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HK Corporates Bond Market Update
The HK credit space has suffered a round of panic sell-off, especially the high beta names and perpetuals. 
HK IG space widened by about 5bps over the last 2 weeks and is now ~20bps widened than Korea IG space (vs. ~10bp in June).
The sell-off was mainly due to the spillover concerns regarding to the China macro economy and the continued lackluster property sector due to high Fed rates, as well as NWD’s sell-off.
According to the Centaline Property Centa-City Leading Index, residential property prices was down 3.4% vs March high, but are still 3.5% higher YTD. The weak China’s economy should have impact on HK, while we do not see HK property sector will experience a hard landing like CRE.
While most HK corporates are facing higher interest costs of their floating rate borrowings amid the rising interest rate environment, we view the names that have strong funding channels, stable business operations, and potential family support would perform more resilient.
We do see tight valuations on most of the HK Corp IG space though some corrections occurred, we would better to seek opportunity over some punished names with heavy sell-off.

NWSZF
Expect the perp will be called given expected parent’s support by Chow Tai Fook with the ongoing privatization plan. 
The perp with high step up coupon if not called in Jan 2024, i.e. ~12.4% after reset using the current T5 to estimate.

CASHLD
CAS Holdings is wholly owned by PCCW and holds the parent’s entire interest (52.3%) in HKT.
HKT has solid financial positions, with US$271mn cash balance and US$1,854mn undrawn facilities, against US$128mn debt maturity due 2024. Effective interest rate ~3.77% in 1H23.

HYSAN
Hysan is unlikely to deleverage in the near-term given high capex needs for its aggressive investments, incl. Caroline Hill project (to be completed by late 2026), but we are not concerned on its operations and liquidity given its established reputation and funding channels. 
Hysan has a relatively light maturity profile in the near term until 2025 (~HK$4bn), which in our view could be comfortably covered by internal resources (cash as of Jun-2023: HKD4.4bn), and undrawn committed facilities of $9.91bn.
We prefer HYSAN 4.1% low step-up perp at current level (14.8% YTC/ 7.95% YTW). The reset coupon of ~7.1% if not called is still higher than the cost on its senior dated bonds (2027-2035 @6% YTW) and other funding channels. 

CKINF
Diversified geographically with UK 36%, Power Asset Holdings 24%, Australia 18%, etc
A rated with strong financial position, with cash on hand of HK$12bn and net debt/net total capital ratio of 9%.
This 4.85% perp is the highest coupon and shortest callable among its FFL perp. The perp is trading at YTC 51.5%, YTM 5.88%, suitable for carry with sitting in high quality credit and call chance will increase if rate cut cycle starts. 

NANFUN
Nanfun announced a decent set of FY23 results ended 31 Mar 2023 given recognized property sales was up 125% YoY, driven by the delivery of LP10 inn LOHAS Park, TKO. 
The group’s recognized property sales revenue is expected to meaningfully decline in FY2024 (ended Mar 2024) versus FY2023, given it has no mass market project for sale or slated for completion in FY2024.
We still feel comfortable of its strong liquidity position, with HK$14.7bn cash on hand and HK$19.6bn undrawn banking facilities, as well as a largely un-levered financial investment portfolio of size HK$29.1bn, which more than covers HK$33.1bn consolidated total debt (of which only HK$2bn being short-term debt due).