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 recent MIZUHO new issues tightened 1-3bps this morning. The rest ofAsian IG space was unchanged to 3bps tighter amid better buying on 10yrSHIKON/FUBON/LGENSO/MEITUA.We saw two-way flows skewedtowards better buying in Perps/AT1s.FOSUNI 28 was 0.9pt higher. Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk MEDCIJ:Resilience performance throughout cycles. MEDCIJ 26-30s were0.1pt lower to 0.1pt higher this morning. See below. Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk EHICAR:eHi Car Services exchange offer expires with 63.51% of EHICAR7 09/21/26 validly tendered compared with the minimum acceptance level of85%. EHICAR 26-27 were unchanged to 0.1pt lower this morning. Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk Trading desk comments交易台市场观点 Yesterday,in the new issuance space, fixed-rate and floating MIZUHO 29stightened 5-7bps from ROs, and MIZUHO 31s traded 13-18bps tighter. Long-end MIZUHO 36-46s were unchanged from ROs amid two-way flows. Thenew fixed-rate MUFG 30-47s hovered around initial pricing, while MUFGFloat 32 tightened 7bps from RO. In secondary IG space, front-end LGENSOtightened 5-10bps in the morning, but the tightening wascut into half in theafternoonamid Asia AM/RM selling.The recent new issue KOMRMRtightened another 3-4bps. In HK, FAEACO 12.814 Perp led the space andgained 2.1pts. LIFUNG 29 was 1.1pts higher. WESCHI 28-29 was 0.4-0.7ptfirmer.In Chinese properties, VNKRLE 27’ and 29’ edged 0.4pt higher. Mediareported that Vanke had circulated a termout proposal to the holders of itsRMB2bn 3.11% domestic interbank notes due on 23 Apr’26. Under theproposal, Vanke will offer an upfront payment of RMB100k and 40% of theremaining principal, with the rest to be extended by one year. The term is InLGFV space, we saw better buying in higher-yielding CNH issues, whereasUSD issues were heavier across the credit curve. There was also betterbuying in non-LGFV 10yr CNH credits across TMT and non-Chinese names Last Trading Day’s Top Movers Marco News Recap宏观新闻回顾 Macro–S&P (+0.62%), Dow (+0.58%) and Nasdaq (+0.83%) werehigher on Thursday. The US 4Q25 GDPincreased 0.5% qoq, lower than the market expectation of 0.7%. The US initial jobless claims was +219k, higherthan the forecast of +210k. The US Feb’26 Core PCE Price index increased by 0.4% mom and 3.0% yoy, sameas market expectations. 2/5yr UST yield was lower on Wednesday, while 30yr yield was higher. 2/5/10/30 year Desk Analyst Comments分析员市场观点 MEDCIJ: Resilience performance throughout cycles Wemaintain buy on MEDCIJ 8.625 05/19/30 and initiate buy on MEDCIJ 8.96 04/27/29 in view of Medco Energi(Medco)’s resilience operating performance, financial discipline in expansion and sufficient liquidity profile. At105.6 and 104.2, MEDCIJ 8.625 05/19/30 and MEDCIJ 8.96 04/27/29 are trading at YTM of 7.3% and 7.4%,respectively. We consider these bonds are good carry plays.We expect Medco to continue early redemptionsof its USD bonds.As per Medco, it repurchased USD bonds of USD2.9mn in 1Q26.These, coupled with Medco posted largely flat FY25 operating results (see Table 2) despite realized O&G price was 14.1% lowerduring theyear.The resilience performance was in line with its guidance and supported by higher O&Gproduction volume, PSC cost recovery mechanisms, higher power sales and higher power price. These largely In O&G,production rose to 156 mboepd in FY25 from 152 mboepd in FY24, compared with Medco’s guidanceof 155–160 mboepd. The production volume growth was driven by the start-up of the Terubuk and Forel fieldsin South Natuna Sea Block B, additional working Interests (increased from 46% to 70%) in Corridor PSC andstronger performance in Oman.In Power, electricity sales grew to 4,371 GWh in FY25, from 4,108 GWh in of Ijen Geothermal IPP (35 MW) in 1Q25, East Bali Solar PV IPP (25 MWp) in 2Q25 (expected to generateabout 50 GWh per year, the largest solar project in Bali) and Batam ELB IPP expansion (increased from 70MW to 109 MW in 4Q25). In FY25, renewablesshare of total Power sales increased to 25% in FY25 from 20%in FY24. Medco achieved the 26% renewable installed capacity target. In FY25, O&G and power contributed91.4% and 7.4% of Medco’s revenue, respectively. We expect that O&G and power will continue to be the key In FY26, Medco guides O&G production to increase 5.8-9.0% to 165-170 mboepd, power sales to increase 4%to 4,550 Gwh and the cash cost of O&G production to be under USD10/boe compared with USD8.6/boe inFY25. So far, Medco’s operations, including the Oman operations, are not affected by the US-Israel war againstIran.Medco expects its Oman operations to contribute c15% of its EBITDA based on O&G price of USD65/boe. On capex,the company guides investments of USD430mn, i.e. USD415mn on O&G and USD15mn on powercompared with USD437mn, i.e. USD402mn on O&G and USD35mn on power in FY25.We are comfortablewith Medco’s disciplined expansion over t