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 MGMCHI 33s rose 0.6pt from RO at par this morning. The newBNKEA 32 traded up to 15bps tighter from RO at T+140. See our commentson both MGMCHI and BNKEAyesterday. The new WSTP 4.15 28 andWSTP 31s tightened 3-5bps from ROs, while WSTP Float 28s were largely Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk STCITY/STDCTY:FV of the new 5NC2 to be low-mid 6%. STDCTY/STCITYs were unchanged this morning. See below. GLMTMO:Golomt Bank launched a tender offer for GLMTMO 11 05/20/27for up to USD200mn at 104.3, funded by concurrent 3-year USD bonds issuewith IPT at 8.5%. GLMTMO 27 was 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,GLPSPs led the space and rose 1.2-1.8pts ahead of releasingFY25results on 8 May’26. As for the rest of SE Asian space, PTTGC/TOPTBPerpswere 0.7-1.1pts firmer.PTT Global Chemical adjusted EBITDAincreased by 176% yoy to THB14.9bn (cUSD455mn). BBLTB subordinatedpapers tightened 2-5bps. GENTMK Perps edged 0.5-0.7pt higher. VEDLN28-33s were up by 0.1-1.2pts. In Chinese TMT space, MEITUA tightened 5-8bps and AACTEC/LENOVO/XIAOMI traded 2-3bps tighter. ZHOSHK 28was 0.3pt firmer. TW lifers closed 5-7bps tighter, led by CATLIF and NSINTW.In HK, BNKEA T2s closed largelyunchanged amid minor selling on BNKEA34s, ahead of the BNKEA 6NC5 new issue. See our commentsyesterday.LINREI 36 tightened 2bps. The NWDEVL/VDNWDL complex were 0.1ptlower to 0.4pt higher. FAEACO 12.814 Perp was 0.2pt higher. The Macaugaming complex traded up to 0.5pt higher. See our comments on MGMChina’s new 7NC3 issueyesterday. Studio City announced to issue newsenior notes and launched concurrent cash tender offer and call for STDCTY7 02/15/27. In Chinese properties, VNKRLE 27’ and 29’ gained 0.3-0.8pt.LNGFOR 27-32 closed 0.1-0.3pt higher.The KR IG space traded 1-5bpstighter amid mixed flows. We saw better buying in LGENSO longer duration Last Trading Day’s Top Movers Marco News Recap宏观新闻回顾 Macro–S&P (+1.46%), Dow (+1.24%) and Nasdaq (+2.02%) were higher on Wednesday. US Apr’26 ADPNonfarm Employment Change was 109k, lower than the market expectation of 118k. US crude oil inventorieswas-2.313mn, compared to themarket expectation of-3.400mn.UST yield was lower on Wednesday. 2/5/10/30 Desk Analyst Comments分析员市场观点 STDCTY/STCITY:FV of the new 5NC2 to be low-mid 6% Studio City plans to early redeem the senior securedSTDCTY 7 02/15/27 in full, through a tender offer for anyand all of the bonds at 100.125 plus accrued interests, and call the remaining outstanding amount on 5 Jun’26at par plus accrued and unpaid interest. The tender offer and the call are conditionalupon the receipt by StudioCity of net proceeds from the successful completion of concurrent USD bond issue in an aggregate amount, We view the FV of the new senior secured 5NC2 to be low-mid 6% vs IPT at 6.5%, taking cues from thevaluation of its senior secured STDCTY 27 trading at YTM of 5.6%, as well as senior unsecured STCITY 28-29 which are trading at YTM of 6.5-6.7% and adjusted for the difference in payment rank.That said, we are In 1Q26, Studio City’s adj. EBITDA rose 14.8% yoy to USD111.7mn on better mass market performance. Masstable hold increased to 36.9% in 1Q26 (1Q25: 32.8%), while gaming machine handle win rate was marginallylower at 3.7% (1Q25: 3.8%). RevPAR increased to USD176 (1Q25: USD166), through occupancy rate down 1pct pt to 98% in 1Q26.Please read our daily on4 May’26for the 1Q26 results on Melco Resorts and Studio Regardingonshore primary issuances, there were 61 credit bonds issuedyesterday with an amount ofRMB37bn. As for Month-to-date, 61 credit bonds were issued with a total amount of RMB37bn raised, [CKHH]CK Hutchison Holdings is planning the sale of more telecommunications assets as it aimsto exit [FTLNHD/FUTLAN]Seazen Holdings plans to raise up to RMB2.4bn (cUSD347mn) via bonds in multiple [ORIEAS]Orient Securities agreed on a price per share to acquire Shanghai Securities in a deal that wouldcreate a brokerage with RMB583bn (cUSD85bn) in assets [SKM]SK Telecom 1Q26 EBITDA fell 3.3% yoy to KRW1.4tn (cUSD976mn) [SKONKR]SK On is re-evaluating a plan to supply batteries worth USD10bn to Nissan Motor’s Canton [SYNNVX]Sinochem Holdings-owned Syngenta Group is targeting a Hong Kong Stock Exchange listing Fixed Income DepartmentTel: 852 3657 6235/ 852 3900 0801fis@cmbi.com.hk Author CertificationCMBIGM or its affiliate(s) have investment banking relationship with the issuers covered in this report in preceding 12 monthsThe author who is primaryresponsible for the content of this research report, in whole or in part, certifies that with respect to the securities or issuer that the author covered in this report: (1) all of the views expressed accurately reflect his or her personal viewsabout thesubject securities or issuer; an