固定收益部市场日报

CMBI Credit Commentary Fixed Income Daily Market Update固定收益部市场日报 The new ALVGR 6.55 Perp up 0.5pt from RO at par this morning. China andKR IGs were 1-3bps wider. There was profit taking from BNKEAs/NANYANs.BBLTB subs were 2bps wider. SHIKON 35 was 1bp tighter. We sawPBdemand for PerpNC10 Europe AT1s. Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk INCLEN:Module and cell manufacturing drove 1QFY26 revenue and adj.EBITDA growth. INCLEN 27s/INGPHL 27s/RPVIN27-28s were 0.1-0.4pthigher post results announcement. See below. Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk CTFSHK:CTF Services entered into a conditional SPA to acquire 65%equity interest in Blackhorn Group, which will be integrated with CTF LifeanduSmart Inlet Group to provide one-stop financial and wealthmanagement services platform. CTFSHK 29 was 0.4pt lower this morning. Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk Trading desk comments交易台市场观点 Yesterday,the new DBS 3.989 28 was 3bps tighter from RO at par. In AsiaIG,HYUELE 2.375 31s was 1bp tighter.SK Hynix repaid KRW3.4tn(cUSD2.5bn) from booming HBM chip sales in 1H25. In financials, there weresomeselling in STANLNs amid the USD9.6bn unlawful transactionsallegations. STANLN Perps down 0.1pt. Yankee AT1s were weaker as offersgradually reemerged from London. In lifers, JP DAIL 6.2 Perps/MYLIFE 5.854s/NIPLIF 6.5 55s down 0.4pt amid higher rates. KR TYANLI 35 was 1bptighter. Tongyang Life announced the redemption ofUSD300mn TYANLI5.25 Perp on 22 Sep’25, i.e. the first call date.In Chinese AMCs, CFAMCI25/29s were 0.1-0.2pt higher. China CITIC FAMC expects its 1H25 net profitto increase 12.5-16.3% yoy to RMB6-6.2bn. In HK Corp, we saw selling inHYSAN/CPREIT/CKHH/MTRC from PB, prop desk and RM for profit takingafter the rally last week. HYSAN 4.85/7.2 Perps was 0.4-1.1pts lower. MTRC55 was 1bp wider while MTRC Perps were 0.1-0.2pt lower. On the other hand,NWDEVL 6.25 Perp/NWDEVL 5.875 27 were unchanged, while the rest ofNWDEVLs were 0.1-0.4pt higher.In Chinese HY, HONGQI 28s were 1bptighter. China Hongqiao announced the buy-back of 10.2mn shares forcHKD234mn. GWFOOD 30 was 1.1pts lower. WESCHI 26 was 0.1pt higher.In Chinese properties, FTLNHD 25-26 were 0.2pt higher, FUTLAN 28 wasunchanged. Seazen obtained approval up to RMB1.1bn (cUSD147.5mn)onshore ABS offering while announced the profit warning for 1H25 results.ROADKG 28-30/7.75 Perp moved-0.2pt to +0.1pt. Road King 1H25 loss towiden to RMB1.5-1.7bn(cUSD217mn). In SEA, PTTGCs were 0.2-1.4ptshigher (1-4bps tighter).PTT Global Chemical eyes THB30bn (cUSD923mn)from non-core assets monetization. PERTIJs were 1-2bps tighter. VLLPM 27-29 down 0.1-1.5pts. The flows in LGFV space were mixed two-way. Higher-yielding (8%+) papers remained generally sought afterby HF and RM across CNH and USD. There were profit-taking and risk trimming on paper yielding 5%-7%.TSIVMG 1.55 29 up 0.7pt. Last Trading Day’s Top Movers Marco News Recap宏观新闻回顾 Macro–S&P (-0.59%), Dow (+0.02%) and Nasdaq (-1.46%) were mixed on Tuesday.UST yield was lower onTuesday, 2/5/10/30 yield at 3.75%/3.82%/4.30%/4.90%. Desk Analyst Comments分析员市场观点 INCLEN: Module and cell manufacturing drove 1QFY26 revenue and adj. EBITDA growth ReNew Energy (RNW) reported 71% yoyincrease in 1QFY26 to INR39.0bn, with adj. EBITDA rising 43% yoyto INR27.2bn. This robust growth was primarily driven by the stabilization and expansion of its module and cellmanufacturing operations. The manufacturing segment, fully operational with 6.4GW of modules and 2.5GWof cells capacity, produced 900MW of modules and 400MW of cells during 1QFY26. These contributedINR13.2bn in revenue and INR5.3bn to adj. EBITDA during the quarter. Recalled that RNW ramped up themanufacturing facilities in 4QFY25; FY25 adj. EBITDA from manufacturing totaled INR4.2bn, of which INR3.6bnwas generated in 4QFY25. In May’25, RNW secured INR8.7bn (cUSD100mn) from Marquee Investment for 10% stake in its solarmanufacturing subsidiary ReNew Photovoltaics. The investment will primarily be utilised to grow the businessand expand the manufacturing capacity through the construction of 4GW TOPCon cell facility. The transactionis expected to close by 2QFY26. The land acquisition of the facility had been completed and civilwork hasstarted. Basic engineering completed and orders for major machinery were placed. While RNW currentlyoperates 2.5GWsolar cell facility, the new 4GW TOPCon cell plant will bring RNW’s total solar cellmanufacturingcapacity to 6.4GW once completed. The production of the new facility is expected to start byend of FY27. Going forward, we believe that the manufacturing operation will be a key driver for RNW’s revenuegrowth. The1QFY26 revenue growth was further supported by increased operational capacities.RNW’s totaloperational capacity reached 11.1GW in 1QFY26, up 16% yoy from 1QFY25. The plant load factor (PLF) forwind assets improved to 32.8%, while the solar PLF declined to 24.6%. See Table 1. RNW reiter