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 The new WSTPNZ Float 01/30/31 tightened 3-4bps from RO at SOFR+75.There were better-buying on SOFTBK/TOPTB Perps. QDJZWD 28 was0.3pt higher. FTLNHD 27 was 0.6pt lower. Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk INCLEN/INGPHL/RNW/RPVIN:The new RPVIN 31s is fairly priced. Seebelow. Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk NWDEVL/VDNWDL:Media reported NWD faces tenant losses at 11 Skiesmall near HK international airport. NWDEVLs were 0.2pt lower to 0.1pthigher this morning while VDNWDLs were unchanged. Trading desk comments交易台市场观点 Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk Yesterday,CATLIF/FUBON were 1-2bps wider, while NSINTW/SHIKONtightened 1-3bps. There were strong buying interests on MEITUA 30-35s, butthe bonds closed largely unchanged. In HK, VDNWDL 9 Perp was 0.1pthigher, while NWDEVL Perps dropped 0.2-1.7pts. Media reported that NWDis facing tenant losses at its 11 Skies mall near the Hong Kong internationalairport. FAEACO 12.814 Perp/LIFUNG 5.25 Perp gained 0.1-0.2pt. LASUDE26dropped 0.8pt.The Macau gaming complex SJMHOL/MGMCHI/MPEL/SANLTD/STCITY/WYNMACwere unchanged to 0.2pt higher.InChinese properties, VNKRLE 27-29/FUTLAN 28/FTLNHD 26-27 were 0.3-0.7pt higher. In KR corporate space, LGENSO/HYNMTR/SKBTAM tightened1-2bps. HYNMTR FRNs were traded in balanced two-way flows betweenPB/RM accounts. In JP space, corporate IG papers tightened 1-3bps. JPAT1s and insurance sub papers were modestly higher amid better-buyingfocusing on higher-yielding issues like RESLIF 6.875 Perp, which closed In LGFV space, Shandong names down the credit curve continued to grindtighter on back of cross-border RM buying, primarily in CNH issues. Qualityhigher-yielding names also attracted more buying interests from RMs. Marco News Recap宏观新闻回顾 Macro–S&P (+0.55%), Dow (+0.63%)and Nasdaq (+0.91%) were higher on Thursday. US Nov’25 Core PCEprice index was +0.2% mom/+2.8% yoy, same as the market expectation. 2/5 year UST yield was higher onThursday. 2/5/10/30 year yield was at 3.61%/3.85%/4.26%/4.84%. Desk Analyst Comments分析员市场观点 INCLEN/INGPHL/RNW/RPVIN:The new RPVIN 31s is fairly priced ReNew Energy Global (RNW) priced a 144A/Reg S 5-year senior secured USD bonds (Ba3/-/BB-) at 6.5%,tightened37.5bps from IPT at 6.875%. The issue size is USD600mn on an order book of over USD2.1bn. Thenew RPVIN 6.5 02/02/31 is issued by ReNew Treasury IFSC Private Limited, which is a wholly-ownedsubsidiary of RNW’s 94%-owned onshore holdco ReNew Private Limited (RPL). We view the new RPVIN 31s Within RNW complex, we maintain buy on INCLEN 4.5 04/18/27 for its better risk-adjusted return. We continueto view that RNW’s credit profile is underpinned by strong operating cash inflows and scalable operations asIndia’s second-largest renewables platform by installed capacity after Adani Green Energy. The net proceeds from the new bondswill be used to on-lent to RPL or subsidiaries of RPL and Diamond II Ltd,and to repay intercompany debts. Diamond II Ltd is a wholly-owned subsidiary of RNW, which issued RNW7.95 07/28/26 of USD525mn. The structure of the new bonds is better than that ofRNW 7.95 07/28/26, in view Key covenants of the new bonds include net priority debt leverage ratio 6.5x or lower and maintenance DSCR1.1x or above to limit incurrence of non-priority indebtedness. The new bonds include 0.5x fixed asset securitycover and 1.0x total security cover on the principal amount, while no direct security over onshore assets for the RNW has one of the largest clean energy portfolios in India with 18.9GW capacity as of Nov’25.It operatesutility energy generation business, commercial and industrial business, and modules and cells manufacturingbusiness. In 1HFY26, RNW’s revenue rose 52% yoy to INR75.3bn and adj. EBITDA increased 24% yoy toINR53.5bn, primarily driven by manufacturing business. As of Sep’25, RNW had cash and bank of cUSD1.1bnand net debts of cUSD7.3bn. Net debt/LTM adj.EBITDA improved to 7.1x in Sep’25 from 7.6x in Mar’25, News and marketcolor Regardingonshore primary issuances, there were 147 credit bonds issued yesterday with an amount ofRMB166bn. As for month-to-date, 1,378 credit bondswere issued with a total amount of RMB1,186bn [CHIOIL]China Oil & Gas terminated offer to purchase CHIOIL 4.7 06/30/26 of USD361mn [LIHHK]Lifestyle International isseeking to refinance HKD8bn (cUSD1.0bn) loan due in Jun’26 withSogo in Causeway Bay Hong Kong as collateral [SECO]Saudi Electricity USD1bn 5-year unsecured loan commitments due 27 Feb’26 [VNKRLE]Media reported China Vanke's recently improved A&E proposal for three domestic bonds Author CertificationCMBIGM or its affiliate(s) have investment banking relationship with the issuers covered in this report in preceding 12 monthsThe author who is primary responsible forthe content of this research report, in whole or in part, certifies that with respect to the securities or issu