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 Therecent new issues NIPLIF 31-33 tightened 1-2bps this morning.ZHOSHK 28 recovered 0.5pt. HSBC 6.75 Perp and HSBC 7 Perp edged0.1-0.3pt higher. We also saw better buying on 2yr-to-call perps and AT1sfrom AMs. Fosun launched tender offer forFOSUNI 5 05/18/26 at par. Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk EHICAR:Deadline for exchange offer extended to 9 Apr'26. EHICAR 27 was0.2pt higher this morning. See below. Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk Chinese properties:Contracted sales dropped 29.0% yoy in 2M26. Seebelow. Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk Trading desk comments交易台市场观点 Yesterday,in HK/Chinese properties, LASUDE 26 dropped 3.1pts. Mediareported that Lai Sun Development plans to repay upfront 20% of LASUDE26 andseek a three-year maturity extension for the remaining 80% as part ofthe yet-to-be announced LME. Meanwhile, LaiSun is yet to close the sale ofits 50% stake in CCB Tower to JD.com, pending approval from the Chineseregulator for the transaction. FAEACO 12.814 Perp was 1.2pts lower. TheNWDEVL/VDNWDL complex were 0.1-0.9pt lower. VNKRLE 27’ and 29’leaked 0.4-0.7pt.GRNCH 28 was 0.1pt lower. Greentown’s FY25 revenuewas largely flat at RMB155.0bn with a healthy despite higher net gearing ratioof 66.8% and a solid cash/ST debt ratio of 2.6x. As for other higher-betapapers in the region, WESCHI 28-29 leaked 0.6-0.7pt. In Chinese IG space,MEITUA curve traded 1-3bps wider. ZHOSHK 28 closed 1.4pts lower. In SEAsianspace,ACPM 4.85 Perp gained 1.5pts.On the other hand,TOPTB/PPTGC Perps were 0.2-0.3pt lower. VEDLN 28-33s were 0.2-0.5ptweaker.Media reported that Vedanta Limited has approached India’s Marco News Recap宏观新闻回顾 Macro–S&P (-0.39%), Dow (+0.11%)and Nasdaq (-0.73%) were mixed on Monday. UST yield was lower onMonday. 2/5/10/30 year yield was at 3.82%/3.97%/4.35%/4.91%.. Desk Analyst Comments分析员市场观点 EHICAR:Deadlinefor exchange offer extended to 9 Apr'26 EHi extended the exchange expiration date to 9 Apr’26from 30 Mar’26.As of the original expiration date (30Mar’26), 62.62% of the outstanding amount, i.e. USD166.6mn, of EHICAR 7 09/21/26 have been tendered forthe exchange.The tendered amount was USD59.5mn below the minimum acceptance level of 85%, i.e.USD226.1mn. That said, the tendered amount had surpassed the 50% threshold for exit consent solicitation,aiming at eliminating non-monetary restrictive covenants and events of default.There is no change in the Recalled that EHi launched the exchange offer and exit consent solicitation for EHICAR 7 09/21/26 on 23Mar’26.See Table 2 for details of the exchange.The new 3.5NC bond will have customary high yield covenantpackage in line with existing 2026 and2027 bonds (such as the incurrence test of FCCR of 2.5x).As per ourdiscussions with EHi, EHICAR 12 09/26/27 is excluded from this round of liability management exercise (LME) We estimate that NPV for EHICAR 7 09/21/26 to mid-80 to md-90 based on the terms of current exchangeoffer.The exchange will help notably lengthen EHi’s debt maturity.We maintain our view that the currentvaluations of EHICARs have priced in too much downside for a non-distressed credit even though EHi’s FOSUNI: Tender offer forFOSUNI 3.95 10/02/26 at par Fosun launched a tender offer for any and all outstandingFOSUNI 5 05/18/26 at par, to be funded throughinternal resources. The tender offer demonstrates Fosun’s confidence on its liquidity.FOSUNI 5 05/18/26 currency refinancing package to refinance existing debts of USD520mn, as per media report last week.Thenext major maturity is FOSUNI 3.95 10/02/26 of EUR236.1mn due in Oct’26. Among FOSUNIs, we maintain buy on FOSUNI 8.5 05/19/28 for better risk-adjusted return profile.At 100.3,FOSUNI 8.5 05/19/28 is trading at YTM of 8.3%, offering yield pick-up of c110bps over BTSDF 9.125 07/24/28and c2 months shorter in tenor. We view Fosun’s credit profile as improving, underpinned by continued assetdisposals and active liability management.Meanwhile, we take comfort from Fosun’s successful refinancingeffort in FY25, i.e. two rounds of tender offers for FOSUNI 5.95 10/19/25 with the remaining balance early Fosun remains focused on four core subsidiaries, Fosun Pharma, Yuyuan, Fosun Tourism Group, andFidelidade, while accelerating divestments of minority investments, non-core subsidiary assets, and real estateat reasonable valuations.In FY25, Fosun’s revenue fell 9.7% yoy to RMB173.4bn, with declines in thehappiness and asset management segments partially offset by higher health and insurance revenue. Loss forthe year widened to RMB22.7bn in FY25 from RMB2.2bn in FY24, due to higher impairment provisions andshare of losses from JVs. Total impairment provisions amounted to RMB15.3bn in FY25, up from RMB4.7bn in Chinese properties:Contracted sales dropped 29.0% yoy in 2M26 Contracted sales momentum remained soft in Feb’26. The30 developers under our radar reported