXJDP 26 rose 0.9pt, CRNAU 29/HYSAN 4.85 Perp were 0.6 - 0.7pt higher, LNGFOR 28/FTLNHD 27/SOFTBK 31 were 0.5 - 0.8pt lower [3]. Top Performers and Underperformers - Top Performers: ROADKG bonds had significant price increases, with ROADKG 6.7 03/30/28 rising 1.5 to 22.9, ROADKG 5 1/8 01/26/30 rising 1.4 to 22.8, etc [4]. - Top Underperformers: GARUDA 6 1/2 12/28/31 fell 1.9 to 90.0, ADSEZ 5 08/02/41 fell 1.5 to 87.3, etc [4]. Macro News Recap - Last Friday, S&P was up 0.03%, Dow was down 0.58%, and Nasdaq was up 0.28%. US Jan'26 S&P Global Services PMI was 52.5 (lower than expected), Manufacturing PMI was 51.9 (as expected). UST yield was lower, with 2/5/10/30 - year yields at 3.60%/3.84%/4.24%/4.82% [6]. Desk Analyst Comments on BBLTB - FY25 investment gains offset lower NII and net fee income. Analysts maintain a buy on BBLTB 3.466 09/23/36 and BBLTB 6.056 03/25/40, expecting first - call redemptions [7]. - FY25 results softened: operating profit before tax lowered by 1% to THB56.0bn, net interest income decreased 8% to THB123.6bn, NIM dropped to 2.8% from 3.1% in FY24, net fee income decreased 2% to THB27.2bn, total operating income rose 2% to THB178.5bn, cost - to - income ratio rose slightly to 48.4% [8][9]. - Asset quality deteriorated slightly: NPL ratio increased to 3.0% as of Dec'25 from 2.7% as of Dec'24, NPL coverage ratio decreased to 324% from 334%. However, capital adequacy is solid, with standalone/consolidated CET 1 and Tier 1 ratios increasing [10]. Offshore Asia New Issues - Priced: Ma'aden Sukuk Ltd issued USD1000mn 10 - yr bonds with a 5.25% coupon at T + 105, rated Baa1/ - /BBB+ [12]. - Pipeline: The Link Finance (Cayman) 2009 plans to issue 10 - yr USD bonds at T + 105, with an issue rating of - /A/ - [13]. News and Market Color - Onshore Primary Issuances: 110 credit bonds were issued last Friday with an amount of RMB95bn. Month - to - date, 1,485 credit bonds were issued with a total amount of RMB1,279bn, an 11.1% yoy decrease [17]. - Company - Specific News: Adani Energy Solutions plans a USD500mn bond issue, Greenko Energy raised INR48bn (cUSD524mn), Road King sold property interests, Sun Hung Kai settled a tender offer, China Vanke withdrew a REIT listing application and got a loan extension, Yuexiu Property expected FY25 profit to fall 90 - 95% yoy [17].