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 Asian IG space tightened 1-3bps this morning. YPCORP 29 lost 0.6pt.NWDEVL 30 leaked 0.4pt. SHUION 26-29 were 0.1-0.2pt lower. Shui OnLand circulated 9.5% FPG for proposed tap of SHUION 29. WESCHI 28 Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk CWAHK:Tap CWAHK 30 to fund concurrent tender offer for CWAHK 26.CWAHK 30 down 0.4pt this morning. See below. Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk HYUELE:Profit margins continued to surge in 1Q26 on sustained AIinfrastructure demand. Maintain buy on HYUELE 2.375 01/19/31. HYUELEswere 1-2bps tighter this morning. See below. Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk Trading desk comments交易台市场观点 Last Friday,the new CATLIF 41 closed 1bp wider from RO at T+128. Theexisting CATLIF curve widened 1-3bps, while FUBON/SHIKON/NSINTWwere unchanged. BTSDF 28 leaked0.1pt. See our comments on H&H 1Q26resultslast Friday. CWAHK 26 was 0.1pt lower, while CWAHK 30 gained0.4pt. China Water Affairs proposed to tap CWAHK 30 and launch concurrentcash tender offer for CWAHK 26. See comments below. WESCHI 28-29 lost0.5-1.0pt. In Chinese/HK properties, VNKRLE 27’ and 29’ gained 0.1-0.4pt.LNGFOR27-32 were 0.1pt lower to 0.1pt higher.FAEACO 12.814Perp/LIFUNG5.25 Perp edged 0.1pt higher.In SE Asian space,ACPM/ACENPM Perps dropped 0.9-1.8pts. The CEO of Ayala Corporationsays the company weighs reducing its planned capex for FY26 because ofthe ongoing oil crisis resulting from the war inMiddle East. BBNIIJ Perpswere unchanged to 0.1pt higher. We switched our buy recommendation toBBNIIJ 7.15 Perp from BBNIIJ 4.3 Perp. See our commentslast Friday.GLPSPs/GLPCHI recovered 0.3-0.7pt. VEDLN 28-33s were 0.1-0.5pt higher.The ReNew Energy complex and MEDCIJ 26-30 were unchanged to 0.2ptfirmer.In KR space, front-end SKBTAM/HYUELE traded 2-3bps tighter in Last Trading Day’s Top Movers Marco News Recap宏观新闻回顾 Macro–S&P (+0.80%), Dow (-0.16%) and Nasdaq (+1.63%) were mixed on last Friday.UST yield was loweron last Friday. 2/5/10/30 year yield was at 3.78%/3.92%/4.31%/4.91%. Desk Analyst Comments分析员市场观点 CWAHK:Tap CWAHK 30 to fund concurrent tender offer for CWAHK 26 China Water Affairs (CWAHK) proposes to tapCWAHK 5.875 10/22/30 to fund the concurrent tender offer forCWAHK 4.85 05/18/26 at par along with itsinternal resources.We view the FV of the tap at mid-6%, in viewof CWAHK 30 is trading at a YTW at 6.5% and down 0.4pt this morning following the announcement of tenderoffer and tap. The maximum acceptance amount in the tender offer will be determined on or about 29 Apr’26.Holders ofCWAHK 4.85 05/18/26 who tender their bonds and subscribe for the new bond may receive priority CWAHK is listed in Hong Kong (0855.HK). Chairman and founder Mr. Duan Chuan Liang owns 27.4%; ORIXCorp and affiliates hold 27.3%; and Great Wall Life Insurance holds 6.0%. CWAHK is a holding company withno material operations, conducting the majority of its business through PRC subsidiaries. CWAHK 30 is CWAHK is oneof the largest water supply companies in China with 0.8bn tons of water sold to 8.2mn customeraccounts in 1HFY26 (ended Sep’25).It focuses on water supply (mainly city water supply) and sewagetreatment which accounted for c68% and c16% of its revenue in 1HFY26, respectively.CWAHK generatesstable cash flow from exclusive concession rights to operate its water supply business in 58 districts, counties, In 1HFY26, CWAHK’s revenue declined 12.9% yoy to HKD5.2bn, reflecting slower installation, maintenanceand construction works. Gross profit fell 20.1% yoy to HKD1.8bn, with GP margin narrowed to 35.2% from 38.4% in 1HFY25.PBT decreased 25.6% yoy to HKD1.2bn, primarily dragged by a one-off deemed loss onpartial disposal of Kangda, as triggered by Kangda’s issuance of new shares to optionholders, that resulted ina share of loss from associates. As of Sep’25, CWAHK had cash and cash equivalent of HKD4.0bn, down fromHKD4.7bn as of Mar’25, reflecting lower operating cash inflows and higher investment outflows. Total debtsdeclined to HKD24.9bn from HKD25.6bn over the same period. Total debt/EBITDA rose to c5.9x from 5.0x as HYUELE:Profit margins continued to surge in 1Q26 on sustained AI infrastructure demand We maintain buy on HYUELEs in view of SK Hynix (Baa1/BBB+)’s strong market position globally and solidoperating cash flow, as well as HYUELEs’ more balance risk-return profiles compared with those of peers suchas MUs (Baa2/BBB) and KIOXIAs (NR/BB+). Within the HYUELE complex, we prefer HYUELE 2.375 01/19/31most for lower cash prices. At 91.3, HYUELE 2.375 01/19/31 is trading at 4.4% YTM. SK Hynix delivered another record-high quarterly revenue of KRW52.6tn in 1Q26, up 60% qoq and 198% yoy.Operating profit almost doubled qoq to KRW37.6tn, representing an operating profit margin of 72%, up 14pctpt qoqand 30 pct pt yoy. The strong growth was primarily attributable to robust AI infrastructure investment DRAMbit ship