S&P upgrades Meituan’s rating to BBB, making its 2030 bonds outperform.
On Wednesday (11/8) credit spreads of Asia investment-grade bonds tightened slightly by 1bp. Among them, Meituan’s 2030 bonds saw their credit spreads tighten by more than 20bps in the morning session, after S&P upgraded the company’s long-term issuer rating by one notch to BBB. The rally moderated slightly after midday, but the spreads still closed about 16bps tighter, outperforming the market significantly. Meanwhile, inspired by the positive news of Meituan, Xiaomi’s 2030 and 2031 bonds, which are also rated BBB in the Chinese communication sector, tightened by about 11bps.
Rating news
The rating agency Standard & Poor’s (S&P) upgraded Meituan’s long-term issuer rating from BBB- to BBB, with a stable outlook. S&P stated that amidst the backdrop of rising demand in the Chinese food and domestic tourism sectors, Meituan’s core e-commerce business has demonstrated strong performance. Coupled with a prudent financial policy, S&P expected that Meituan’s EBITDA and free cash flow will experience robust growth.
Secondary market trading
• Meituan (MEITUA) 3.05% 2030 bonds traded near 6.63%, as spreads closed about 16bps tighter.
• Meituan (MEITUA) 2.125% 2025 bonds traded near 6.10%, as spreads closed about 7bps tighter.
• Xiaomi (XIAOMI) 3.375% 2030 bonds traded near 6.79%, as spreads closed about 11bps tighter.
• Xiaomi (XIAOMI) 2.875% 2031 bonds traded near 6.89%, as spreads closed about 11bps tighter.
標普調升評級至BBB，使美團的2030年券表現優於大盤
週三（11/8）亞洲投資等級標的信用利差微幅收窄約1bp。因信評公司標普將美團的長期發行人評級調升一級至BBB，美團2030年券的信用利差早盤一度收窄超過20bps以上，午盤過後漲幅略有收斂，收盤利差仍收窄約16bps，表現大幅優於市場。此外，受美團的利好消息影響，同為中國BBB評級通訊行業的小米2030年、2031年券亦收窄約11bps。
信評新聞
信評公司標普將美團的長期發行人評級由BBB-上調一級至BBB，展望穩定。標普指出，在中國餐飲及本土旅遊需求增加的背景下，美團核心的電商業務表現強勁，加上審慎的財務政策，預期美團的EBITDA及自由現金流將強勁增長。
次級市場交易
• 美團（MEITUA）3.05% 2030年券收益率約6.63%，利差較前一日收窄約16bps
• 美團（MEITUA）2.125% 2025年券收益率約6.10%，利差較前一日收窄約7bps
• 小米（XIAOMI）3.375% 2030年券收益率約6.79%，利差較前一日收窄約11bps
• 小米（XIAOMI）2.875% 2031年券收益率約6.89%，利差較前一日收窄約11bps