固定收益部市场日报-20260226

Report Industry Investment Rating - The report maintains a buy rating on FUTLAN/FTLNHDs for their good carry and manageable refinancing risk [12] Core View of the Report - Seazen demonstrates better access to funding channels than most non - state - owned peers, and the new issuance and tender offers reflect its confidence in liquidity, making FUTLAN/FTLNHDs attractive for investment [7][8][12] Summary by Relevant Catalogs Trading Desk Comments - In the new issuance space, ADVANC 31 - 36s tightened 1 - 2bps from ROs, SUMI 31 tightened 6bps from RO at T + 90, SUMI 36 hovered around RO, SUMIBK 41 tightened 3bps, and DAESEC 29 - 31 initially opened 2bps wider but closed 1 - 2bps tighter [2] - In the secondary Chinese IG space, TMT MEITUA/KUAISH/LENOVO/BABA/TENCNT tightened 1 - 3bps, HAOHUA tightened 1 - 2bps, and Taiwan lifers edged 1bp tighter [2] - In Chinese properties, VNKRLE 27 - 29 retraced 0.2 - 0.5pt, FUTLAN 28/FTLNHD 26 - 27 rose 0.2 - 0.7pt, and LNGFOR 27 - 32 traded 0.1 - 0.3pt higher [2] - In HK, the NWDEVL/VDNWDL complex is 0.2 - 2.6pts higher, and LASUDE 26 was 0.5pt higher [2] - KR corporate bonds stabilized and tightened 1 - 3bps, JP insurance subs were roughly unchanged, and Yankee AT1s were unchanged to 0.1pt weaker [2] - In SE Asian space, OCBCSP 35s widened 2bps, VEDLN 28 - 33s were unchanged to 0.2pt higher, and VLLPM 27 - 29 gained 0.3 - 1.4pts [2] - In the Middle East, long - end KSAs were up to 0.4pt lower [2] - In LGFV space, profit - taking selling post - CNY was largely digested by RM demand [2] New Bond Information - The new NTT Float 31 tightened 1 - 2bps from RO at SOFR + 90, TOHOKU 31 tightened 5bps from RO at T + 70, OCBCSP 36 tightened 1bp from RO, and existing OCBCSP 35 tightened 2bps [3] - The new CNH INDON 29 - 31 edged 0.1pt higher from ROs, while INDON 36 was unchanged [3] - FUTLAN/FTLNHD: IPT at 13.25% for the new FTLNHD 29 is roughly fair, and FTLNHD 27 rose 1.6pts [3] - CBQKQD 4.5 Perp of USD500mn will be fully redeemed on 9 Mar'26 and was 0.1pt higher [3] Top Performers and Underperformers | Top Performers | Price | Change | Top Underperformers | Price | Change | | --- | --- | --- | --- | --- | --- | | NWDEVL 5 1/4 PERP | 84.3 | 2.6 | ROADKG 5.9 09/05/28 | 22.9 | - 0.9 | | NWDEVL 10.131 PERP | 86.0 | 2.4 | PTTGC 5.2 03/30/52 | 94.2 | - 0.6 | | NWDEVL 4 1/8 PERP | 77.3 | 2.1 | VNKRLE 3.975 11/09/27 | 47.9 | - 0.5 | | NWDEVL 6 1/4 PERP | 67.5 | 1.6 | PTTEPT 3.903 12/06/59 | 76.5 | - 0.4 | | VLLPM 7 1/4 07/20/27 | 51.9 | 1.4 | HIKTSU 6.13 09/18/35 | 101.8 | - 0.4 | [4] Macro News Recap - S&P (+0.81%), Dow (+0.63%) and Nasdaq (+1.26%) were higher on Wednesday, and 2yr UST yield was higher. 2/5/10/30 year yield was at 3.45%/3.61%/4.05%/4.70% [6] Desk Analyst Comments - The FV of the new FTLNHD 29 at 13.25% IPT is roughly fair considering FUTLAN 28's YTW of 13.3% adjusted for tenor differential [7] - Seazen launched tender offers for FTLNHD 26 at 101 and FTLNHD 27 at 98.182. Net proceeds from new bond issuance will fund FTLNHD 26 tender offer, and internal resources will fund FTLNHD 27 tender offer [8] - Holders subscribing to the new bond get priority acceptance in tender offers, and if not specifying allocation, Seazen prioritizes FTLNHD 26 [9] - Seazen has better access to funding channels. Earlier this month, it raised cUSD60.4mn through private share placement, and in 2025, it raised funds from bond markets and issued ABS [10][11] - Seazen's maturity profile is more manageable. It has cRMB7.0bn in public debts due by Dec'26, and refinancing FTLNHD 26 will alleviate near - term pressure [12] Bond Profiles and Tender Offer Summary | Security name | Issuer | Guarantor | Amt o/s (USD mn) | Maturity | Coupon | Px | YTW | | --- | --- | --- | --- | --- | --- | --- | --- | | FTLNHD 4 1/2 05/02/26 | New Metro Global | Seazen Group | 404 | 5/2/2026 | 4.50% | 99.6 | 7.0% | | FTLNHD 11.88 09/30/27 | New Metro Global | Seazen Group, Seazen Holdings | 160 | 9/30/2027 | 11.88% | 96.7 | 14.2% | | FUTLAN 11.88 06/26/28 | Seazen Group | N/A | 350 | 6/26/2028 | 11.88% | 98.2 | 13.3% | [13] | Security name | FTLNHD 4 1/2 05/02/26 | FTLNHD 11.88 09/30/27 | | --- | --- | --- | | ISIN | XS2290806285 | XS3192214685 | | Amt o/s (USDmn) | 404 | 160 | | Tender px (USD) | 101.0 | 98.182 | | Maximum acceptance amt (USDmn) | Any and all | 60 - 120 | | Expiration deadline | 5 Mar'26 GMT | | | Settlement date | On or about 10 Mar'26 | | [14] Offshore Asia New Issues Priced | Issuer/Guarantor | Size | Tenor | Coupon | Priced | Issue Rating | | --- | --- | --- | --- | --- | --- | | | (USD mn) | | | | (M/S/F) | | NTT Finance | 500 | 5yr | SOFR + 90 | SOFR + 90 | A3/A - / - | | Oversea - Chinese Banking Corporation | 500 | 10NC5 | 4.517% | T + 90 | A2/BBB + /A | | Tohoku Electric | 500 | 5yr | 4.324% | T + 70 | - /A - / - | [15] Pipeline | Issuer/Guarantor | Currency | Size (USD mn) | Tenor | Pricing | Issue Rating | | --- | --- | --- | --- | --- | --- | | | | | | | (M/S/F) | | New Metro Global | USD | - | 3yr | 13.25% | - /B/ - | | Sumitomo Mitsui Trust | USD | - | 3yr/5yr/10yr | T + 80 - 85/T + 90 - 95/T + 105 - 110 | A1/A/ - | [16][17] News and Market Color - 28 credit bonds were issued yesterday with an amount of RMB17bn. Month - to - date, 966 credit bonds were issued with a total amount of RMB745bn, a 22.8% yoy decrease [21] - Hong Kong government to increase luxury property taxes and halt commercial land sales [21] - UAE to exit JPMorgan Emerging Markets Index [21] - CBQKQD to fully redeem USD500mn 4.5 Perp on 9 Mar'26 [21] - SK Hynix to invest KRW21.6tn (cUSD15.0bn) and recorded a loss in derivative trading in 2025 [21] - Republic of Indonesia priced CNH bonds at tightened rates [21] - Moody's changed Mineral Resources' outlook to stable [21] - SK On signed a deal to buy lithium [21] - Vedanta Ltd's board approved raising up to INR30bn via NCDs [21]