External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

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<ul><li>Further to our summary on the exchange offers on 3 Nov’25, we share below more of our thoughts on the LME after numerous client discussions and discussions with the LME advisor.</li><li>In brief, NWD launched holistic exchange offers for all of its 5 perps and 6 USD bonds with a total outstanding amount of cUSD6.8bn to exchange into new perp with an initial coupon rate of 9% and bond due 2031 with a coupon rate of 7%.</li><li>The maximum new perp and bond to be issued will be USD1.9bn, including the cap on new perp issue at USD1.6bn. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Further to our summary on the exchange offers on 3 Nov’25, we share below more of our thoughts on the LME after numerous client discussions and discussions with the LME advisor.In brief, NWD launched holistic exchange offers for all of its 5 perps and 6 USD bonds with a total outstanding amount of cUSD6.8bn to exchange into new perp with an initial coupon rate of 9% and bond due 2031 with a coupon rate of 7%.The maximum new perp and bond to be issued will be USD1.9bn, including the cap on new perp issue at USD1.6bn. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CMBI Fixed Income - NWD: A LME focusing on perps

<ul>
<li>HK corps have performed well since Nov’22, in line with the sharp rebound of the market.</li>
<li>Like peers in other space, the conviction of HK corps is lower at current valuation.</li>
<li>Nonetheless, we still see value in selected HK perps of which coupon will be reset and/or step-up upon the first call dates and issuers can access various funding channels. </li>
</ul>
Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.


HK corps have performed well since Nov’22, in line with the sharp rebound of the market.
Like peers in other space, the conviction of HK corps is lower at current valuation.
Nonetheless, we still see value in selected HK perps of which coupon will be reset and/or step-up upon the first call dates and issuers can access various funding channels. 

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Hong Kong

New World Development is a Hong Kong-based conglomerate primarily engaged in property development and investment, hotels, infrastructure and services, and department stores in Greater China, particularly the Greater Bay Area. Its portfolio includes residential, retail, office, and industrial properties, as well as hotel operations and various infrastructure projects. The company was founded in 1970 and is headquartered in Central, Hong Kong.

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New World Development (17 HK)

CMBI Fixed Income - NWD: A LME focusing on perps

Further to our summary on the exchange offers on 3 Nov’25, we share below more of our thoughts on the LME after numerous client discussions and...

CMB International

HK corps: Prefer perps for yield pick-up

HK corps have performed well since Nov’22, in line with the sharp rebound of the market. Like peers in other space, the conviction of HK corps is...

CMB International

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