固定收益市场日更新

CMBI Credit Commentary Fixed Income Daily Market Update固定收益部市场日报 The new SKONKR 4.375 05/07/29 widened up to 4bps from RO at T+57amid profit-taking flows this morning. FAEACO 12.814 Perp edged 0.8pthigher. GLPCHI 29 gained 0.5pt.CWAHK 30 lost0.9pt after China WaterAffairs priced the tapped tranche at 7.1%, which is expensive in our view. Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk EBIUH:First Gulf USD AT1 issuance post the Israel-US war against Iran.We initiate buy on the new EBIUH6.25 Perp and maintain buy onEBIUH4.25 Perp. EBIUHs were unchanged this morning. See below. Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk MEITUA:Meituan redeemed USD1.481bn MEITUA 0 04/27/28 (CB) at101.28, USD18.6mn remains outstanding. MEITUAs were unchanged this Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk Trading desk comments交易台市场观点 Yesterday,the new CITNAT Float 29 and HIGHWY 31 held around RO atSOFR+48 and T+37, respectively. The new CITNAT 31 widened 3bps fromRO at T+33. As for the secondary KR IG space, the corporate complexHYUELE/POHANG/SKBTAM traded 1-3bps tighter amid better buying fromAMs and PBs. In JP, we saw two-way flows in MIZUHO 31, NIPLIF 31s andbelly FRNs from Chinese onshore accounts. SOFTBK dropped up to 1.2pts.Shares of SoftBank Group fell 9.9% yesterday, after its investee OpenAImissed key targets for new users and revenue and expressed concerns onfulfillingfuture computing contracts.In AU,we saw better buying inANZ/CBAAU/WSTP across the belly and front-end of the curve. Taiwaneselifers were firm and the curve tightened 1-3bps, led by CATLIF. In ChineseIGspace,MEITUA tightened 1-2bps amid better buying from Chineseonshore accounts in the belly of the curve. KUAISH/LENOVO were met withbetter selling but closed unchanged in spreads. ZHOSHK 28 was 0.3pt higheras global RM accounts topping the name. CWAHK 26 edged 0.2pt higherwhile CWAHK 30 was down 0.3pt. See our comments on China Water Affairson27 Apr’26. FAEACO 12.814 Perp/NWDEVL 4.125 Perp leaked 0.7-1.1pts. Marco News Recap宏观新闻回顾 Macro–S&P (-0.49%), Dow (-0.05%)and Nasdaq (-0.90%) were lower on Tuesday. US Apr’26 CB ConsumerConfidence was 92.8, higher than the market expectation of 89.0.UST yield bear flattened on Tuesday. 2/5/10/30 Desk Analyst Comments分析员市场观点 EBIUH:First Gulf USD AT1 issuance post the Israel-US war against Iran Emirates NBD Bank (EBIUH, A1/-/A+) priced USD PerpNC6 AT1 (Unrated) at 6.25%, tightened 50bps from theIPT at 6.75%. The issue size is USD750mn on an order book ofover USD1.8bn, demonstrating the soliddemand for high quality Middle East credits despitethe Israel-US war against Iran.The new EBIUH 6.25 Perpis the first USD AT1 issued by in the Gulf region post US-Iran war. Recalled that EBIUH completed the callofEBIUH 6.125 Perp(o/s USD750mn) on 9 Apr’26. EBIUH maintains a smooth access after the war.In additionto the new AT1 issue, in late Mar’26, EBIUH closed an 5-year syndicated loans of USD2.25bn, upsized fromsyndicated loans of USD1.75bn due Apr’26. We initiate buy recommendation on the new EBIUH 6.25 Perp, inview of it is one of the highest yielding AT1s in Middle East. At the same time, we maintain buy on EBIUH 4.25Perp,which offer c160bps yieldpick-up over its senior unsecured bond for similar tenor.At 98.9 and 100.0, The new EBIUH 6.25 Perp will be first callable on 5Nov’31, its coupon will be reset to 6yrUST+2.177% on 5Mar’32 if not called. Distribution can be cancelled at the issuer’s discretion and is subject to mandatorycancellation if: (i) the issuer has insufficient distributable items to fulfill the distribution and amounts payable on conditions are not satisfied.The principal can be written down partially or in full at regulator’s discretionuponreaching the PONV, while there is no CET 1 ratio-based trigger. The perp is subject to a dividend stopper. EBIUH is a D-SIB, and is the largest bank in the MENAT region by total income and the 3rdlargest by totalassets in 1Q26, and 56%-owned by the Government of Dubai. It has a leading retail banking franchise with 787branches across the MENAT region, and branches and representative offices in 13 countries. In 1Q26, totalincome rose 21% yoy to USD3.9bn, driven by NII from asset growth as well asnon-funded income. NIM was3.35%, declined from 3.58% in 1Q25, largely reflected the cumulative 75bps of CBUAE rate cuts in 2025 (three25bps cuts in Sep, Oct, and Dec’25), but still exceeded the FY26 guidance of 3.1-3.3%. Cost-to-income ratio We understand managementmade additional ECL charges of USD235mn in 1Q26 to reflect the potentialimpact from the war, applying a 100% downside scenario for UAE retail and 80% for UAE corporate exposures.Despite the geopolitical headwinds, asset quality remained resilient as of Mar’26. NPL ratio improved to 2.3%from 2.4% at Dec’25, below the 2.5% guidance. NPL coverage ratio down to 157% from 160% at Dec’25, EBIUH’s capital remained solid. As of Mar’26, CET1 andTier 1 ratios were 14.2% and 15.2%, respectivel