Fixed Income Daily Market Update

CMBI Credit Commentary Fixed Income Daily Market Update固定收益部市场日报 Chinese TMTs were unchanged to 2bps wider this morning. Chinese AMswere selling ZHOSHK 28 but the price was largely unchanged. The MiddleEast names were 0.3-0.5pt lower. We saw overall better selling on FRNs.The rest ofAsian IG space was overall 2bps wider to 2bps tighter. Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk GLPSP/GLPCHI:Denied market rumors on window guidance. GLPCHI 29down 6.8pts this morning while GLPSP 28/GLPSP Perps down 3.1-6.6pts.See below. Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk NNCOMM:Nanning Communications Investment carries out disclosurerequest on NNCOMM 7.3 04/30/27 of USD300mn. NNCOMM 27 wasunchanged this morning. Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk Trading desk comments交易台市场观点 Yesterday,GLPSP Perps/GLPSP 28 dived 11.7-13.0pts, and GLPCHI wasdown by 9.2pts. Last evening, GLP denied market rumors. See commentsbelow. For the rest of SE Asian space, PTTGC/TOPTB Perps traded 0.4-0.7pt higher. VEDLN 28-33s were up to 0.3pt higher. On the other hand,SMCGL Perps were unchanged to 0.2pt lower. See our commentsyesterday.In HK, LASUDE 26/FAEACO 12.814 Perp lost 0.8-0.9pt. The NWDEVL/VDNWDLcomplex were 0.1-1.3pts lower.TW lifers FUBON/NSINTW/SHIKON tightened 4-7bps amid buying from Chinese RMs. Chinese IG spacetightened 1-3bps with better buying on KUAISH and MEITUA while LENOVOclosedunchanged.WESCHI 28-29 were 0.1-0.2pt lower.In Chineseproperties, VNKRLE 27’ and 29’ leaked 0.4-0.7pt, while FUTLAN/FTLNHDswere unchanged to 0.3pt higher. The VNKRLE pair was under pressure givenVanke’s 21% ownership in GLP. In KR space, long-end POHANG tranchestightened 2-3bps on the back of PB buying, while the rest of Korean spaceclosed largely unchanged. In JP space, 5-10yr SUMI/SUMITR/HOKKEL/MITCO/SUMIBKIG bonds tightened 1-3bps amid two-way interests.SOFTBKs led the space and rose 0.1-1.1pts. Media reported that SoftBankis on track to deliver its record high profit, supported by valuation gains forOpenAI. Japanese AT1s and insurance subs like NOMURA 7 Perp/RESLIF6.875Perp edged 0.2-0.3pt higher amid thin trading.Their Yankeecounterparts were 0.2-0.5pt firmer, led by the new HSBC 6.75 Perp andHSBC 7 Perp, and driven by top-up demand from PBs. In contrast, we sawbetter selling on front-end issues yielding 6% or tighter. In FRN space, wesaw PBs buying AU/JP bank FRNs, though HSBCbank FRNs stayed underpressure. In the Middle East, bonds traded 0.2-0.5pt higher overall. We sawtwo-way trading on 5yr ARAMCO, versus better buying on 10–30yr ARAMCO.Flows were balanced two-way on 30yr KSA, while better selling persisted onFABUH. In LGFV space, bonds remained firm as RMs continued to buy higher-yielding USD and CNH issues. In contrast,non-LGFV CNH credits had a mixed session: long-end papers were under selling pressure whilst we saw betterbuying from RMs on 3-4yr issues, notably in TMT nameslike TENCNT. Tencent’s FY25 revenue and gross profitincreased 14% and 21% yoy, respectively. LastTrading Day’s Top Movers Marco News Recap宏观新闻回顾 Macro–S&P (-1.36%), Dow (-1.63%) and Nasdaq (-1.46%) were lower on Wednesday. US Fed kept interestrates unchanged. US Feb’26 PPI was +0.7% mom, higher than the market expectation of+0.3%. UST yield washigher on Wednesday. 2/5/10/30 year yield was at 3.76%/3.87%/4.26%/4.88%. Desk Analyst Comments分析员市场观点 GLPSP/GLPCHI:Denied market rumors on window guidance Last evening, GLP hosted a brief investors’ call in response to market rumors.In the call, GLP denied thereport of NFRA’s window guidance to onshore insurance companies to refrain from adding exposures in GLPChina funds. GLP also confirmed with its major onshore investors that no such regulatory communication hadbeen received. Additionally, GLP clarified that it has no USD1.4bn of debts due Jun’26 and it has no material debt maturity forthe rest of 2026 post funding exercises over the past few months.Recalled that GLP China privately placed3.5yr bond of USD300mn in Oct’25 and repurchased USD205mn and early redeemed USD456.1mn of GLPCHI2.95 03/29/26 in Nov’25 and Feb’26, respectively. Meanwhile, GLP has re-tapped GLPSP 9 ¾ 05/20/28 twice;USD200mn in Nov’25 and USD500mn in Feb’26.Hence, the outstanding of GLPCHI 2.95 03/29/26 reducedto USD38.9mn from USD700mn and major maturities of GLP had been extended for 2-3 years. GLP reiterated that its liquidity remains sufficient as supported by operating cash flow generation, credit facilitiesand asset monetization. GLP also stated that the rumors do not have meaningful disruption to its access tofunding channels. On the operational front, the data center businesses continue to gain momentum on the backof AI and cloud demand, with 420 MW of in-service capacity and 1.4GW of secured capacity. GLP will releaseFY25 results in May’26. Yesterday, GLPSP Perps/GLPSP 28 dropped 11.7-13.0pts while GLPCHI 29 was down by 9.2pts. This morning,GLPCHI 29 was down 6.8pts while GLPSP 28/GLPSP Perps