20251211-招银国际-Fixed_Income_Daily_Market_Update_7页_906kb

Fixed Income Credit Commentary Summary

Asian Credit Market Update (11 Dec 2025)

• 2-5yr Korean corporates saw better selling, including FZSZJJ 27/LNGFOR 28-29 (0.8-1.3pts rise), VNKRLE 27-29/FTLNHD (1.3pts rise), LASUDE Glenn Ko notes unexpected 5.8pts rise after JD.com purchase.
• Heavy selling in Asian IG credits ahead of FOMC meeting; mixed interest in Middle Eastern credits; modest buying in ARAMCO 10-year.
• FRN space active; Chinese AMs selling DAESEC; Korean corporates trades narrow.
• Tactical buying in CHJMAO/CPDEV by Chinese accounts.
• Southeast Asia: GARUDA 31s rose 5.1pts, CH recovery in GLPSP with LGFV RMs/AMs buying onshore AAA guaranteed USD.
• Taiwan: MEDCIJ 26-30s marginally lower; strong demand for VEDLN 28-33s.

Chinese AMCs

• Preferred CFAMCI for better risk-adjusted returns despite lower conviction levels. Picks CFAMCI 3.875 11/13/29 within CFAMCI curve due to attractive yields.
• Consolidation under CIC indicates ongoing government support, aiming for operational synergy and stripping non-core businesses.
• CFAMCI's strong H1 2025 performance driven by equity gains; maintains robust capital ratios and leveraged position.
• Prefer callable perps (e.g., CCAMCL 4.4 Perp) for high call certainty, neutral on GRWALL due to valuation.

China Economy

• Deflationary pressures easing in 2026 but momentum weak. CPI/PPI expected to rise from 0%/-2.7% in 2025 to 0.7%/-0.5% in 2026.
• Core driver of Nov 2025 CPI rebound: food prices (esp. vegetables), subdued durable/good demand. Gold prices masked underlying fragility; reflation sustainability debated.
• Economic indicators show mixed results, with some sectors still cooling while heat-related industries benefit from seasonal factors.

Offshore Asia New Issues (11 Dec 2025)

• No new issues priced or in pipeline.

Today's Movers

• Top performers: LASUDE 5 07/28/26 (+5.8pts), GARUDA 6 1/2 12/29/31 (+5.1pts)
• Top underperformers: NWDEVL 4.8 PERP (-0.7pts), ACPM 4.85 PERP (-0.7pts)

News & Market Color

• Onshore: 745bn RMB in credit bonds this month.
• Adani Green sells stake, Biocon Biologics placed on CreditWatch Positive.
• ReNew Energy seeking bond refinancing, JD.com raises funds via IPO.

Disclaimer: This summary reflects the original content's analysis and is intended for informational purposes only; does not constitute investment advice. Market conditions can change rapidly.