20251114-招银国际-Fixed_Income_Daily_Market_Update_7页_827kb

报告摘要

Market Summary

Yield Curve: General Long End and belly saw selling pressure from London, narrowing or widening yield spreads respectively.
FRNs: JP FRNs sold off this morning. Longer-dated bonds, like new MA MAYMK Float 28 (tightened slightly) and ABCIHL Float 28 (wider), showed price changes reflecting investor shifts.
Trading Desk View: Active trading across various regions and credit segments. Strong demand for higher-yielding LGFV issues, with two-way activity on lower-yielding credits.

Key Developments

RAKUTN (Rakuten):
- Strong 3Q EBITDA growth (record high) supports target achievement.
- Maintains 'Buy' recommendation on 5.125% Perp (6.3% YTC @ 99.5, 155bps pick-up) and 8.125% Perp (6.9% YTC @ 104.4, 98bps pick-up). Acknowledges call risk starting Apr 26 and Dec 29.
- Net debt position manageable; deleveraging plan ongoing.
China Economy:
- Credit contraction persists, weakening 4Q momentum after a minor SF rebound. SF growth dropped significantly, loans remained weak, M1/M2 deceleration indicates reduced liquidity.
- Central Bank focus shifting from quantity to policy effectiveness ("adequate adjustments"), but further easing (10bps LPR, 50bps RRR) remains likely if full-year targets are threatened (timeline: Dec 25 or Q1 26).
Offshore Asia: No new issue pricing today. News flow included M&A probes (Mineral Resources, SJM), dealmaking (Adani) and financing updates (CSI Properties, Fosun).
Macro Data: S&P 500, Dow, and Nasdaq fell. US Treasury yields rose, particularly longer maturities.
Last Trading Day Top Movers: EHICAR had largest decline (-1.8 pts), JZSOCO and TAIANH saw price increases, while most performing credits were in USD denominated issues.