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 Chinese IG space tightened 1-3bps this morning with buying flows especiallyon KUAISH 36. TOPTB/PTTGC Perps were down 0.5-1.0pt. NWDEVL 28was 0.5pt higher. GARUDA 31 edged 0.4pt higher. We saw buying flows on Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk FRESHK:Financial leasing business resilient buffered HCD headwinds.FRESHK 28s tightened 1-8bps yesterday. FRESHK 26-29s tightened 5bpsthis morning supported by all-in buyers, while FRESHK CNH edged 0.1- Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk MEDCIJ:Medco Energi obtained USD100mn 5-yr loan from HSBC(Singapore) for general corporate purposes. Medco Energi obtained 4-yrloans ofIDR8tn (cUSD473mn) from BNI and 5-yr loans of IDR800bn(cUSD47mn) from ICBC in Feb’26.These reflect the strong onshore USD Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk Trading desk comments交易台市场观点 Yesterday,TW lifers tightened 1-3bps amid better-buying into FUBON andNSINTW. Chinese TMT benchmarks traded largely unchanged, while real-money accounts were buying FRESHK 28s, which tightened 1-8bps. Seecomments on Far East Horizon’s FY25 financial results below. EHICAR 26-27 closed unchanged to 0.3pt lower. In HK, LASUDE 26 led the space androse 4.2pts. Media reported that Lai Fung, Lai Sun Development’s subsidiary,has obtained all existing lenders’ approvals for an HKD3.1bn-equivalent(cUSD391mn) facility for refinancinga secured loan due today. FAEACO12.814 Perp was 1.3pts higher. NWDEVLs increased by 0.1-2.8pts, andVDNWDELs closedunchanged to 0.1pt higher.In Chinese properties,GRNCH 28 edged 0.1pt higher. See our comments on Greentown’s FY25earnings dropyesterday. VNKRLE 27’ and 29’ gained 0.5pt. LNGFOR 27-32were unchanged to 0.2pt higher.In KR space, HYNMTR/LGENSO/POHANGtraded 2-3bps wider amid better selling, lower-beta names held mostlyunchanged, while liquid financial bonds like DAESEC eased 1-2 bps wideron real-money selling. In JP, we saw better selling on FRNs, recent new-issue SUMITR fixed tranches attracted all-in buyers. Japanese and Yankee toward slightly better selling on long-end ARAMCO/KSA, which traded0.1-0.7pt lower. Saudi Aramco FY25adjusted EBIT fell 5.5% yoy to SAR744.6bn (cUSD197.9bn). PBs were incrementally selling T2s like NTBKKK.In LGFV space, there were balanced two-way flows, as papers sold by RMs were largely well digested by other Marco News Recap宏观新闻回顾 Macro–S&P (-0.08%), Dow (-0.61%) and Nasdaq (+0.08%) were mixed on Wednesday. US Feb’26 CPI was+0.3% mom/+2.4% yoy, in line with the market expectation. US crude oil inventories was 3.824mn,higher thanthemarket expectation of 2.8mn.UST yield was higher on Wednesday.2/5/10/30 year yield was at Desk Analyst Comments分析员市场观点 FRESHK:Financial leasing business resilient buffered HCD headwinds We maintain buy on FRESHK 26-29. We expect FEH’s resilient financial leasing business to buffer the ongoingheadwinds at its subsidiaryHorizon Construction Development (HCD) which remains under pressure as theengineering, construction services and equipment leasing continue to be affected by the broader constructionslump and prolonged property downturn in China. In our view, FRESHKs offer even more attractive risk-returnprofiles than other leasing peers such as BOCAVI 26-29s (YTM of 4.1-4.2%) after FRESHK 27-29 widening 4-28bps since the negative rating action by S&P. As we discussed on 5 Feb’26, we found the negative rating FEH’s revenue declined 5% yoy to RMB35.8bn in FY25, driven by a 18% yoy drop in industrial operationsrevenue,comprising HCD and Horizon Healthcare. The decline was partly offset by the resilient performanceof the financial leasing and advisory services businesses. The net interest margin (NIM) expanded by 35bps to4.83%, partly attributable to FEH’s expansion on inclusive finance business to serve SME customers in moreeconomically developed regions where the NIM is higher. Pre-provision operating profit was broadly unchanged Recalled that S&P placed FEH onCreditWatch Negative in Feb’26following a profit warning from its 41.7%-owned subsidiary, HCD. As discussed, we view the impact on FEH’s consolidated financials as manageablegiven HCD’s small contribution togroup’s PBT. In FY25,HCD’s revenue dropped by 19% yoy to RMB9.4bn,and PBT plunged 83% yoy to RMB209mn. This was driven by a continued decline in onshore equipment rentalrates and a proactive scale-down of the onshore materials business. To navigate thechallenging onshore FEH generated lower operating cash inflow in FY25 due to an increase in receivables. Meanwhile, capex fellby 64% yoy to RMB3.0bn in FY25. Hence, net debts was roughly flat at RMB246.4bn as of Dec’25.We continueto take comfort from FEH’s continued access to low-cost onshore funding. In 2025, FEH issued totalled FEH’s asset quality remained stable. The NPL ratio down 4bps to 1.03%, and provision coverage ratioincreased 4bps to 227.8% as of Dec’25. Weexpect FEH’s asset quality to remain