固定收益部市场日报

CMBI Credit Commentary Fixed Income Daily Market Update固定收益部市场日报 AT1s and JP insurance subs were down another 0.1-0.5pt thismorning.Asian IG space initially widened 5-10bps, and later recovered 2-3bps. Wesaw heavy selling on XIAOMIs and TW lifers, and two-way flows on MiddleEastern names. FTLNHD 27 edged 0.3pt higher, while VLLPM 29/ACPM Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk NWDEVL/VDNWDL:Maintain buy on VDNWDL 9 Perp despite weaker1HFY26 results, which was unchanged this morning. YTD, the perp rose Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk Quick thoughts on US-Israel's bombing against Iran:Credit spread of the Middle Eastwidened 5-10bps in general at the time of writing. We saw2-way flows on the Middle East credits with selling in banks and buying in oilnames. Brent Crude rose to cUSD77 a barrel this morning from cUSD73 on Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk Trading desk comments交易台市场观点 LastFriday,the new SUMITR Float 29s tightened 6bps from RO at SOFR+71,and SUMITR Float 31s tightened 15bps from RO at SOFR+89. As for fixed-rate SUMITR new issues, SUMITR 29s were unchanged from RO at T+53,SUMITR 31s tightened 6bps, and SUMITR 36s were 5bps wider amidheavingselling.In Chinese IG space,belly-to-long-end TMT namesLENOVO/XIAOMI/JD/KUAISH/MEITUAfaced concentrated selling andwidened 1-6bps, whereas AMC space held relatively firm. Taiwanese liferstraded 1-5bps wider under better-selling pressure across the complex. In HK,LINREIand HKE 36 softened to 5bps wider.The NWDEVL/VDNWDLcomplex leaked up to 1.1pts. NWD will defer coupon payment on USD1.3bnNWDEVL 6.25 Perp due on 7 Mar’26. NWD’s 1H26 core operating profitdropped 18% yoy to HKD3.64bn (cUSD465.3mn). See comments below. InChinese properties, FTLNHD 27 rose 1.8pts, FTLNHD 26 was 0.1pt higher,while FTLNHD 29/FUTLAN 28 were 0.3-0.4pt lower. See our comments on26 Feb’26. VNKRLE 27-29 dropped 2.6-2.9pts. In SE Asian space,long-endPETMK widened 6bps amid selling flows from Chinese RMs and global PBs.OCBCSP 36 widened 3bps. GLPSP 4.5 Perp lost 1.0pts.The ReNew Energycomplex edged 0.1-0.3pt higher. See our comments onlast Friday. VLLPM In LGFV space, we saw overall balanced two-way flows in moderate size across the credit curve, and prices Marco News Recap宏观新闻回顾 Macro–S&P (-0.43%), Dow (-1.05%) and Nasdaq (-0.92%) were lower on last Friday. Over the weekends, US-Israel strikes on Iran, and Iran counterattacks across the Middle East. US Jan’26 PPI was +0.5% mom, higherthan the market expectation of +0.3% mom. US Feb’26 Chicago PMI was 57.7, higher than the marketexpectation of 52.0. UST yield was lower on last Friday. 2/5/10/30 year yield was at 3.38%/3.51%/3.97%/4.64%. NWDEVL/VDNWDL:Maintain buy on VDNWDL 9 Perp despite weaker 1HFY26 results We maintain buy on VDNWDL 9 Perp, in view of the higher certainty of coupon payments.During its 1HFY26earnings call last Friday evening, NWD confirmed the continued suspension of ordinary dividends and couponpayments on its USD NWDEVL Perps. While NWD is exploring all available funding channels to optimize cash NWDreported weaker 1HFY26 results with lower core operating profit. Core operating profit fell 18% yoy toHKD3.6bn, reflecting 50% yoy decline in revenue from fewer property projects delivered in the mainland Chinaand a drop in construction revenue, partly offset by 18% yoy decrease in G&A expenses.Projects deliveredincluded the Pavilia Farm, Uptown East and The Masterpiece in Hong Kong; as well as Guangzhou New World-Canton Bay, Guangzhou New Metropolis-New Metropolis Mansion, and Shenyang New World Garden in the Contract sales and non-core disposals (NCD) totaled HKD13.8bn in 1HFY26, ontrack to meet its FY26 targetof HKD27bn. The pre-sales of The Legacy, Bohemian Collection (House Muse and Austin Bohemian), whichwere well received upon launch. Momentum from existing projects remained steady, with The Pavilia Forest,State Pavilia and Deep Water Pavilia contributing contract sales of HKD1.7bn, HKD0.6bn, and HKD5.8bn,respectively. Looking ahead to 2HFY26, available saleable resources in HK includes Pavilia Rosa, Grand Austin As of Dec’25, net debt edged up marginally to HKD131.9bn from HKD129.6bn in Jun’25 due to lower cashbalance. As per NWD, this was more of a timing issue ascash collection from a few key property projects willbe in 2HFY26. Net gearing rose to 59.7% from 58.1%, reflecting a lower equity base following non-cash write-down. Moreover, NWD completed the exchange offer for USD bonds and perps in Nov’25, reducingoutstanding perps and bonds by cHKD8.7bn and cHKD0.4bn, respectively, totaled cHKD9.1bn. We take comfort from theimproved maturity profile, debts maturing over the next two years dropped to HKD36bn from HKD65bn.Furthermore, gross finance costs fell 11% yoy to HKD2.3bn in 1HFY26, while the average funding cost dropped Quick thoughts on US-Israel's bombing againstIran The immediate impact? The knee-jerk reactions shouldbe lower UST rates and w