固定收益日市场动态

CMBI Credit Commentary Fixed Income Daily Market Update固定收益部市场日报 This morning, the new CCAMCL 28 tightened 5bps from pricing at T+80,and the new CCAMCL Float 30tightened 7bps from issuance at SOFR+100.There were sellers on CCAMCL 27s. NSINTWs widened 2-3bps.We sawAsian PBs were buying the recent new STANLN 7 Perp. Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk EHICAR:Refinancing USD bonds via onshore and offshore fundingchannels. See below. Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk MEDCIJ:9M25 EBITDA decreased 3.4%yoy;new productions andacquisitions partly offset lower oil price. See below. Trading desk comments交易台市场观点 Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk Yesterday,the new CHINA 28-30s initially tightened 40bps frompricing atCT3 flat and CT5+2bps, respectively, and later retraced 7-9bps from tight.The new KORELE Float 11/12/28 and KORELE 4 1/8 30 tightened 2-4bpsfromissuance at SOFR+62 and T+47 amid balanced two-way flows.Nanshan Life tapped USD258mn of NSINTW 5.875 03/17/41 at T+165, butTW lifers traded heavy in general. FUBON/NSINTWs widened 2-3bps. Therewere onshore all-in buyers across the MEITUA curve, which tightened 1-4bps.NWDEVL 27-31s dropped another 0.9-2.2pts, and NWDEVL Perps were2.1pts lower to 0.5pt higher. MTRC 5 5/8 Perp retraced 0.3pt lower. InChineseproperties,GRNLGR 29-31s gained 2.2-2.4pts.Chineseaccounts/PBswere selling Middle Eastern names ADQABU/TAQAUH/DHBKQD.The Korea secondary IG space was unchanged to a touch tighter.We saw better buying on LGENSO 30s and HYNMTR front-end notes/FRNs, Last Trading Day’s Top Movers Marco News Recap宏观新闻回顾 Macro–S&P (-1.12%), Dow (-0.84%) and Nasdaq (-1.90%) were lower on Thursday.UST yield was lower onThursday. 2/5/10/30 year yield was at 3.57%/3.69%/4.11%/4.69%. Desk Analyst Comments分析员市场观点 EHICAR: Refinancing USD bonds via onshore and offshorefunding channels eHi Car Services (EHi) is preparing to refinance EHICAR 7 09/21/26 and EHICAR 12 09/26/27 simultaneously,through a combination of onshore loansand a new offshore bond issuance. It holds a NDRC quota of up toUSD400mn. In addition to newissuance, EHi may continue market repurchases, subject to price, as part of its As of Jun’25, EHi reported cash of RMB395.5mn and total debt of RMB10.1bn, slightly down from RMB10.5bnat end-2024. Net debt fell to RMB9.7bn, while the net debt/LTM EBITDA ratio improved to 4.0x as of Jun’25from 4.4x at end-2024, supported by stronger 1H25 EBITDA. The improvement reflects higher vehicle utilizationrates and largely stable fleet size. We expect EHi to slowly deleverage with higher EBITDA, driven by higherutilization and lower net debts, supported by FCF generation as capex will be more contained.Near-termrefinancing risk appears manageable.EHi has undrawn credit facilities of RMB1.6bn and RMB1.0bn in onshore MEDCIJ:9M25 EBITDA decreased 3.4% yoy; new productions and acquisitions partly offset lower oil Despite modestly weaker 9M25 results given the lower oil price, we like Medco’s table credit story and its goodaccess to funding channels.During 9M25, Medco Energi (Medco) conducted proactive liability management,i.e. issued USD400mn USD bonds and retired totaled USD519mn USD bonds via tender offers and buybacks.Medco also issued IDR1tn onshore bonds in Jun’25.We expect Medcoto conduct more early redemptionsgiven its sufficient liquidity and good access to onshore and offshore funding channels.Hence, we maintain Medco’s 9M25 revenue was flat and fell only 1.5% yoy to USD1,757mn despite lower oil prices. The resiliencewas a result of new oil and gas fields and Power IPPs put into use in FY25 and several acquisitions. Revenuefrom oil and gas segment declined by 0.8% yoy in 9M25, owning to the 14.6% drop in oil average realized priceto USD68.3/boe in 9M25 compared to USD79.9/boe in 9M24, but partially offset by the opening of new fieldsand acquisitions.In Sep’25, Medco’s oil and gas production run-rate was 174mboepd, driven by increasesfrom the new projects delivered in Natuna, Corridor and Oman. This aligns with the revised FY25 guidance of As for the power segment, revenue dropped by 17.9% yoy in 9M25 due to decrease in construction revenueafter completing Ijen Geothermal and East Bali Solar PV. In 3Q25, Medco achieved 1,194Gwh power sales asa result of new IPP contributions from Ijen and East Bali Solar PV. In 9M25, Medco has generated in total3,188Gwh power sales, which represents 74.1% of the full-year guidance of 4,300Gwh. Medco is on track to The 9M25 EBITDA was down 3.4% yoy to USD946mn, but 3Q24 EBITDA was up 11.3% to USD323mn. Newfields, new IPPs and acquisitions fueled the qoq EBITDA growth, though oil prices declined by 14.6% and thedry hole in Beluga PSCcost USD9mn. Medco’s cash cost was USD8.8/boe in 9M25, in line with its FY25 targetof below USD10/boe. PBT was down 42% yoy to USD296mn from USD507mn. This was primarily due to theshare of loss from Amman Mineral Internasional (AMMAN) of USD37mn, compared to s