Bondsupermart

📌 Bond Idea of The Week: Aspial Lifestyle Limited Announces New SGD 5-Year Senior Unsecured Notes at an IPG of 5.10% Overall, we view the MSFSSP 5.100% 06 Oct 2031 Corp (SGD) as attractively priced. It is suitable for investors comfortable with high-yield credit exposure who are seeking steady income over a 5-year horizon. 🌟 Highlights 🌟 🔹 Aspial Lifestyle's revenue rose 26.4% YoY to S$464.2 million in 1H26, while profit before tax increased 91.8% to S$71.5 million. 🔹 Pawnbroking remains a major part of Aspial’s balance sheet, with segment assets rising to S$794.1 million 🔹 The new MSFSSP 5.100% 06 Oct 2031 Corp (SGD) provides a pickup of about 298 bps against the 5-year Singapore Government Securities yield of 2.12%.

📌 Credit Update: Thomson Medical caps off a resilient FY26; near-term refinancing risk likely Against comparable Singapore sovereign bonds, TMG’s bonds offer a yield spread of 80+bps to 170+bps; we think these yield premiums offer fair compensation to bondholders given the group’s underlying operating improvement against its near-term refinancing risk and the uncertainty around the schedule of its Johor Bay project. 🌟 Highlights 🌟 🔹 Resilient financial results for FY26 with earnings growth outpacing topline 🔹 Malaysia shines while Singapore and Vietnam remain steady 🔹 Free cash flow recovered, but net finance cost still absorbs nearly all of it

🎥 Missed yesterday’s session? Catch the replay! If you couldn’t join us live, you can still hear from Bondsupermart’s General Manager, Tan Dao Hong, as the panel discussed interest rates, bond yields, and the broader market. ▶️ Watch the full session on YouTube: 👉 AMA: More Rate Hikes? Not Everyone Is Worried. Catch up anytime and don’t miss the discussion! 📈

More Rate Hikes📈? Not Everyone Is Worried. Higher rates don’t have to mean sitting on the sidelines. Should you lock in bond yields, keep cash ready, or prepare to buy if equities fall? 🔥 Bring your questions to our next FSMOne Ask Me Anything Webinar. 📅 24 Sep 2026 | 🕗 8 PM 👉 Find out more & register: https://bit.ly/4hj8SgL 📩 You may also submit any investment questions or concerns, and we will address them during the live session! https://forms.gle/QJ5Qz5fN77e6PFPa6

📌 Bond idea of the week: A Tour of Global Sovereign Yields — the US, the UK and Australia Stand Out For bond investors, sovereigns in these three markets are rated between AAA and AA-. That combination — low credit risk with yields of 4.4% to 5.8% — is an allocation window that has been rare over the past decade-plus. 🌟 Highlights 🌟 🔹 The UK 30-year gilt yield rose to 5.89% in early September, the highest since 1998 🔹 The US 10-year Treasury yield pierced 5% for the first time since 2007 🔹 The entire Australian government curve rose to its highest level since 2011.

New SGD Bond Issuance Issuer: Aspial Lifestyle Limited Currency: SGD Tenure | IPG: 5-Year | 5.100% area First Issuance Date: 6 October 2026 Ranking: Senior Unsecured Min. / Incremental Size: SGD 250,000 / 250,000

New USD Bond Issuance Issuer: SoftBank Group Corp Currency: USD Tenure | IPG: 3.5-Year | 8.750% - 8.875% area First Issuance Date: 29 September 2026 Bond Rating: BB+ (Fitch) Ranking: Senior Unsecured Min. / Incremental Size: USD 250,000 / 1,000

New USD Bond Issuance Issuer: National Bank for Financing Infrastructure and Development Currency: USD Tenure | IPG: 10-Year | T+130 bps area (Est. 6.250%) First Issuance Date: 30 September 2026 Bond Rating: BBB- (Fitch) Ranking: Senior Unsecured Min. / Incremental Size: USD 200,000 / 1,000 Timing: Today’s business

📌 New USD Bond Issuance Issuer: SIB Sukuk Co III Ltd Currency: USD Tenure | IPG： 5-Year | T + 135 bps area (Est. 6.200%) First Issuance Date: 29 September 2026 Ranking: Senior Unsecured Min. / Incremental Size: USD 200,000 / 1,000

📌 New AUD Bond Issuance Issuer: NSW Electricity Networks Finance Pty Limited Currency: AUD Tenure | IPG: 10-Year | SQ ASW+[165]bps area (Est. 6.817%) 30-Year | 3mBBSW+[200]bps area (Est. 7.000%) First Issuance Date: 29 September 2026 Bond Rating: BBB (S&P) Ranking: 10-Year: Secured 30-Year: Subordinated Min. / Incremental Size: AUD 10,000 / 10,000 Timing: Expected to launch and price as early as 23 September 2026

📌 New USD Bond Issuance Issuer: State of Qatar Currency: USD Tenure | IPG: 5-Year | UST+ 85 bps area (Est. 5.675%) 10-Year | UST+ 95 bps area (Est. 5.917%) First Issuance Date: 28 September 2026 Bond Rating: AA (Fitch) Ranking: Senior Unsecured Min. / Incremental Size: USD 200,000 / 1,000 Timing: Today's business

📌 New USD Bond Issuance Issuer: Australia and New Zealand Banking Group Limited of New York Currency: USD Tenure | IPG: 3-Year | T+60 bps area (Est. 5.420%) First Issuance Date: 29 September 2026 Bond Rating: AA- (Fitch) Ranking: Senior Unsecured Min. / Incremental Size: USD 250,000 / 1,000 Timing: Today’s business

📌 New CNH Bond Issuance Issuer: CRCC Huayuan Limited Currency: CNH Tenure | IPG: 10-Year | 2.70% area First Issuance Date: 29 September 2026 Bond Rating: A- (S&P) Ranking: Senior Unsecured Min. / Incremental Size: CNH 1,000,000 / 10,000 Timing: As early as today’s business

📌 New USD Bond Issuance Issuer: Korea National Oil Corporation Currency: USD Tenure | IPG: 3-Year | CT3+ 80 bps area (Est. 5.530%) First Issuance Date: 30 September 2026 Bond Rating: AA (S&P) Ranking: Senior Unsecured Min. / Incremental Size: USD 200,000 / 1,000 Timing: Today’s business (during NY hours)

📌 Bond idea of the week: NAB 3Q26: Strong Credit Profile Supports Resilience Amid Growth Moderation We view the expected slowdown as a moderation in lending growth momentum rather than a deterioration in credit quality. We recommend that existing bondholders hold and remain positive on NAB’s outstanding bonds. We favour NAB 5.100% 16Oct2035 Corp (AUD), a senior unsecured bond offering a yield to maturity of around 6.0%, and NAB 6.558% 12May2041 Corp (AUD), a Tier 2 bond offering a yield to call of around 6.7%. 🌟 Highlights 🌟 🔹 NAB’s Robust 3Q26 Performance Amid Economic Uncertainty 🔹 Strong Capital and Liquidity Profile 🔹 Housing Lending Growth Faces Headwinds from Higher Rates and Tax Changes, but Credit Quality Remains Resilient

New USD Bond Issuance (Retap) Issuer: Mashreqbank PSC Currency: USD Tenure | IPG: 1-Year | 5.240% (Final) First Issuance Date: 22 Sep 2026 Bond Rating: A (Fitch) Ranking: Senior Unsecured Min. / Incremental Size: USD 200,000 / 200,000

📌 Bond Update Henderson Land 1H26 Results - Record-High Revenue, Lock in the Yield now We believe that the net yields to maturity of the two bonds, one in US dollars and the other in Hong Kong dollars, are competitive among their peers and worth continued attention for investors seeking stable returns. 🌟 Highlights 🌟 🔹 Driven by the government's acquisition of agricultural land in the New Territories, Henderson's property development segment recorded HKD 12.9 billion, more than doubling YoY 🔹 Henderson Land's adequate land reserves keep generating revenue for the group 🔹 Henderson Land's credit remains robust, providing a guarantee for its bonds

📌 Credit Update: Robust Performance Amid Falling Cocoa Bean Prices – Guan Chong Berhad We maintain a positive view on GCB’s credit profile. Existing investors can continue to hold. For new investors, we prefer the 2030 bonds, which offer a yield of around 5.04%, given their longer maturity and attractive yield. 🌟 Highlights 🌟 🔹 Net debt-to-equity ratio improving significantly to 93% as at 1H2026, from 135% at FY2025 🔹 Profit before tax surged 139% YoY to RM455.5 million in 1H2026, despite a 46% YoY decline in revenue

📌 Credit Update: Still decent credit profile safeguards Wee Hur’s 3.9+% SGD bonds Overall, we think Wee Hur’s credit profile remains healthy, given strong operating performance, lower leverage, and improved coverage. In sum, we continue to favour Wee Hur’s outstanding bond given its relatively attractive yield and improvement in credit profile. Investors seeking quality income from an issuer experiencing positive tailwinds in its key operating segments can consider its outstanding SGD bond. 🌟 Highlights 🌟 🔹 Modest headline growth masks a credit-positive shift towards recurring income 🔹 Adequate Liquidity with little refinancing risk 🔹 Low net gearing ratio, though this excludes guarantees provided to JVs

📌 Idea of the week MYR Bonds Market Credit Cheatsheet – Updates on Issuers that are on our watchlist (August 2026) The latest updates on issuers we are closely monitoring, which is exhibiting elevated credit risk or are even under financial distress 🌟 Highlights 🌟 🔹 Our view on MGS 🔹 Our view on UST 🔹 Our view on SGS 🔹 Our view on AGS