固定收益每日市场更新

CMBI Credit Commentary Fixed Income Daily Market Update固定收益部市场日报 MEITUA 30-35s/TYANLIs widened 2-4bps this morning. QBEAUs wereunchanged to 1bp tighter with AMbuyers.NWDEVL 30 was 0.9pt higherwhileRILIN 40 were 0.5pt higher.LUSOIB 33-34 dropped 0.2-0.7pt.EHICAR 26/SOFTBK 61-65 were 0.4pt lower. Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk INCLEN/INGPHL/RNW/RPVIN:Solar manufacturing operations continue tofuel adj. EBITDA growth in 1HFY26. RNW bondcomplex were unchangedthis morning. See below. Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk VNKRLE:Loans from SZ Metro approaching the cap. VNKRLE 27-29 were0.3-0.5pt lower this morning. See below. Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk Trading desk comments交易台市场观点 Yesterday,flows were light overall as US was out on holiday. There werebuyerson MITCO 28 FRN and T2 papers of TYANLI/OCBCSP/STANLN/SHIKON/ANZ. We saw two-way flows on JP financial namesMIZUHO/MUFGand better selling on KR quasi-sovereign namesKHFC/KOBCOP and AUbank papers. NWDEVLs rose another 0.3-1.1pts.NWD clarified that any principal received by BondC and PerpCo under anintercompany loan that backs the bond and perp shall be used to redeem thedebt at the two issuers, and not to make any new loan or distribution to anyNWD entity. ROADKG Perps were 0.3pt higher, while ROADKG 28-30s were0.1-0.4pt lower. FOSUNI 26-29 were largely unchanged. See our thoughtson FOSUNI’s EUR new issue and the concurrent tender offeryesterday.EHICAR 26-27 were down by 0.5-1.0pt. The Macau gaming bonds SJMHOL/MGMCHI/MPEL/SANLTD/STCITY/WYNMACwere overall unchanged to0.2pt lower. See comments on WYNMAC 3Q25 and 9M25 resultsyesterday.In Chinese properties, GRNLGR 31 recovered 1.3pts, while VNKRLE 27-29swere unchanged to 0.4pt lower. See comments below.Yankee AT1s edgedup to 0.3pt firmer led by the recent STANLN 7 Perp, which continued to haverelentless PB buying out of Asia.In SEA space, GLPSP Perps increased by0.4-0.5pt, and INDYIJ 29s edged 0.2pt higher. MEDCIJ 26-30s/SMCGLPerps/INCLEN27s/RNW 26s were 0.1pt lower to 0.1pt higher.Seecomments on ReNew Energy 1HFY26 results below. In LGFV space,onshore AAA-guaranteed CNH and USD papers remaineddemanded by RMs, whilst HFs continued to buy higher-yielding names fortactical interests in preparation for next year.KAFEDI 28 was up by 1.5pts.Meanwhile, lower-yielding names (<3% for CNH and <5% for USD) hadbalanced two-way flows among AMs. Last Trading Day’s Top Movers Marco News Recap宏观新闻回顾 Macro–S&P (+0.21%), Dow (+1.18%) and Nasdaq (-0.25%) were mixed onTuesday. US bond market wasclosed onTuesdayfor Veterans Day. 2/5/10/30 year yield was unchanged at 3.58%/3.72%/4.13%/4.71%. Desk Analyst Comments分析员市场观点 INCLEN/INGPHL/RNW/RPVIN:Manufacturing operation continues to fuel adj. EBITDA growth in 1HFY26 We continue to view ReNew Energy (RNW)’s credit profile as underpinned by strong operating cash inflowsand scalable operations as India’s second-largest renewables platform by installed capacity after Adani GreenEnergy. We maintain buy on INCLEN 4 ½ 04/18/27, which is trading at YTM of 6.3% at 97.6. We view upcomingcatalysts for the bond performance include ownership structure clarity and rating updates post privatization. RNW’s 1HFY26 results benefitted from diversification into manufacturing operations and resilient operatingcash flow generation. 1HFY26 revenue rose 52% yoyto INR75.3bn and adj. EBITDA increased 24% yoy toINR53.5bn, primarily driven by solar manufacturing. The facilities were fully operational and stabilized in2QFY26, contributing INR23.4bn revenue and INR8.6bn adj. EBITDA in 1HFY26. RNW continued to rampupthe scale and output reached 2GW of modules and 900MW of cells YTD. In 2QFY26, RNW received INR8.7bn(cUSD100mn) from British International Investments to fund construction of 4GW TOPCon cell facility, targetingproduction by end of FY27. On completion, total cell capacity will increase from current 2.5GW to 6.4GW. Weview manufacturing as a near-term EBITDA driver that also diversifies revenue beyond power generation. Revenue growth was further supported by increase in operational capacity to11.6GW, up 15% yoy or 22% yoyadjusting for 600MW assets sold during the period. Due to extended spell of monsoons, 1HFY26 weighted-average wind PLF improved to 35.1% from 33.4% in a year earlier, while solar PLF declined to 21.9% from24.4% from lower irradiation. We view RNW is on track to its FY26 guidance.RNW reiterated FY26 adj. EBITDA guidance of INR87-93bn,comprising INR10-12bn from manufacturing (raised from INR8-10bn previously) and INR1-2bn from asset sales, and targets the higher end of theguidance subject to the weather. We estimate that RNW has achieved 58-61% of the FY26 adj. EBITDA target in 1HFY26, with manufacturing running at 72-86% of its FY26 target. Cashflow to equity (CFe) guidance remains INR14-17bn while reporting INR19.9bn in1HFY26, as RNW’s cashoutflows are typically concentrated in 4Q. As of Sep’25, cash and ban