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 The new LGENSO 29-36s were largely unchanged around ROs this morning.LGENSO 26-35s traded 5bps wider. The rest of Asian IG space was overallunchanged to 2bps wider. We sawbetter selling on the recent new issuesHSBC 6.75 Perp and HSBC 7 Perp. There were mixed two-way flows in Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk CNMDHL:Stable profit margins amid softer raw milk’s ASP in FY25.Maintain buy on CNMDHL 4.875 07/10/30. CNMDHL26-30 were unchanged Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk FABUH:First Abu Dhabi Bank to redeem USD750mn FABUH 4.5 Perp onthe first call date on 5 Apr’26. FABUHs were unchanged this morning. Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk Trading desk comments交易台市场观点 The tone was much firmer yesterdayafter the US signaled a potential truce.The new KOROIL 29-31s closed 8-9bps tighter from ROsdue to wide IPTsrelative to the existing curve. However, LGENSO 26-30s traded 10bps wider,andLGENSO 34-35 widened 5bps amid LG Energy Solution’s IPTannouncement of new USD bonds in four tranches.Taiwanese liferstightened 3-5bps amid better buying into NSINTW and SHIKON. MEITUAcurve rallied 5-10bps tighter. Meituan’s equity surged 14%, and shares ofAlibaba/JD climbed 4.6%/4.9%, after state media calling an end to the pricewar among food delivery platforms. KUAISH/LENOVO/XIAOMI tightened 1-4bps. Xiaomi’s FY25 revenue increased by 25.0% yoy to RMB457.3bn.BTSDF 28 gained 0.3pt. H&H’s revenue rose 10.0% yoy to RMB14.4bn inFY25, with all business segments recording growth. See our comments onboth Xiaomi and H&Hyesterday. ZHOSHK 28 recovered 0.9pt.CWAHK 30lost1.1pts,while CWAHK 26 was unchanged.China Water Affairsrepurchased USD25mn ofCWAHK 4.85 05/18/26, and the outstandingamount was reduced to USD325mn.In SE Asian space, GLPSPs/GLPCHIrecoupedanother 2.1-3.2pts.IHFLIN 28-30 rose 2.6-3.7pts.Sammaan In LGFV space, AMs wereselling IG-rated USD papers yielding below 5%. On the other hand, we saw betterbuying on higher-yielding names across USD and CNH issues. Marco News Recap宏观新闻回顾 Macro–S&P (+0.54%), Dow (+0.66%)and Nasdaq (+0.77%) were higher on Wednesday. US crude oilinventories was +6.9mn, compared to the market expectation of +500k. UST yield was lower on Wednesday.2/5/10/30 year yield was at 3.84%/3.96%/4.33%/4.89%. Desk Analyst Comments分析员市场观点 CNMDHL:Stable profit margins amid softer raw milk’s ASP in FY25 We consider CNMDHL 4.875 07/10/30as a yield pick-up play over CHMEDA 2.5 06/17/30 in view of the closerelationship between China Modern Dairy (CMD) with Mengniu, and the better trading liquidity of CNMDHL4.875 07/10/30.At 99.0, CNMDHL 4.875 07/10/30 is trading at YTM of 5.1%/Z+145bpsand c70bps over In FY25, CMD’s revenue fell 4.9% yoy to RMB12.6bn, primarily driven by a 23.8% yoydecline in the integrateddairy farming solutions segment amid weakened market demand, while raw milk revenue was broadly stable.Total raw milk sales volume rose 8.5% yoy to 3.1mn tons, supported by effective herd management and ameaningful improvement in average milk yield (AMY) per cow. Raw milk ASP declined 7.7% yoy to RMB3.33/kg, Gross profit was steady at RMB3.5bn in both FY25 and FY24, though GPM expanded to 27.4% from 26.0%,reflecting effective cost control in the integrated dairy farming solutions segment. Cash EBITDA rose 2.6% yoyto RMB3.1bn, with margin widened to 24.3% from 22.5%. CMD recorded RMB3.1bn in losses from fair valuechanges less costs to sell of dairy cows in FY25, up from RMB2.9bn in FY24, partly reflecting its effort to increased to 58.2% in FY25 from 51.1% in FY24. Net loss narrowed 18.0% yoy to RMB1.2bn in FY25 fromRMB1.5bn in FY24.CMD expects the normalized losses from changes in the fair value of dairy cows and During FY25, CMD generated operating cash flow of RMB2.5bn, sufficient to cover capex of RMB2.4bn.Management guided the operating cash flow to be broadly stable in FYE26 from FY25, while the capex willdecrease by RMB400-500mn, implying an improved free cash flow generation in FYE26. As of Dec’25, CMDhad cash and equivalents of RMB6.6bn, up from RMB3.1bn as of Dec’24, with unutilized credit facilities ofRMB7.4bn. Total debts and net debts increased 27.7% and 8.8% to RMB21.6bn and RMB15.0bn, respectivelyfrom the levels of Dec’24. Cash/ST debts ratio down slightly to 0.9x. That said, we noted its net debt declined2.3% in 2H25.On the M&A front, CMD plans to acquire all issued shares of China Shengmu Organic Milk We view CMD’s improved operational efficiency and narrowed net losses in FY25 credit positive. The guidedreduction in feed costs and capex should further support the cash flow generation in FYE26. That said, pace ofdebt reduction may be slow given the upcoming CSM acquisition. Overall, CMD’s credit profile is underpinned News andmarket color Regardingonshore primary issuances, there were 187 credit bonds issued yesterday with an amountofRMB134bn. As for month-to-date, 2,02