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 Yankee and JP AT1s and insurance subs lost 1.0-1.5pts this morning. Wesaw better selling on JP FRNs and corporate names like NTT, as well as TWlifers NSINTW/SHIKON. Asian IG space overall widened 2-5bps. GLPSPPerps leaked 1.4-1.6pts. Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk EHICAR:Exchange offer and concurrent exit consent for EHICAR 709/21/26. EHICARs were unchanged this morning. See below. Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk HONGQI:Stronger cash position and improved debt structure; Maintainneutral on HONGQIs.HONGQI 28s were unchanged this morning. See Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk Trading desk comments交易台市场观点 Last Friday,GLPSPs/GLPCHI 29 led the space and recovered 3.1-4.8pts.See our comments on19 Mar’26regarding GLP’s denial of market rumors.For the rest of the SE Asian space, ACPM Perps were unchanged to 0.2ptlower. SMCGL Perps/MEDCIJ 26-30s were 0.5pt lower to 0.1pt higher. InGreater China space, ZHOSHK 28 was 0.4pt weaker. FOUSNI 26-29 wereunchanged to 0.3pt lower. Media reported that Fosun raised USD500mnrefinancing loan despite loss warning for the FY25 results. In HK, theNWDEVL/VDNWDL complex were overall 0.2-1.4pts higher, except thatNWDEVL 5.25 Perp dropped 3.5pts. Media reported that NWD is consideringan USD4bn share offering to help meet debt payments and the Cheng familywill keep control of the company. LASUDE 26 edged 0.3pt higher, though LaiSun Development warned of a wider loss in 1H26, partly hurt by loss on saleof an asset and FV losses on investment properties. In Chinese properties,VNKRLE 27 edged 0.4pt higher, while VNKRLE 29 was 0.1pt lower. Vanke Last Trading Day’s Top Movers Marco News Recap宏观新闻回顾 Macro–S&P (-1.51%), Dow (-0.96%) and Nasdaq (-2.01%) were lower on last Friday. UST yield was higher onlast Friday. 2/5/10/30 year yield was at 3.88%/4.01%/4.39%/4.96%. Desk Analyst Comments分析员市场观点 EHICAR:Exchange offer and concurrent exit consent for EHICAR 7 09/21/26 Subsequent to weeks of market talks and meetings with investors, EHi finally launched the exchange forEHICAR 7 09/21/26.As widely reported in media, the upfrontrepayment will be 10pts, plus exchange andconsent fee of 0.2pt. The remaining 90% will be exchanged into a 3.5NC2 bond due Oct’29 with a coupon rateof 10% and amortization totaling 29.5% of the new principal amount throughout the life of the new bond startingfrom Dec’26. The exchange will be subject to a minimum acceptance of 85% outstanding principal amount of The exchange, if successfully goes ahead, will effectively extend the maturity of EHICAR 7 09/21/26 for around3 years. Hence, the new maturity will be behind that of EHICAR 12 09/26/27, EHi’s only other outstanding USDbond. As per our discussions with EHi, EHICAR 12 09/26/27 is excluded from this round of liability managementexercise (LME) because EHi is subject to the constraint of available NDRC quota of USD400mn which will Assuming discount rates of 12-18%, we estimate that NPV for EHICAR 7 09/21/26 to mid-80 to md-90, basedon the current exchange offer.Indeed, we maintain our view that the current valuations of EHICARs havepriced in too much downside for a non-distressed credit even though EHi’s deleveraging has been slower than HONGQI:Stronger cash position and improved debt structure; Maintain neutral on HONGQIs China Hongqiao (HONGQI) reported a 4.0% yoy increase in FY25 revenue to RMB162.4bn, driven by higherselling prices of aluminum alloy and aluminum fabrication products, as well as higher sales volume of aluminaproducts. Gross profit decreased 1.6% yoy toRMB41.5bn, with GP margin declined to 25.6% from 27.0% inFY24. The margin compression was primarily driven by lower GPM of alumina products (from lower sellingprices) and weaker GPM of aluminum fabrication products (from lower capacity utilization and the abolition of As ofDec’25, HONGQI had cash and cash equivalents of RMB51.2bn, up 14.3% from Dec’24, driven byoperating cash inflow of RMB39.0bn in FY25. Capex fell 15.5% yoy to RMB10.7bn. Management guided FY26capex at RMB15bn on renewable projects (RMB5-6bn), Yunnan relocation (RMB2bn), downstream aluminumprocessing (RMB2bn), and routine maintenance and upgrade (RMB5bn), subject to adjustment based on market conditions. As per HONGQI, the Yunnan relocation project remains on track, and is continuouslyreviewing production costs and electricity stability in Shandong and Yunnan to calibrate the pace of relocation.Currently, HONGQI does not have overseas expansion plan. In view of the strong operating cash inflow Net debts were down 16.8% to RMB24.3bn as of Dec’25, as the stronger cash balance more than offset highertotal debt. Total debts/EBITDA edged up slightly to 1.8x, while net debts/EBITDA improved to 0.6x. Cash/STdebts rose to 1.8x. Total debts/total assets declined to 42.2% as of Dec’25, below management’s target rangeof 45-46%. Debt structure also impro