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频道帖子
📌 Idea of the Week CVS Health - Stable income from a healthcare name, with yields up to 6+% Investors seeking stable income from an issuer whose earnings are anchored by non-discretionary healthcare demand and whose credit profile is firmly on the mend can consider these CVS bonds. 🌟 Highlights 🌟 🔹 Acyclical demand for CVS offerings underpins healthy revenue generation through the cycle 🔹 Three earnings engines provide a substantial earnings floor for CVS 🔹 Improving credit profile with increasing coverage

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📌 Idea of the Week Time to look at Australia Big 4 bank Bonds. Healthy credit profile over 6% yield from tier 2 bonds For investors seeking higher returns and willing to accept moderately higher credit risk, AUD-denominated subordinated Tier 2 bonds issued by the Australian Big Four banks may offer attractive value opportunities, with yields currently above 6%. 🌟 Highlights 🌟 🔹 The Big Four Australian banks continue to maintain strong credit fundamentals, supported by robust capital and liquidity buffers. 🔹 The Reserve Bank of Australia has raised interest rates three times in 2026. Nonetheless, rates appear to be approaching the terminal level; the current environment may provide an attractive opportunity for investors to lock in relatively high yields. 🔹 All four banks reported a Liquidity Coverage Ratio of 132%, well above the 100% regulatory requirement, indicating ample high-quality liquid assets to withstand short-term funding stress.
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📌 Idea of the Week Olam Group announces repurchase exercise for its 5.375% perpetuals We recommend investors hold on to their 5.375% perpetuals until the next call date in January 2027. Investors should not participate in this exercise. 🌟 Highlights 🌟 🔹 Olam Group Limited (Olam) has announced a market repurchase of its 5.375% subordinated perpetuals, shortly before the first call date on 18 July 2026. 🔹 Olam will repurchase the perpetuals at 101% of principal, plus accrued distributions. 🔹 Holding the bonds gives bondholders significantly higher returns 🔹 You should only sell the bonds if you can identify another similar SGD bond opportunity that offers over 7.1% annualised returns over 6 months.
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📌 New USD Bond Issuance (Retap) Issuer: Woori Bank, Hong Kong Branch Currency: USD Tenure | Initial Price Guidance: 2-Year | 4.5% Ranking: Senior Unsecured First Issuance Date: 13 July 2026 Min. / Incremental Size: USD 100,000 / 100,000
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📌 New SGD Bond Issuance Issuer: International Bank for Reconstruction and Development (IBRD) Currency: SGD Tenure | Initial Price Guidance: 5-Year | 1.97% Bond Rating: AAA (S&P) Ranking: Senior Unsecured First Issuance Date: 16 July 2026 Min. / Incremental Size: SGD 250,000 / 250,000
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📌 New HKD Bond Issuance Issuer: Australia and New Zealand Banking Group Limited Currency: HKD Tenure | Initial Price Guidance: 3-Year | HIBOR MS + 55 bps (Est. 4.101%) Bond Rating: AA- (S&P) Ranking: Senior Unsecured First Issuance Date: 16 July 2026 Min. / Incremental Size: HKD 1,000,000 / 500,000 Timing: Today’s business
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📌 Bond Update: FWD Group Holdings Limited 5.75-Year SGD Subordinated Capital Securities; IPG of 3.55% FWD Group Holdings Limited is a pan-Asian life and health insurer with operations spanning 10 markets and has been listed on the Hong Kong Stock Exchange since its IPO in July 2025. 🌟 Highlights 🌟 🔹 The group's leverage ratio improved to 21.3% from 25.5% a year earlier, closing in on management's 15-20% target range. 🔹 Value of new business grew 11% year-on-year, annualised premium equivalents rose 25%, while new business contractual service margin increased 18% in FY2025, ended 31 December 2025. 🔹 Given the roughly 60-100bp pickup over higher-rated peers, we view the new issue as attractively priced for investors comfortable stepping down the rating spectrum. Read more
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📌 New USD Sukuk Issuance Issuer: SRC Sukuk Limited Currency: USD Tenure | Initial Price Guidance: 5.5-Year| T+115bps area (Est. 5.380%) 10-Year | T+125bps area (Est. 5.749%) Bond Rating: A+ (Fitch) Ranking: Senior Unsecured First Issuance Date: 14 July 2026 Min. / Incremental Size: USD 200,000 / 1,000 Timing: Books open, today’s business
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📌 New SGD Bond Issuance Issuer: FWD Group Holdings Limited Currency: SGD Tenure | Initial Price Guidance: 5.75-Year | 3.55% area Bond Rating: BBB- (Fitch) Ranking: Subordinated First Issuance Date: 14 July 2026 Min. / Incremental Size: SGD 250,000 / 250,000 Timing: Today’s business
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📌 New USD Bond Issuance Issuer: Fubon Bank (Hong Kong) Limited Currency: USD Tenure | Initial Price Guidance: T+160bps (Est 5.800% area) First Callable Date: 14 July 2031 Bond Rating: BBB (S&P) Ranking | Capital Instrument: Subordinated | Tier 2 Notes Loss Absorption: Yes First Issuance Date: 14 July 2026 Min. / Incremental Size: USD 250,000 / 1,000 Timing: Today’s business
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📌 New USD Bond Issuance Issuer: United States Steel Corporation Currency: USD Tenure | Initial Price Guidance: 5-Year | T+125 bps area (Est. 5.450%) 10-Year| T+150 bps area (Est. 5.980%) Bond Rating: BBB (S&P) Ranking: Senior Unsecured First Issuance Date: 14 July 2026 Min. / Incremental Size: USD 200,000 / 1,000 Timing: Pricing expected today (New York hours)
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📌 New CNH Bond Issuance Issuer: Zhejiang Energy International Limited Currency: CNH Tenure | Initial Price Guidance: 5-Year | 2.65% area Bond Rating: A2 (Moody’s) Ranking: Senior Unsecured First Issuance Date: 14 July 2026 Min. / Incremental Size: CNH 1,000,000 / 10,000 Timing: As early as today’s business
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📌 New SGD Bond Issuance Issuer: Housing and Development Board Currency: SGD Tenure | Initial Price Guidance: 7-Year | 2.21% Bond Rating: Aaa (Moody’s) Ranking: Senior Unsecured First Issuance Date: 14 July 2026 Min. / Incremental Size: SGD 250,000 / 250,000 Timing: Today’s business
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📌 Bond Update: SpaceX USD Bond; Yield up to 6.8%, Now Available on iFAST! SpaceX bonds offer investment-grade exposure to launch and Starlink growth, with 5–30-year maturities, yields up to 6.85%, manageable leverage, and capex-related risks for income investors. 🌟 Highlights 🌟 🔹 SpaceX has a credit rating of BBB/BBB+ (S&P/Fitch) with a stable outlook. 🔹 The company's operating performance continued to grow, with main business revenue reaching USD 4.7 billion, a 15% increase year-on-year. 🔹 The company has signed several major new government and commercial contracts, resulting in a large backlog of orders. Read more
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📌 Idea of the week: Secure 5.6% YTM from NBN Co – A Government-Owned Network Operator We recommend investors consider NBNAUS 5.350% 06Mar2035 Qsov (AUD) and NBNAUS 5.850% 19Mar2036 Qsov (AUD) for higher yield pick-up, currently yielding around 5.49% and 5.63%, respectively. For shorter-duration exposure, investors may consider NBNAUS 5.200% 25Aug2028 Qsov (AUD) and NBNAUS 5.000% 28Aug2031 Qsov (AUD), offering YTM of 4.89% and 5.02%, respectively. 🌟 Highlights 🌟 🔹 A Highly Sustainable and Regulated Business Model 🔹 NBN Co's operational resilience remains bolstered by strong government backing, reflecting its critical mandate to deliver the Commonwealth's nationwide connectivity policy 🔹 Credit Highlights – High Leverage but Supported by Strong Liquidity Buffers 🔹 Proven Track Record of Government Support and Funding Read more
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📌 New USD Bond Issuance Issuer: Korea East-West Power Co., Ltd. Currency: USD Tenure | Initial Price Guidance: 5.5-Year | CT5+ 90 bps area (Est. 5.100%) Bond Rating: AA- (Fitch) Ranking: Senior Unsecured First Issuance Date: 13 July 2026 Min. / Incremental Size: USD 200,000 / 1,000 Timing: Today’s business
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📌 New AUD Bond Issuance Issuer: Nederlandse Waterschapsbank N.V. Currency: AUD Tenure | Initial Price Guidance: SQ ASW+ 41bps (Est. 4.850%) Ranking: Senior Unsecured First Issuance Date: 14 July 2026 Min. / Incremental Size: AUD 10,000 / 10,000 Timing: Books open, pricing Sydney PM on 7 July
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📌 New USD Bond Issuance Issuer: KT Corporation Currency: USD Tenure | Initial Price Guidance: 3.5 Year | CT3+ 85 bps area (Est. 4.990% area) Bond Rating: A (Fitch) Ranking: Senior Unsecured First Issuance Date: 13 July 2026 Min. / Incremental Size: USD 200,000 / 1,000 Timing: Today’s business (during New York hours)
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📌 Idea of the week: Perennial Holdings: Refinancing risk remains despite promise of healthcare ramp-up We encourage selectivity on Perennial’s bonds. We think Perennial’s bonds are only suitable for investors comfortable with a higher-leverage, refinancing-dependent real estate issuer. 🌟 Highlights 🌟 🔹 FY25 revenue improved, though the quality of revenue was mixed, as it was helped by lumpy property development sales. 🔹 Perennial’s strategic focus on the healthcare segment could offer longer-term upside, but it remains in a transition phase and requires strong execution over several years. 🔹 We remain mindful of weak cash flow, short maturities, pledged assets, and JV look-through debt. 🔹 Among Perennial’s bonds, we prefer the 2028 bonds, as longer tenors offer limited additional yield for the added risk. Read more
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📌 Idea of the week: LBS Bina is tapping to the market again 7-Year MYR Bond with IPG of 4.3% LBS Bina Group Berhad is one of Malaysia's listed established property developers, with a diversified portfolio spanning residential, commercial, industrial, and township developments. 🌟 Highlights 🌟 🔹 Strong Revenue Visibility and Development Pipeline 🔹 Backed by Sizeable Landbank 🔹 Project Completions Temporarily Weighed on 1Q26 Earnings Amid Strong Development Pipeline 🔹 Stable Credit Profile We view the proposed issuance as offering an approximate yield pickup of 75bps over Malaysia Government Securities. Read more
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