Bondsupermart

New SGD Bond Issuance Issuer: Singapore Government Currency: SGD Tenure | IPG: 5-Year | 2.000% - 2.500% area Bond Rating: AAA (Fitch) Ranking: Senior Unsecured Min. / Incremental Size: SGD 1,000 / 1,000 Click to view Bond Factsheet: https://bit.ly/4sjrliz

📌 Credit Update: New drugs ease Pfizer’s patent cliff, though leverage is expected to remain elevated In sum, we maintain our view that Pfizer’s credit profile is decent. The 2053 bond, which yields 6.25% (2033 bond: 5.52%), is available on Bondsupermart live in small lots, from a minimum of US$1,000 in increments of US$1,000. It suits investors comfortable holding a long-dated bond. However, long-dated bonds fall more in price when interest rates rise, a risk that Pfizer’s credit strength cannot offset. 🌟 Highlights 🌟 🔹 A resilient top line and cash flow improved, while one-off items drove the fall in profit 🔹 The patent cliff has narrowed, but sales losses in 2027-2028 will keep leverage elevated 🔹 Ample liquidity supported by increased cash generation 🔹 Non-cash write-downs lifted leverage to 3.8x, while coverage remains comfortable Click to view the article: https://bit.ly/4yEry1k

New USD Bond Issuance Issuer: Doha Finance Limited Currency: USD Tenure | IPG: 5-Year | T+170 bps area (Est. 6.640%) Bond Rating: A (Fitch) Ranking: Senior Unsecured Min. / Incremental Size: USD 200,000 / 1,000 Click to view Bond Factsheet: https://bit.ly/4ixBUuY

📌 KAJV Proposed Early Redemption - KONKAJ 6.150% 12May2028 Corp (MYR) The Issuer has proposed a redemption premium of 65 basis points (bps). The early redemption is expected to take place on 10 December 2026. 🌟 Highlights 🌟 🔹 Two special resolutions requiring sukukholders’ approval 🔹 Should Sukukholders Accept the Early Redemption Offer? Click to view the article: https://bit.ly/4eECwfR

📌 DBS, OCBC or UOB: Which Bank Bond Offers the Best Value at Up to 5.55% Yield? Overall, we view bonds from the three Singapore banks as fairly priced, with yield differences of just 3 to 5 bps between comparable issues. 🌟 Highlights 🌟 🔹 DBS: Largest Franchise, Strongest Funding 🔹 OCBC: Strongest Momentum and Cleanest Book 🔹 UOB: Softer Earnings but Strong Capital Buffers 🔹 Bond Comparison: Tight USD Spread, Wider Pickup in AUD Click to view the article: https://bit.ly/4ixxnIV

New AUD Bond Issuance Issuer: Bank of Queensland Limited Currency: AUD Tenure | IPG: 3-Year | SQ ASW +95bps (Est. 5.888%) Bond Rating: A- (Fitch) Ranking: Senior Unsecured Min. / Incremental Size: AUD 10,000 / 10,000 Click to view Bond Factsheet: https://bit.ly/4dR9BoI

New USD Bond Issuance Issuer: ASB Bank Ltd Currency: USD Tenure | IPG: 3-Year | T+110 bps area (Est. 5.970%) Bond Rating: A (S&P) Ranking: Subordinated (Tier 2) Min. / Incremental Size: USD 200,000 / 1,000 Timing: Books open, pricing expected later today (New York p.m.), subject to market conditions Click to view Bond Factsheet: https://bit.ly/4dR9BoI

New HKD Bond Issuance Issuer: Korea Housing Finance Corporation Currency: HKD Tenure | IPG: 3-Year | HIBOR MS + 55bps area (Est. 4.782%) Ranking: Senior Unsecured Min. / Incremental Size: HKD 1,000,000 / 500,000 Click to view the Bond Factsheet: https://bit.ly/4ifUHKa

📌 Baiduri Bank announces new SGD 3Y (3.15% IPG) senior unsecured notes Overall, we see the 3.15% IPG as attractively priced, given Baiduri's strong capital and liquidity, its A- rating and its systemic importance in Brunei. Investors seeking income from a well-capitalised bank with likely state support can consider this new issue. 🌟 Highlights 🌟 🔹 Costs are growing faster than income 🔹 Asset quality is stable, though auto loans bear watching 🔹 Capital is a clear strength for Baiduri 🔹 Liquidity is strong, and funding is almost entirely from deposits Click to view the article: https://bit.ly/47uh1KT

New SGD Bond Issuance Issuer: Baiduri Bank Sendirian Berhad Currency: SGD Tenure | IPG: 3-Year | 3.15% Bond Rating: A- (S&P) Ranking: Senior Unsecured Min. / Incremental Size: SGD 250,000 / 250,000 Timing: Today's business Click to view the Bond Factsheet: https://bit.ly/4yVMce1

📌 Credit Update 3Q2FY6 Eco World: Strong Sales and Balance Sheet Support Credit Profile Eco World maintains a strong credit profile, supported by solid sales visibility, resilient earnings, and a strengthened balance sheet. We remain positive on Eco World’s outstanding bonds and recommend bondholders hold. However, given the Eco World bond's limited liquidity and lower yield at this juncture, we would conversely recommend Tenaga Nasional Berhad's new issuance, offering an attractive yield of 4.4%. 🌟 Highlights 🌟 🔹 Sizeable Landbank Supports Long-Term Growth 🔹 Strong Sales and Earnings Visibility 🔹 Data Centre Mega-Deal 🔹 Resilient Financial Performance Click to view the article: https://bit.ly/3U3Fxzi

📌 Bond Idea of the Week MYR Bonds Market Credit Cheatsheet – Updates on Issuers that are on our watchlist (Sep 2026) In this series of articles, we provide an overview of issuers currently on our watchlist, including the latest developments and our commentary on each issuer. 🌟 Highlights 🌟 🔹 Our view on MGS 🔹 Our view on UST 🔹 Our view on SGS 🔹 Our view on AGS Click to view the article: https://bit.ly/4ylb51F

📌 Bondsupermart Live: 19 Newly Added Bonds Across Investment Grade and High Yield – Yields Up to 11.00 From NextEra's AUD 2056 to Paramount's 2031, we review the latest results and credit profiles behind some new bonds now on Bondsupermart Live. Read on for quick highlights on some selected issuers: https://bit.ly/4egp3e5

📌 Bond Idea of the Week When the Cushion Runs Thin: Downgrading EM Debt to Negative Our move to negative rests on one point: the current shocks leave neither segment of EM debt well protected. We would turn more constructive if a combination of the following emerges: oil falls sustainably, the Fed signals a pause, El Niño’s impact on harvests proves milder than feared, and spreads widen enough to compensate for these risks. 🌟 Highlights 🌟 🔹 The common shock: energy now, potential of food risk ahead 🔹 Local-currency debt: the easing cycle has stalled 🔹 Hard-currency debt: higher Treasury yields, strained budgets and little buffer Click to view the article: https://bit.ly/3UwJj4u

New CNH Bond Issuance Issuer: Prudential Funding (Asia) PLC Currency: CNH Tenure | IPG: 10 Year | 3.200% Bond Rating: A (Fitch) Ranking: Subordinated Min. / Incremental Size: CNH 1,000,000 / 10,000 Click to view the Bond Factsheet: https://bit.ly/4i0QuJU

New AUD Bond Issuance Issuer: State Grid Europe Development (2014) Public Limited Currency: AUD Tenure | IPG: 5 Year | S/Q ASW + [80] bps area (Est. 5.819%) Bond Rating: A (Fitch) Ranking: Senior Unsecured Min. / Incremental Size: AUD 200,000 / 10,000 Click to view the Bond Factsheet: https://bit.ly/4s4MoFt

📌 Credit Update: Lloyds Banking Group – 1HFY2026 Overall, we maintain a positive view of Lloyds’ earnings profile and medium-term outlook. In addition, geopolitical uncertainty and higher oil prices have contributed to higher bond yields, which may benefit investors seeking to invest in Lloyds bonds at current market levels, as they can potentially lock in higher yields compared with earlier periods. 🌟 Highlights 🌟 🔹 Strong net income growth 🔹 Growth in other income 🔹 Disciplined cost management 🔹 Higher statutory profit before tax 🔹 Risks to consider

📌 Bond Idea of the Week: Liberté, Égalité, Volatilité: Why EU Bank Bonds Can Ride Out France's Selloff French government 10-year yields hit their highest since 2002. Bank capital, liquidity, and profitability are strong. We remain positive on EU bank bonds, favouring senior and Tier 2 debt from large, diversified issuers. 🌟 Highlights 🌟 🔹 France’s government bond selloff stands apart 🔹 EU bank bonds have barely flinched 🔹 EU banks' balance sheets are built for this 🔹 Potential risks down the road 🔹 What investors should do now

New CNH Bond Issuance Issuer: Mashreqbank PSC Currency: CNH Tenure | IPG: 3 Year | 2.950% area Bond Rating: A (Fitch) Ranking: Senior Unsecured Min. / Incremental Size: CNH 1,000,000 / 10,000

New USD Bond Issuance Issuer: KEB Hana Bank Currency: USD Tenure | IPG: 3 Year | CT3 + 75 bps area (Est. 5.630%) 5 Year | CT5 + 80 bps area (Est. 5.776%) Bond Rating: A (Fitch) Ranking: Senior Unsecured Min. / Incremental Size: USD 200,000 / 1,000