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 SUMITR Float 29s tightened 10bps from RO at SOFR+71 thismorning, SUMITR Float 31s tightened 17-18bps from RO at SOFR+89. Asfor fixed-rate SUMITR new issues, SUMITR 29s were unchanged from ROat T+53, SUMITR31s tightened 7bps, and SUMITR 36s were a touch wider. Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk INCLEN/INGPHL/RPVIN:Solid 3QFY26 earnings;on track to FY26guidance. See below. Cyrena Ng, CPA吳蒨瑩(852) 39000801cyrenang@cmbi.com.hk YLLGSP:FY25 results stabilizedwith narrowing losses, rebound in grossmargin to 27.4% in FY25 from 9.4% in FY24and healthy gearing ratio at43.6% . YLLGSP 26 was unchanged this morning. Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk Trading desk comments交易台市场观点 Yesterday,in the new issuance space, the new TOHOKU 31 tightened 5bpsfrom RO at T+70. The new NTT Float 31and OCBCSP 36 hovered aroundROs amid active two-way flows. The secondary Chinese IG space overallclosedunchanged.WesawbalancedflowsonTMTnamesKUAISH/MEITUA/BABA, better buying in CCAMCL FRNs and front-endORIEAS from Chinese RMs, and better selling on FRESHK 27-29s by globalmoney accounts.EHICAR 26 dropped 0.5pt, while EHICAR 27 closedunchanged.In HK, we sawa gradual recovery in sentiment on HK property.NWDEVL/VDNWDL Perps gained 0.1-1.3pts. HYSAN 4.85 Perp edged 0.6pthigher. MTRC 5.625 Perp/LASUDE 26 were 0.1pt higher. On the other hand,FAEACO 12.814 Perp lost 0.4pt. The Macau gaming complex were 0.1ptlower to 0.2pt higher. In Chinese properties, FUTLAN 28/FTLNHD 26-27gained up to 0.6pt. The new FTLNHD 29 was priced at 97.095 and YTM 13%. See our commentsyesterday. VNKRLE 27-29 lost 0.5pt. LNGFOR 27-32were 0.1pt lower to 0.3pt higher.In KR space, this week’s new issuesDAESEC 29-31 widened 1bp. Long-end EIBKOR/LGENSO/POHANG traded Marco News Recap宏观新闻回顾 Macro–S&P (-0.54%), Dow (+0.03%) and Nasdaq (-1.18%) were mixed on Thursday. US latest initial joblessclaimswere +212k, lower than the market expectation of +217k. UST yield was lower on Thursday. 2/5/10/30year yield was at 3.42%/3.57%/4.02%/4.67%. Desk Analyst Comments分析员市场观点 INCLEN/INGPHL/RPVIN:Solid 3QFY26 earnings; on track to FY26 guidance We continue to view ReNew Energy (RNW)’s credit profile as underpinned by robust operating cash inflowsand scalable advantages as India’s second-largest renewables operator byinstalled capacity (after AdaniGreen Energy). Within the ReNew Energy complex, we still prefer INCLEN 4.5 04/18/27 in view of the holdco’smore diversified income sources and generation mix despite INCLEN 4.5 04/18/27’s out-performance withinthe curve and the subordination risk. Hence, we maintain buy on INCLEN 4.5 04/18/27. While the valuation is RNW’s continues to benefit from its diversification into solar module and cell manufacturing operations andresilient operating cash flow generation. In 3QFY26, revenue rose 36% yoy to INR25.1bn, with adj. EBITDAincreased 54% yoy to INR21.4bn and loss before tax narrowed by 83% yoy to INR505mn. In 9MFY26, revenue Revenue growth was primarily driven by higher commissioned capacity (+7% yoy to 11.4GWs as of Dec’25),gain on asset disposals, improved wind PLF and increase in external sales from solar module and cellmanufacturing operations, partially offset by lower solar PLF. An extended monsoon season lifted 9MFY26 due to lower irradiation levels. We continue to view manufacturing operations as a near-term EBITDA driver RNW remains on track to meet its FY26 guidance. Management raised the lower end of its FY26 adj. EBITDAguidance range to INR90-93bn (including INR11-13bn from manufacturing), up from the prior range of INR87-93bn (including INR10-12bn from manufacturing). Based on our estimates, RNW has achieved 80-83% of therevised full-year target by 9MFY26, with the manufacturing segment tracking at 83-98% of its target. CFe RNW is pivoting toward a more solar-heavy portfolio, which is credit positive in view of less reliance on theinherently more uncertain wind resources and the associated variability in cash flows generation. Solar plusBattery Energy Storage System (BESS) portfolio also offerssimpler and faster and easier execution whichshould support more stable operating performance over time. Management indicated that the new configurationis easier to execute than a blended mix of solar, BESS and wind. For the under construction configuration, wind As of Dec’25, cash and bank balances stood at INR83.3bn, up 3% from Mar’25, supported by higher operatingcash inflows and lower capex spending. We expect strong operating cash generation and continued capitalrecycling to fund the remaining FY26 capex requirements. Net debt/adj. EBITDA improved to 7.1x in 9MFY26(LTM ending Dec’25) from8.3x in FY25, driven by higher LTM adj. EBITDA despite an increase in total debt. RNW early redeemed USD525mn RNW 7.95 07/28/26 in full at par in Feb’26, funded by the issuance ofUSD600mn RPVIN 6.5 02/02/31 in Jan’26. We are aware of