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, JP corporate IG names SUMI widened 2-3bps, while financialnames SUMIBK/MUFG widened 3-5bps. CBAAU 41 edged 0.4pt higher.YPCORP 29 was 0.8pt lower. DALWAN 28/NUFAU 30 leaked 0.5-0.6pt. Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk LASUDE:LFH secured downsized refinancing.Maintain neutral onLASUDE 5 07/28/26, which was 0.2pt lower this morning. See below. Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk ADTIN:Adani Energy Solutions plans to early redeem ADTIN4 08/06/26 infull at par on or around 15 Apr’26. ADTIN 41s was 0.3pt higher this morning. Trading desk comments交易台市场观点 Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk Yesterday,Chinese IGs recovered to 1-3bps tighter,driven by buyinginterests into MEITUA/KUAISH/XIAOMI. FRESHK 26-29s were 2bps tighterto 1bp wider, amid Chinese real-money accounts buying the 28s tranche.See our comments on Far East Horizon’s FY25 financial resultsyesterday.Taiwanese lifers tightened 1-3bps on better buying into beta names SHIKONand NSINTW. In HK, NWDEVL Perps led the space and rose 0.4-2.5pts,while VDNWDL 9 Perp closed unchanged. On the other hand, LASUDE 26retraced 0.6pt. HYSANs/MTRC Perps were 0.1-0.2pt lower. In Chineseproperties, VNKRLE 27’ and 29’ were down by 1.3-1.5pts. LNGFOR 27-32/FUTLAN 28/FTLNHD 26-29 were unchanged to 0.3pt lower. In KR, localblock buyers lifted low-beta and bank-guaranteed corporate names likeSKBTAM, which tightened 2-3bps. For the rest of KR space, activities stayedmuted and spreads closed largely unchanged. Japanese AT1s and insurancesubs were marked down by 0.3pt amid relatively light activities. Meanwhile,theirYankee counterparts closed 0.3-1.0pt weaker. Flows were overalltwo- Marco News Recap宏观新闻回顾 Macro–S&P (-1.52%), Dow (-1.56%)and Nasdaq (-1.78%) were lower on Thursday. The US latest initial joblessclaims was +213k, lower than the market expectation of +214k. The US started an investigation to determinewhetherpolicies and practices of certain economies with structural excess capacity and production in Desk Analyst Comments分析员市场观点 LASUDE:LFH secured downsized refinancing Media reported Lai Sun Development (LSD)'s 55.08%-owned subsidiary Lai Fung Holdings (LFH) has obtainedall existing lenders' approvals for a HKD3.1bn-equivalent (cUSD391mn) facility to help refinance a secured loandue yesterday, and LFH will repay the remaining cHKD200mn (cUSD25.6mn) of the existingloan. The newloan is to be secured by the shopping malls Shanghai Hong Kong Plaza and Guangzhou May Flower Plaza,the same assets that backed the original loan. The tenor of the loan is one year with LFH's option to extend for While the downsized loan and materially shorter tenor compared to originally proposed may reflect reducedlender confidence, in LSD, LFH, or HK CRE more broadly, we still view the refinancing as credit positive to LSDas the refinancing allows LSD to focus on addressing the maturity of its o/s USD bond LASUDE 5 07/28/26 ofUSD493mn due within four months. Based on LSD’s HKD8bn disposal target for Feb’25-Jan’27 and theprogress so far, i.e. project sales of HKD2.2bn and asset disposals totaled HKD4.3bn (incl. CCB Tower, We maintain neutral on LASUDE 5 07/28/26 and view the current valuation as unappealing. At 88.2, LASUDE26 is trading at 42.2% YTW, and the bond rose c14pts YTD, which inour view, already priced in a potentialconsensual LME involving partial upfront cash repayment and a maturity extension. Offshore Asia New Issues (Pipeline) News and market color Regardingonshoreprimary issuances, there were 145 credit bonds issued yesterday with an amount ofRMB107bn. As for month-to-date, 875 credit bonds were issued with a total amount of RMB713bn raised, Media reported Japanese life insurancecompanies plan to increase investment in private credit in the [ADSEZ]Adani Ports accepted USD102.084mn of ADSEZ 4 07/30/27 and USD97.49mn of ADSEZ 3.102/02/31 in the tender offer [GLPSP]Media reported GLP is seeking a valuation of cUSD20bn in a Hong Kong IPO that could take [LGELEC]LG Electronics obtained a short-term loan of KRW400bn (cUSD271.3mn) from Sumitomo MitsuiBanking Corp last month to repay maturing bonds totaling cKRW520bn (cUSD352.7mn) due in 1H26 [RIOLN]Rio Tinto is offering a USD350 per ton premium above the London Metal Exchange cash pricesfor Japanese aluminum buyers, above its previous offer of a USD250 surcharge [SMCGL]San Miguel Global Power’s unit will invest PHP11.5bn (cUSD194.3mn) to expand its solar plant [UPLLIN]UPL warned of rising risks to fertilizer prices and availability, as the ongoing Iran war disrupts Fixed Income DepartmentTel: 852 3657 6235/ 852 3900 0801fis@cmbi.com.hk Author CertificationCMBIGM or its affiliate(s) have investment banking relationship with the issuers covered in this report in preceding 12 months The author who is primary responsible for the content of this research report, in whole or in