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Publicaciones del Canal
📌 Idea of the Week: Australia 2H26 Bond Outlook: Waiting for the Wind to Shift We continue to favour a barbell strategy, preferring both short and longer tenors of the yield curve. We like defensive-natured bonds, with the likes of banks, supermarket operators, and regulated utilities. 🌟 Highlights 🌟 🔹 Sticky Inflation to Keep RBA Cautious 🔹 Housing Market Cooling, Not Collapsing 🔹 Labour Market to Gradually Ease 🔹 Economic Growth Remains Subdued

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📌 New on Bondsupermart Live: 12 Income Opportunities across Tech, Retail, and Global Utilities! Secure yields from global powerhouses like Alphabet, Barclays, and IBM with transparent, dynamic pricing and flexible $1,000 odd-lot minimums across multiple currencies. 🌟 Highlights 🌟 🔹 Bondsupermart Live is a centralised bond marketplace where orders are matched dynamically with other investors. 🔹 We recently added 12 new live issues to Bondsupermart Live – all tradable with live pricing 🔹 Featured issuers include Alphabet, IBM, Broadcom, Dell, Citigroup, PayPal, Barclays, Woolworths, AusNet, PacifiCorp, Rothesay Life, and FIS.
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📌 Idea Of The Week WCT’s New Sukuk Issuance: 4-Year MYR Bonds with IPG of 5.4% We are upgrading our view on WCT from Neutral to Slightly Positive 🌟 Highlights 🌟 🔹 The bonds are unsecured bonds and rated A+ by MARC with positive outlooks. 🔹 WCT has secured three construction contracts worth a combined RM880.3 million in 2026 🔹 The REIT's portfolio of three retail assets continues to record near-full occupancy
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📌 Idea Of The Week Ford Latest Results - Flatting Out on the Way of Recovery, Bond Yield over 5.9%! Ford's US dollar bonds have maturities ranging from 0.4 to 5.6 years, with a net yield to maturity of up to 5.9%, making them suitable for investors seeking stable returns. 🌟 Highlights 🌟 🔹 Ford benefited from strong Blue and Pro businesses, losses on EV narrowed 🔹 Ford constrained by supply chain, but strategic adjustments are kicking in 🔹 Ford’s liquidity remains ample while credit pressure under control 🔹 While Ford's wholesale volume declined, its revenue continued to grow steadily
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📌 New USD Bond Issuance (Retap) Issuer: Woori Bank, Hong Kong Branch Currency: USD Tenure | Initial Price Guidance: 2-Year | 4.53% Ranking: Senior Unsecured First Issuance Date: 20 July 2026 Min. / Incremental Size: USD 100,000 / 100,000
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📌 New USD Bond Issuance Issuer: The African Export-Import Bank Currency: USD Tenure | Initial Price Guidance: 5.5-Year| 6.625% area 10-Year | 7.500% area Bond Rating: BBB+ (S&P) Ranking: Senior Unsecured First Issuance Date: 23 July 2026 Min. / Incremental Size: USD 200,000 / 1,000 Timing: Books open, today's business
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📌 New CNH Bond Issuance Issuer: Shanghai Pudong Development Bank Co., Ltd., Hong Kong Branch Currency: CNH Tenure | Initial Price Guidance: 3-Year | 2.20% area Issuer Rating: BBB+ (Fitch) Ranking: Senior Unsecured First Issuance Date: 23 July 2026 Min. / Incremental Size: CNY 1,000,000 / 10,000 Timing: As early as today's business
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📌 Bond Update SGD Bonds 2H26 Outlook: Finding quality yield in an uncertain world We recap what has happened in the SGD bond space for the first 6 months of 2026 and provide our thoughts on how to best position your fixed-income portfolio moving forward. 🌟 Highlights 🌟 🔹 Singapore sovereign bonds – Focus on short-term SG T-bills 🔹 SGD corporate bonds – Source for quality income amidst higher-for-longer inflation 🔹 SGD financial bonds – Value in Tier 2 bank bonds 🔹 SGD non-financial bonds – Opportunities across the 3 to 5-year tenor
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📌 Bond Update GLP Yield Approaches 20%, Is This a High-Yield Opportunity or a Default Trap? This bond is suitable for investors with a higher risk tolerance, whereas more conservative investors would be better advised to await clearer IPO signals before considering any investment. 🌟 Highlights 🌟 🔹 The fixed-maturity “GLPSP 9.750% 20May2028 Corp (USD)” has recovered to around 85–86 but still offers a very attractive net yield to maturity. 🔹 We believe the listing still carries meaningful uncertainty and should not be viewed as a guaranteed event. 🔹 Cash generated from core operations is barely sufficient to cover interest expenses.
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📌 New USD Bond Issuance Issuer: Tata Capital Limited Currency: USD Tenure | Initial Price Guidance: 3.5-Year | CT3 + 140 bps area (Est. 5.700%) Bond Rating: BBB (S&P) Ranking: Senior Unsecured First Issuance Date: 21 July 2026 Min. / Incremental Size: USD 200,000 / 1,000 Timing: Today's business
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📌 New USD Bond Issuance Issuer: NongHyup Bank Currency: USD Tenure | Initial Price Guidance: 5-Year | CT5+75bps area (Est. 5.060%) Bond Rating: Aa3 (Moody’s) / A+ (S&P) Ranking: Senior Unsecured First Issuance Date: 23 July 2026 Min. / Incremental Size: USD 200,000 / 1,000 Timing: Today’s business (during NY hours)
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📌 Idea of the Week New Issue: Short, Safe and 2.02% – HSBC's New 2-Year SGD Senior Note HSBC Bank plc's new 2-year SGD senior note at 2.02% offers a ~35bp pickup over Singapore government bonds — a defensive, single-A play for conservative SGD investors. HSBC 2.020% 28Jul2028 Corp (SGD) 🌟 Highlights 🌟 🔹 Revenue excluding notable items rose 4% YoY to US$19.1 billion. 🔹 Liquidity remains healthy, with the Liquidity Coverage Ratio and Net Stable Funding Ratio at 135% and 142%, respectively. 🔹 Investors seeking quality short-term SGD income may consider the proposed issuance.
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📌 New USD Bond Issuance Issuer: China CITIC Bank International Ltd Currency: USD Tenure | Initial Price Guidance: Perpetual Non-Call 5 Years | 5.45% area First Callable Date: 22 July 2031 Bond Rating: A- (Fitch) Ranking | Capital Instrument: Junior Subordinated | Additional Tier 1 Loss Absorption: Yes First Issuance Date: 22 July 2026 Min. / Incremental Size: USD 250,000 / 1,000 Timing: As early as today’s business
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📌 Idea of the Week Investment Grade Bonds 2H26 Outlook: Slow, steady, and selective Our main recommendation is to carefully evaluate whether each bond or fund offers sufficient compensation for both credit and duration risk. 🌟 Highlights 🌟 🔹 Investment-grade (IG) bonds remain attractive for steady carry, supported by all-in yields near recent highs. 🔹 Technicals remain supportive, though heavy issuance makes demand increasingly price sensitive. 🔹 Asia IG offers diversification, but Global IG looks more attractive on relative valuations.
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15
📌 New USD Bond Issuance Issuer: SMBC Aviation Capital Finance DAC Click here for the Corporate link Currency: USD Tenure | Initial Price Guidance: 3-Year | T+100-105 bps area (Est. 5.243 - 5.293%) 5-Year | T+115-120 bps area (Est. 5.455 - 5.505%) 10-Year | T+140-145 bps area (Est. 5.961 - 6.011%) Bond Rating: A- (S&P) / BBB+ (Fitch) Ranking: Senior Unsecured First Issuance Date: 23 Jul 2026 Min. / Incremental Size: USD 200,000 / 1,000
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📌 New USD Bond Issuance Issuer: Korea Electric Power Corporation Currency: USD Tenure | Initial Price Guidance: 5-Year | CT 5 + 80bps area (Est. 5.129%) Bond Rating: AA (S&P) Ranking: Senior Unsecured First Issuance Date: 21 Jul 2026 Min. / Incremental Size: USD 200,000 / 1,000
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📌 New USD Bond Issuance Issuer: KT&G Corporation Currency: USD Tenure | Initial Price Guidance: 3.5-Year | CT3+95 bps area (Est. 5.218%) Bond Rating: A- (S&P) Ranking: Senior Unsecured First Issuance Date: 21 July 2026 Min. / Incremental Size: USD 200,000 / 1,000
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📌 Idea of the Week Malaysia Bond Market Outlook 2H26: Between a Barrel and a Ballot Box Shift preference from 5- 7 years to medium-term 3–5 years attractive; A-rated corporate bonds preferred for wider spreads. 🌟 Highlights 🌟 🔹 OPR to remain steady at 2.75% throughout 2026 🔹 Higher Oil Prices Pose Fiscal Deficit Risks, but Medium-Term Consolidation Remains Intact 🔹 MGS Yields to Trend Slightly Higher in 2026 Amid Election Risk Premium and Elevated UST Yields
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📌 Idea of the Week Proposed YNH Land Disposal Positive for Perpetual Bondholders Overall, we maintain our negative view on YNH despite the proposed land disposal. 🌟 Highlights 🌟 🔹 The proposed land disposal involves land pledged as security for both outstanding perpetual securities. 🔹 The proposed disposal is subject to the fulfilment of customary conditions precedent. 🔹 Group's available cash of RM22.4 million remains insufficient to fully cover its short-term debt maturities of RM379.8 million due within one year.
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📌 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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