FIXED INCOME DAILY MARKET UPDATE

　　New FOSUNI’28 rose 0.3pt this morning. TENCNTs were weak before tonight’s 3Q24 results. Short-term IGs were well bid. LGFVs were actively traded.

    　　SJMHOL: Stronger 3Q24 results; prefer MPEL and STCITY/STDCTY more on valuation. SJMHOLs were unchanged this morning. See below comments.

    　 UPLLIN: Stick with 50% yoy EBITDA growth guidance in FY25. Maintain neutral on UPLLIN 5.25 Perp. UPLLIN 5.25 Perp rose 1.2pts this morning.

    　　See below comments.

    　　Trading desk comments

    　　Yesterday, UST yield widened 8-13bps, while Asia IG space was firm. In KR, LGENSOs/KOROILs were 1-3bps tighter. DAESECs tightened 3-5bps. In Chinese IGs, CHEVBK priced a USD300mn 3-yr floating-rate bond at SOFR+59. In Chinese BBB, ZHOSHK 26-28s were 1-2bps tighter. See our comments on 12 Nov ’24. MEITUA 28-30s tightened 2-3bps. WB 30s tightened 5bps. In financials, FRESHK 25-28s were unchanged to 3bps tighter. CCAMCL/ORIEAS 25-27s were also 1-2bps tighter. In T2s, BNKEA/DAHSIN T2s were 2-3bps tighter. The belly of MQGAU/ANZ T2s were unchanged to 2bps tighter. In EU AT1s, the flows were skewed to better buying from Asian PBs/Prop desks. BACR 8/INTNED 7.25 Perps were 0.1- 0.2pt higher, BNP 8/HSBC 6.875 Perps were 0.2pt lower. In insurance hybrids, ZURNVX ‘55/NIPLIF ‘54/FUKOKU 6.8 Perp were down 0.1-0.4pt in light of higher UST rates. In HK, NANFUN/NWDEVL/LIFUNG FFL Perp were down 0.4-0.8pt. In Chinese properties, DALWAN 24-26s rebounded 1.4- 3.6pts after the decline of 0.9-2.5pts on Mon. FTLNHD/FUTLAN 24-26s were 0.4-0.9pt higher. SHUION 25-26s were up 0.3-0.4pt. ROADKG Perps, however, declined another 0.5-1.5pts. Outside properties, FOSUNI priced the USD300mn 3.5NC2 bond at par to yield 8.5% and conducts a partial tender offer for FOSUNI 5.95 10/19/25. FOSUNI 25-28s closed unchanged to 0.3pt higher. WESCHI ’26 was up another 0.6pt following the Ethiopian govt’s relaxation on cement price control. In Macau gaming, SANLTDs/WYNMACs were down 0.2-0.5pt. SJMHOLs were unchanged post better 9M24 results.

    　　See comments below. In India, UPLLIN 28/30/Perp rebounded 1.1-1.7pts after declining 0.6-1.1pts on Mon. See our comments below on its 2Q25 results. Meanwhile GLPSP Perps lowered 0.5-0.8pt.

    　　The flows were balanced two-way across the USD and CNH LGFVs, where RMs continued to deploy cash whilst HFs took profit. GZGETH’27/ WUXIND ’26 were up 0.2-0.3pt. SHGUOH ‘26/HKIQCL ’25 were 0.1-0.3pt lower. In SOE perps, HUADIA 3.375/CHPWCN 3.08 Perps were down 0.1pt.

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