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 Chinese IG KUAISH/MEITUA recovered and tightened 1-3bps thismorning.We saw RMs buying perps, but PBs were switching out of short dated to callEU AT1s. ACPM 4.85 Perp/FAEACO 12.814 Perp were 0.7-0.9pt lower. Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk Macau gaming:Solid 24% yoy GGR growth in Jan’26. See below. Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk UPLLIN:UPL Limited 9MFY26 EBITDA rose 22%yoy to INR59.1bn(cUSD648mn). UPLLIN 28-30 were unchanged this morning. Trading desk comments交易台市场观点 Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk Yesterday, we saw balanced two-way flows in FRN space across AU/JPfinancial names and MAYMK, as well as 2-3yr Korean quasi-sovereign issuesand HYNMTR, which closed 1-2bps tighter. The market opened with all-insellerstook profits on front-end to belly Chinese AMC papers(ORIEAS/CCAMCL),POE/TMTs (KUAISH/TENCNT),and belly financialpapers (DAESEC/OCBCSP/BBLTB), driving spreads 1-3bps wider. However,selling flows gradually vanished and credit spreads closed largely unchanged.TW lifers widened 3-5bps. The Macau gaming complex were 0.2pt lower to0.1pt higher. See comments below. In Chinese/HK higher-yielding space,WESCHI 26 led the space, rose 1.4pts, and WESCHI 28 edged 0.2pt higher.WESCHI priced the new USD300mn WESCHI 29 at 10.5% to fund theconcurrent tender offer for the remaining outstanding (i.e. USD200mn) ofWESCHI 26. See our commentsyesterday.EHICAR 26-27 dropped 0.7-2.3pts. FAEACO 12.814 Perp lost 1.4pts. The NWDEVL/VDNWDL complexweredown by 0.5-2.3pts.MTRC Perps were 0.1pt lower.In Chinese Marco News Recap宏观新闻回顾 Macro–S&P(+0.54%),Dow(+1.05%)and Nasdaq(+0.56%)were higher on Monday.S&P GlobalManufacturing Jan’26 PMI was 52.4, higher than the market expectation of 51.9. ISM Manufacturing Jan’26Prices was 59.0, lower than the market expectation of 59.3. ISM Manufacturing Jan’26 PMI was 52.6, higherthanthe market expectation of 48.5.UST yield was higher on Monday.2/5/10/30 year yield was at Desk Analyst Comments分析员市场观点 Macau gaming: Solid 24% yoy GGR growth in Jan’26 In Jan’26, Macau’s gross gaming revenue (GGR) increased 24.0% yoy to MOP22.6bn, a solid start to 2026.The Jan’26 GGR represented 90.7% of GGR in Jan’19 and GGR in Jan’26 is the highest Jan figure since 2019.We believe that yoy increase in GGR in Jan’26 reflected the sustain recovery of GGR after COVID and alsopartly reflected the pre-holiday slowdown in Jan’25 when only part of the CNY holiday fell within Jan’25, Macau government set GGR target of MOP236bn in 2026. The target appears to be conservative based on thegrowth momentum in 2025. GGR in 2025 increased 9.1% to MOP247.4bn, equivalent to 84.6% of pre-COVID level in 2019, and exceeded its revised forecast of MOP228bn. The 2026 forecast of MOP236bn represents3.5% yoy growth from 2025 revised GGR forecast of MOP228bn. In 2025, the tourist arrival of Macau was40.1mn, increased 15% yoy and exceeded the all-time high record of 39.4mn in 2019. As discussed before, we consider Macau gaming bonds lower-beta and good carry plays with improving creditstories despite we should see more new supply to come in view of the scheduled maturities and undemandingfunding costs. Our top picks within the segment remainMPELs and STCITYsgiven the growing adj. EBITDAof Melco Resorts and Studio City, as well as the more appealing risk-return profiles of MPELs/STCITYs.We News and market color Regardingonshore primary issuances, there were 89 credit bonds issued yesterdaywith an amount ofRMB88bn. No credit bonds was issued on 2 Feb’25 due to Chinese new year holiday Trump said he would roll back punitive tariffs of 25% and cut a levy on Indian goodsto 18% from 25% inreturn for an agreement that India would stop buying Russian oil China local government debt up 15% in 2025, remains manageable Indonesia recorded a 19.7% decline in coal exports last year to USD24.5bn due to declining global prices [HTSC]Huatai Securities raised USD698.6mn by selling HKD and RMB-denominated guaranteed bonds [UPLLIN]UPL Limited 9MFY26 EBITDA rose 22% yoy to INR59.1bn (cUSD648mn) FixedIncome DepartmentTel: 852 3657 6235/ 852 3900 0801fis@cmbi.com.hk Author Certification CMBIGM or its affiliate(s) have investment banking relationship with the issuers covered in this report in preceding 12monthsThe author who is primary responsible for the content of this research report, in whole or in part, certifies that with respect to the securities or issuer that the author covered in this report: (1) all of the views expressed accurately reflect his or herpersonal viewsabout the subject securities or issuer; and (2) no part of his or her compensation was, is, or will be, directly or indirectly, related Besides, the author confirms that neitherthe author nor his/her associates (as defined in the code of conduct issued by The HongKong Securities and Futures Commission) (1) have dealt in or traded in th