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, financial IG bonds like DAESEC/OCBCSP and therecent newissues NORBK 31-36s tightened 3-5bps. Chinese IG space also traded 3-5bps tighter while MEITUAs were unchanged from the closes yesterday.China’s manufacturing PMI showed broad-based softening in Feb’26. See Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk WESCHI:Maintain buy on WESCHI 9.9 12/04/28 and initiate buy onWESCHI 10 ½ 11/11/29.WESCHI announced positive profit alert for FY25.WESCHI 26-29 were unchanged this morning. See below. Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk YLLGSP:Mixed FY25 results, lower revenue but higher gross margin andprofit before tax. YLLGSP 26 was unchanged this morning. See below. Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk Trading desk comments交易台市场观点 Yesterday,the new NORBK 4.683 03/10/31 and NORBK 5.356 03/16/36tightened 5-7bps before noon from RO at T+105 and T+130, respectively,but gradually more than half of the spread gainswere pared on profit taking.In Chinese IGspace, MEITUA widened 5-10bps amid news that S&Pdowngradedthe ratings of Meituan to BBB+from A-on deterioratingprofitability outlook due to intensified competition. WESCHI 26-29 wereunchanged to 0.4pt lower. West China Cement announced positive profitalert for FY25. See comments below. In HK, We saw better buying onMTRC/HKE/LINREI, but their spreads closed unchanged. NWDEVL dropped0.7-1.8pts and VDNWDLs were unchanged to 0.3pt lower. Media reportedthatBlackstone’s proposed USD2.5bn NWD deal stalled.In Chinese properties,VNKRLE 27-29/FUTLAN 28/FTLNHD 26-29/LNGFOR 27-32leaked 0.2-0.5pt. YLLGSP 26 was unchanged. See comments below onYanlord’s mixed FY25 results. In SE Asia, PCORPM Perps were unchangedto 0.2pt lower.Petron will redeem the remaining outstanding amountUSD162.6mn of PCORPM 5.95 Perp at par on 19 Apr’26. See our commentsyesterday. IHFLIN 27-30 and the ReNew Energy complex lost 0.1-0.2pt.VEDLN 28-33s were unchanged to 0.4pt lower. In KR space, DAESECstraded 2-4bps tighter. In the Middle East, selling flows continued to dominate Marco News Recap宏观新闻回顾 Macro–S&P (+0.78%), Dow (+0.49%) and Nasdaq (+1.29%) were higher on Wednesday. The Feb’26Manufacturing PMI of China was 49.0, lower than the market expectation of 49.1. The US Feb’26 S&P GlobalServices PMI was 51.7, lower than the market forecast on 52.3. The US Feb’26 ISM Non-Manufacturing PMIwas 56.1, higher than the market expectation of 53.5. The US Crude Oil Inventories was +3.475mn, higherthan Desk Analyst Comments分析员市场观点 WESCHI:Maintain buyon WESCHI 9.9 12/04/28 and initiate buy on WESCHI 10 ½ 11/11/29 West China Cement(WESCHI) announced positive alert and expects its FY25 profit attributable to owners toincrease 33-43% to RMB832.8-895.5mn. The drivers for the significant profit growth are: 1) an uptick ininternational cement sales; 2) lower COGS of cement product sales in China; and 3) the negative goodwill fromthe acquisition ofCimenterie de Lukala SA.Recalled thatWESCHI issued USD400mn WESCHI 9.912/04/28to fund the tender offer for WESCHI 4.95 07/08/26 for the equivalent amount in Dec’25.WESCHIalso launcheda tender offer for WESCHI 4.95 07/08/26 and concurrently issued USD300mn WESCHI 10.5 In view of WESCHI’s stronger operating results, good execution of overseas expansion and considerablyrelieved refinancing risk, we maintain buy on WESCHI 9.9 12/04/28 and initiate buy on WESCHI 10 ½ 11/11/29.At 100.5 and 100.8, WESCHI 28 and WESCHI 29are trading at YTM of 9.7% and 10.2%, respectively. We have a neutral recommendation on YLLGSP 5 ⅛ 05/20/26 on valuation. Yanlord posted mixed FY25 resultswith considerably lower revenue but higher gross margin and profit before tax, boosted by the delivery of aShenzhen urban redevelopment project (URP) with gross margin over 30%.In FY25, its total contract sales its contract sales were cRMB10bn, down c60% yoy. It has saleable sources of cRMB30bn, mainly in Suzhou,Nantong and Wuxi, in FY26. Since Yanlord has been muted in land acquisition, we expect its sales momentumto remain slow under the current market backdrop. Additionally, subsequent to the full delivery of the SZ URP, Nonetheless, we continue to consider Yanlord one of the few non state-owned survivors of the sector given itsprudent financial management and manageable debt maturity profile.Its net debtlevel was stable and netgearing ratio increased moderately to 44.0% in Dec’25 compared with 41.8% n Dec’24 but lowered from 46.5%in Jun’25. While cash/ST debts ratio dropped below 1x, we take comfort from the financial flexibility offered byits investment properties (IPs), especially those in Singapore. As of Dec’25, the BV of its IPs in Singapore wascRMB12bn and loans against these IPs were RMB3.9bn (funding cost at 2.2%), representing a LTV ratio of32.5%.Assuming it can raise the LTV ratio to 50%, the headroom for offshore loans against its Singaporean As per our discussions with Yan