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 Chinese IG space tightened 2-5bps this morning, while the rest of Asian IGspace traded 5-10bps tighter. Yankee and JP AT1s and insurance subswere up 1.0pt this morning compared to last Thursday close, and 0.3-0.4pthigher compared to yesterday NY close. TOPTB 6.1 Perp/PTTGC 6.5 Perp Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk Macau gaming:14.3% yoy GGR growth in 3M26. The Macau gaming bondswere overall 0.1-0.8pt higher this morning, exceptthat WYNMAC 29 lost0.4pt. See below. Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk VNKRLE:Media reported that Vanke is considering a 40% upfront, one-yearextension for onshore bond due 23 Apr’26. The remaining principal of thebond is RMB2bn (cUSD290.6mn). VNKRLE 27’ and 29’ edged 0.5-0.8pt Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk Trading desk comments交易台市场观点 Last Thursday,the new EIBKOR 31s, SHNHAN 31s and SHNHAN Float 29sclosed 2-5bps inside ROs amid RM buying. In HK, FAEACO 12.814 Perpdropped 16.8pts. Far East Consortium defers April distribution on USD360mnFAEACO 12.814 Perp issued by its subsidiary FEC Finance. Media reportedthat FEC is exploring option to exchange the perp for a bullet bond, targetinga coupon of 7%–8%. The NWDEVL/VDNWDL complex closed 0.1-0.4ptlower. Media reported that NWD has shelved plans to acquire the remainingstakes in threecommercial sites in Causeway Bay due to high costs andpatchy demand. The Macau gaming complex SJMHOL/MGMCHI/MPEL/SANLTD/STCITY/WYNMAC were unchanged to 0.4pt lower. See commentsbelow on Macau gaming’s 3M26 GGR. AVIILC 27-28s/AVIILC Float 30dropped 1.2-3.2pts, and 6.125 Perp was down 0.7pt.We saw two-wayinterests among HFs on AVIILC.AVIC Industry Finance, AVIILC’s indirectparent, announced to redeem early all of its outstanding onshore bonds,totaled RMB15.7bn (cUSD2.28bn), at par. ZHOSHK 28 leaked 0.1pt. In Last Trading Day’s Top Movers Marco News Recap宏观新闻回顾 Macro–S&P (+0.08%), Dow (-0.18%) and Nasdaq (+0.10%) weremixedon Tuesday. Global benchmark Brentslid as much as 16%, and West Texas Intermediate declined as much as 19% after US and Iran agreed toceasefire, a move that will help resume oil flows through the Strait of Hormuz. The US ISM Non-ManufacturingPrices was 70.7 in Mar’26, higher than the market expectation of 67.0. The US ISM Non-Manufacturing PMI was54.0 in Mar’26, lower than the marketforecast of 54.8. The US Durable Goods Orders decreased by 1.4% mom Desk Analyst Comments分析员市场观点 Macau gaming: 14.3% yoy GGR growth in 3M26 InMar’26,Macau’s gross gaming revenue (GGR) increased 15.0% yoy to MOP22.6bn, the highest March figuresince 2019.The sustained recovery reflects the continuous recovery of tourist visitation after COVID.Cumulatively, the GGR in 3M26 increased 14.3% yoy to MOP65.9bn, represented 86.5% of pre-COVID level We consider Macau government’s GGR forecast of MOP236bn in 2026 to beconservative taking cues fromthe growth momentum in 2025 and 1Q26. GGR in Macau increased 9.1% to MOP247.4bn in 2025, thanks tothe 15% increase in tourist arrival to the record high of 40.1mn.The GGR in 2025 is equivalent to 84.6% of pre-COVID level in2019, and exceeded its revised forecast of MOP228bn. We expect the Macau government Despite our expectation of more supply in view of the scheduled maturities and undemanding funding costs,we still like Macau gaming bonds lower-beta and good carry plays with improving credit stories. Our top picksin the sector areMPELs,STCITYs, andSJMHOL 6 ½ 01/15/31, given the growing adj. EBITDA of MelcoResorts and Studio City, as well as themore appealing risk-return profiles of these bonds.We also considerWYNMAC’27 and ‘29yield pick-up plays, trading at premium of c60-80bps over bonds of its US parent.We News and market color Regardingonshoreprimary issuances, there were 64 credit bonds issued yesterday with an amount ofRMB63bn. As for month-to-date, 288 credit bonds were issued with a total amount of RMB266bn raised, [AACTEC]Moody’s upgraded AAC Technologies ratings by one notch to Baa2 from Baa3 [ADEIN/JSWIN]Adani and JSW thermal plants run low on coal inventory ahead of peak demand period [AVIILC]AVIC Industry Finance announced a proposal to redeem early all of its outstanding onshore bonds,totaled RMB15.7bn (cUSD2.28bn). AVIC suspended trading in its bonds on 2 Apr’26, and trading is set to [FAEACO]Media reported that Far East Consortium is exploring option to exchange its USD360mn FAEACO 12.814 Perp for a bullet bond, targeting a coupon of 7%–8% [GARUDA]Garuda Indonesia is implementing a series of efficiency measures and operational mitigation [HYUELE]SK Hynix will supply Microsoft and Google with DRAM in deals worth tens of billions of USD [IHFLIN]Sammaan Capital offers to purchase up to USD45mn of IHFLIN 7.5 10/16/30, principal amounto/s is USD450mn [LGELEC]LG Electronics interim 1Q26 sales rose 4.4% yoy to KRW23.73tn (cUSD15.75bn);LGElectronics has launched