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 NORBK 4.683 03/10/31 and NORBK 5.356 03/16/36tightened 7-10bps from RO at T+105 and T+130, respectively. The newGUOTJU Float 09/06/29 tightened 1-2bps from RO at SOFR+50. Long-endARAMCO/KSA were 0.3pt weaker. NWDEVL/VDNWDL were unchanged to Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk PCORPM:Call PCORPM 5.95 Perp on 19 Apr’26 at par. Maintain buy onPCORPM7.35 Perp.PCORPMs were unchanged to 0.1pt lower this CKHH:Media reports thatCK Hutchison is in talks to sell 41 global ports inEurope, Southeast Asia, and the Middle East to a consortium comprising USinvestment giant BlackRock and MSC. CK Hutchison has lost control cover Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk Trading desk comments交易台市场观点 Yesterday,we saw a wave of selling on 10yr IG papers such asLINREI/KUAISH/HKE/TWlifers/BBLTB/NTT/SUMI/SUMITR,and spreadsclosed 3-5bps wider. On the other hand, flows geared towards better buyingon CCAMCL/NTT FRNs. As for the rest of greater China higher-yieldingspace,NWDEVLs were down another 0.3-2.4pts, and VDNWDLs were 0.1-0.2pt lower. See our comments on2 Mar’26. MTRC Perps/HYSANs/LASUDE26 were 0.1-0.6pt lower. LIFUNGs leaked 0.4-1.4pts. The Macau gamingcomplex were unchanged to 0.4pt lower. See our comments on Macaugamingyesterday. In Chinese properties, VNKRLE 27’ and 29’ lost another1.1pts. LNGFOR 27-32 were unchanged to 0.3pt lower. In SE Asian space,GLPSPs/VEDLN 28-33s lost 0.1-0.6pt. IHFLIN 27-30 were 0.1-0.2pt lower.PCORPMPerps were unchanged.Petron will redeem the remainingoutstanding amount USD162.6mn of PCORPM 5.95 Perp at par on 19 Apr’26.Seecomments below.In KR space,sentiment was weak,and In contrast to the otherwise weak session, LGFV remained resilient againstthe macro volatility andremained largely stable.Selected higher yieldingnamessuch as SHGCON/JLIDC/ACHLIM tightened another 15-30bps, Marco News Recap宏观新闻回顾  Macro–S&P (-0.94%), Dow(-0.83%) and Nasdaq (-1.02%) were lower on Tuesday. The EU CPI increased by1.9% yoy in Feb’26, higher than the market expectation of 1.7%. UST yield bear flattened on Tuesday. 2/5/10/30 Desk Analyst Comments分析员市场观点 PCORPM: CallPCORPM 5.95Perp on 19 Apr’26 at par Petron Corporation (Petron) will redeem the remaining outstanding amount USD162.6mn of PCORPM 5.95Perp at par on 19 Apr’26, the first call and coupon reset date. Recalled that Petron completed the exchangeoffer for PCORPM 5.95 Perp and concurrent new issuance of PCORPM 7.35 Perp in Sep’25.The companyaccepted USD333.19mn PCORPM 5.95 Perp validly tendered for the exchange offer and USD54.199mn forthe cash tender, totaled USD387.389mn.Petron has track records of calling its perps on the first call andcoupon reset dates; PCORPM 7.5 Perp in Aug’18 and PCORPM 4.6 Perp in Jul’23.We maintain buy on In FY25, Petron’s revenue declined by 7% yoy to PHP810bn, primarily due to lower international prices. Despitethe revenue decline, Petron’s net income grew 84% yoy to PHP 15.6bn, and operating income increased by28% yoy to PHP37.3bn, reflecting higher sales volumes (increased 3% yoy to 113.4mn barrels) and higherrefining margin. Petron maintained its dominance in the local market, capturing 27.8% of the market share as As of Sep’25, Petron’s free cash flow jumped 361% to PHP47bn in 9M25 from 9M24, attributable to lower networking capital as well as lower capex.Petron spent PHP5bn in capex in 9M25, represented 45% of the fullyear budget of PHP11bn, and reflected capital discipline under compressed margin environment.Moreover,Petron completed an exchange offer and concurrent new issuance of PCORPM 7.35 Perp during 3Q25,resulting in net cash inflows of PHP1.8bn after the settlement. Petron’s cash and ST investments increased to News and market color Regardingonshoreprimary issuances, there were 45 credit bonds issued yesterday with an amount ofRMB45bn. As for Month-to-date, 124 credit bonds were issued with a total amount of RMB102bn raised, [ADNOCM]Media reported that ADNOC delays debut dim-sum bond sale amid Middle East hostilities [BHP]BHP halted investment in Queensland because the state government refused to change its coal [BTSDF]H&H expects up to 6% rise in adjusted EBITDA for FY25 [CKHH]CK Hutchison is in talks to sell 41 global ports without seized Panama terminals [FIRPAC]First Pacific unit Maynilad will spend USD132.3mn to reduce unbilled water; First Pacific’sMeralco seeks regulatory approval to recover USD137.5mn in costs [NWDEVL]Blackstone talks on USD4bn NWD deal stall over control [PERTIJ]Pertamina shipping arm hopes for safe passage of 2 tankers in Persian Gulf [SOFTBK]S&P lowered SoftBank's credit rating outlook to negative from stable as increased bet onOpenAI may harm the group’s liquidity, and affirmed BB+ ratings [VNKRLE]China Vanke obtained UOB approval to extend RMB323mn of loans by one year Fixed Income Depar