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 BCDHGR 6.3 04/20/29 rose 0.8pt higher from RO at par thismorning. TW lifers tightened 2-7bps, SEA/KR/JP IG credits traded 1-5bpstighter. JP AT1s and insurance subs were 0.3-0.5pt higher. SOFTBK 29-61swere down 0.6-1.2pts. Media reported that SoftBank Group plans to sell Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk EHICAR:Minimum acceptance level for the exchange offer waived; eyes onsecond round. EHICAR 26rose 3.2pts yesterday and up 1.0pt this morning. China Economy:Weak endogenous credit demand.CMBI continues toexpect the PBOC to cut LPR and RRR by 10bps and 50bps respectively byend-3Q26, while relying on structural monetary tools in the near term tosupport targeted sectors and credit delivery. See comments from CMBI Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk Trading desk comments交易台市场观点 Yesterday,the market was stable despite a lack of positive progress from theUS-Iran talk. EHICAR 26 rose 3.2pts, while EHICAR 27 was 0.1pt higher.Media reported that eHi Car Services plans to launch a second round ofexchange offer for EHICAR 26. See comments below. FOSUNI 26-29 edged0.1-2.4pts higher. Chinese IG space was largely unchanged amid two-wayflows on MEITUA/KUAISH. TW lifers leaked to 1-2bps wider amid light flows.HK IG names LINREI/HKE traded 1-2bps tighter. In HK/Chinese properties,ROADKG Perps were down 0.8-1.1pts. Media reported that Oaktree andPAG are in talks with Road King Infrastructure to improve terms related to arestructuring agreement announced in mid-Mar’26. VNKRLE 27-29 leaked0.8pt.FUTLAN 28/FTLNHD 26-29 closed 0.2pt lower to 0.7pt higher.LNGFOR 27-32 were unchanged to 0.5pt higher.In SE Asian space,OCBCSP 35-36s traded 1-3bps tighter while the rest of bank T2s closed In LGFV space, the new GZFINH 4.05 04/15/29 lost 0.2pt from RO at par.The rest of the LGFV space was overall stable amid two-way flows across Last Trading Day’s Top Movers Marco News Recap宏观新闻回顾 Macro–S&P (+1.02%), Dow (+0.63%) and Nasdaq (+1.23%) were higheron Monday. US Mar’26 existing homesales was 3.98mn, lower than the market expectation of 4.07mn.UST yield was lower onMonday. 2/5/10/30year yield was at 3.78%/3.92%/4.30%/4.90%. Desk Analyst Comments分析员市场观点 EHICAR:Minimum acceptance level for the exchange offer waived; eyes on second round eHi Car accepted all the USD168.966mn, i.e. 63.51% of the outstanding amount, of EHICAR 7 09/21/26 validlytendered in the exchange offer last week, waiving the 85% minimum acceptance threshold. eHialso receivedrequisite consents to exit the consent solicitation, which eliminates non-monetary restrictive covenants andevents of default.eHi expects to issue USD152.065mn in aggregate principal amount of the EHICAR 10 As per media report, eHi plans to apply for a new NDRC quota to address the remaining USD97.064mn EHICAR7 09/21/26 and launch a second round of exchangeoffer. We understand that its existing quota will expire inmid Apr’26.Another round of LME will likely pillow the route of tender offer and concurrent new issue. The We viewthe current valuations of EHICARs have priced in too much downside for a non-distressed credit eventhough eHi’s deleveraging has been slower than our expectation in the course of active car acquisitions.Looking ahead, we believe that eHi may pursue a consensual LME for EHICAR 12 09/26/27 as that maturity China Economy:Weak endogenous credit demand China’s Mar credit datasuggested liquidity conditions remained broadly accommodative, but endogenous creditdemand softened further. Social financing moderated as government bond issuance slowed down, indicating However, new RMB loans weakened further, dragged mainly by a renewed slump in household borrowing, withboth consumer credit and mortgage demand still soft. Corporate borrowing edged down in aggregate, as themixremained skewed toward short-term funding rather than long-term capex.With fragile householdconfidence, ongoing pressure in the property sector and only tentative corporate capex appetite, further easingshould increasingly focus on lowering the absolute financing costs and improving credit pass-through rather Social financing softened as fiscal credit moderated.Outstanding social financing (SF) growth eased to7.9% YoY in Mar 2026 from 8.2% in Jan-Feb. Monthly SF flow rose to RMB5.23tn in Mar, higher than marketexpectations at RMB5.09trn, while combined SF flow in 1Q26 edged down 2.3% YoY. Government bondfinancing remained the key anchor at RMB1.16trn in Mar, though it fell 21.8% from a high base last year,indicating that fiscal impulse was less than expected early in the year. Corporate bond financing notably surgedto RMB395bn in Mar compared to-RMB90.5bn last year, indicating the recovering corporate credit demand.By contrast, new RMB loans under social financing fell 17.5% YoY to RMB3.2tn in Mar. Shadow financing also New RMB loans stayed weak