【招银国际】Fixed Income Daily Market Update-251114（7页）.pdf

1、 PLEASE READ THE AUTHOR CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE Fixed Income Credit Commentary 14 Nov 2025 Glenn Ko,CFA 高志和高志和(852)3657 6235 .hk Cyrena Ng,CPA 吳蒨瑩吳蒨瑩(852)3900 0801 .hk Yujing Zhang 张钰婧张钰婧(852)3900 0830 .hk CMBI Fixed Income .hk 1 We saw selling on JP FRNs this morning.Ya

2、nkee AT1s and insurance hybrids were down 0.1-0.3pt overall.SOFTBK 65/TAIANH 28 were 1.1-1.4pts lower.CRNAU 29s was 0.3pt higher.RAKUTN:On track to achieve FY25 target with record 3Q EBITDA.Maintain buy on RAKUTN 5.125 Perp and RAKUTN 8.125 Perp.See below.China Economy:Soft credit drags on 4Q moment

3、um.CMBI expects 10bps LPR cut and 50bps RRR cut in Dec25 or 1Q26.See below for comments from CMBI economic research.Trading desk comments 交易台市场观点交易台市场观点 Yesterday,the new MAYMK Float 28 tightened 4bps from pricing at SOFR+60,while the new ABCIHL 27 and ABCIHL Float 28 widened 2bps from RO at T+32 an

4、d SOFR+48,respectively.The new RESLIF 6.875 Perp rallied to 101.375 amid top-up demand from AMs and PBs but closed only 0.9pt higher from RO at par.RESLIF offers good carry of high-6%yield at the belly of the yield curve(callable in May32)and scarcity value as a rare Aussie name.In the secondary IG

5、space,Chinese benchmark names MEITUA/CCAMCL were 1-3bps wider,and other credit betas like ZHOSHK 28 and TW lifers SHIKON/NSINTW were 2-5bps wider amid RM selling.The NWDEVL complex was up to 0.6pt lower.EHICAR 26-27 dropped 0.5-1.8pts.In Chinese properties,VNKRLE 27-29/FUTLAN 28/FTLNHD 26-27 were un

6、changed to 0.2pt lower.See our comments on VNKRLE on 12 Nov25.YUZHOU 27 increased by 0.5pt.In KR space,insurance subs TYANLI/HLINSU were 2-6bps wider,and corps/quasi-sovereign names HANMIL/HYUELE/KOBCOP/KORELE were 1-4bps wider with mixed flows.In SEA space,VLLPM 29 rose 1.3pts.GLPSPs were unchanged