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 This morning, the new DAESEC 29-31 were unchanged to 1bp wider fromROs. The new SUMI 31 tightened 6bps from RO at T+90, and SUMI 36tightened 1bp. SUMIBK 41 and ADVANC 31-36 were unchanged in spreadsfrom ROs. Rest of secondary Asian IG space recovered andtightened 1- Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk MEDCIJ:Call MEDCIJ 6 ⅜ 01/30/27 on 27 Mar’26 at par. Maintain buy onMEDCIJ 8.625 05/19/30. See below. Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk RAKUTN:Rakuten will call RAKUTN 5.125 Perp of USD750mn on the firstcall datein Apr’26. Maintain buy on RAKUTN 8.125 Perp. Please also readour comments on Rakuten’s FY25 results in our daily on23 Feb’26. Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk Trading desk comments交易台市场观点 Yesterday,Chinese IG space overall widened 3-5bps, driven by better sellingon 30yr BABA/TENCNT/XIAOMI and HAOHUA 27-30, while other belly-to-front-end papers held up relatively well. TW lifers also widened 3-5bps. Wesaw block selling on FUBON, small but steady offers on CATLIF, balancedtwo-way interests in NSINTW, and quiet trading in SHIKON. In HK space,LINREI 36 widened 3bps. CKHHs remained largely quiet. The Panamaniangovernment took control of 2 ports on the Panama Canal from CK Hutchison(CKH).Over the past 28 years,CKH invested cUSD1.7bn in the 2Panamanian ports compared with CKH’s total assets was USD147bn as ofJun’25. We estimated the dividend income from its 90% stakes in the 2Panamanian ports to be cUSD1.1bn,i.e. USD40.5mn p.a. on averagecomparedwith CKH's 1H25 operating cash flow was USD4bn. Additionally,the 2 Panamanian ports handled c4% of CKH’s global throughput in 1H25.Hence, we believe that the impact of concession cancellation and take-overof port assets should be relatively small.NWDEVL Perps rose 0.6-1.4pts,while VDNWDL Perp closed unchanged. In Chinese properties, FUTLAN 28was 0.9pt higher, while FTLNHD 26-27 were unchanged to 1.0pt lower. In LGFV space,RMs remained better buyers while tactical investors and some AMs were better sellers of Marco News Recap宏观新闻回顾 Macro–S&P (+0.77%), Dow (+0.76%) and Nasdaq (+1.04%) werehigheron Tuesday. US Feb’26 CB ConsumerConfidence was91.2, higher than the market expectation of 87.4. 5/10 year UST yield was higher on Tuesday. Desk Analyst Comments分析员市场观点 MEDCIJ:CallMEDCIJ 6 ⅜ 01/30/27 on 27 Mar’26 at par Medco Energi (Medco) will call the remaining outstanding amount (USD107.77mn) of MEDCIJ 6 ⅜ 01/30/27 infull on 27 Mar’26 at par. The call is in line with our expectation that Medco is a candidate for early redemptionof its outstanding USD bonds and technical of Indonesian HY will remain strong given the potential earlyredemptions. Over the past few years, Medco has been actively extending its debt maturity profile, thanks toits sufficient liquidity and good access to various funding channels.It has early redeemed a total of During 9M25, Medco conducted proactive liability management despite modestly weaker9M25 resultsin alower oil price environment. It issued offshore bonds of USD400mn and retired USD bonds totaling USD519mnin principal amount via tender offers and buybacks. Medco also tapped on the onshore bond market with issuestotaling IDR2.5tn and IDR1tn bonds in Jan’25 and Jun’25, respectively.We expect Medco to continueearlyredemptions of its USD bonds. We like Medco’s stable credit story and maintain buy on MEDCIJ 8.625 05/19/30 News and market color Regardingonshoreprimary issuances, there were 16 credit bonds issued yesterday with an amount ofRMB15bn. As for month-to-date, 938 credit bonds were issued with a total amount of RMB728bn raised, Macaureceives c1.6mn visitors during Chinese New Year holiday [ADSEZ]Adani Ports received USD101.584mn of ADSEZ 4 07/30/27 and USD95.36mn of ADSEZ 3.1 [CFAMCI]CITIC FAMC International HKD1bn-equivalentunsecured 364 day loan early bird commitments [CGRNEG]Media reported Continuum Green put India unit IPO plans on hold [EHICAR]Media reported EHi Car considers to extend the maturity of EHICAR 7 09/21/26 of USD269mn [INDON]Republic of Indonesia mandated 3-, 5-, and 10-year (CNH) and 8-, 12-, and 20-year (EUR) Fixed Income DepartmentTel: 852 3657 6235/ 852 3900 0801fis@cmbi.com.hk Author CertificationCMBIGM or its affiliate(s) have investment banking relationship with the issuers covered in this report in preceding 12 months The author who is primary responsible for the content of this research report, inwhole or in part, certifies that with respect to thesecurities or issuer that the author covered in this report: (1) all of the views expressed accurately reflect his or her personal views Besides, the author confirms that neither the 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 the stock(s) covered in this research report within 30calendar days prior to the dat