固定收益部市场日报

CMBI Credit Commentary Fixed Income Daily Market Update固定收益部市场日报 The new HKINTL 31s and CNH HKINTL 46-56 were largely unchanged fromROs, whilesecondary HKINTLs and HKAAs under better selling. YankeeAT1s were down 0.3pt while their JP counterparts held unchanged. Therecent new issue BNKEA 32 was unchanged amid two-way flows. MUFG IG Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk SJMHOL:GGR market share stabilizing at9.6% in 1Q26 subsequent to the Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk closures of satellite casinos. Maintain buy on SJMHOL 6 ½ 01/15/31 whichwas unchanged this morning. See below. FRESHK:S&P removed CreditWatch Negative; Maintain buy on FRESHK26-29, which were 0.3-0.4pt higher yesterdayand 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,in the new issuance space, BNKEA traded 18bps tighter from ROat T+140 and the WSTP multi-tranche 28-31s tightened 2-4bps. The newFABUH 31 edged 0.2pt higher, and the new MGMCHI 33s rose 0.5pt fromROat par. See our comments on MGMCHI on6 May’26. The secondaryMacau gaming space was overall unchanged to 0.4pt higher. See ourcomments on the new STDCTY 31syesterdayand on SJM 1Q26 resultsbelow. The FRESHK curve edged 0.3–0.4pt higher as S&P took FEH off fromCreditWatch Negative.The positive rating action prompted RMs to buy thename. See comments below.ZHOSHK 28 closed 0.3pt higher. TW liferstightened 2–5bps. In Chinese/HK properties, VNKRLE 27’ and 29’ lost 0.3-0.5pt. FUTLAN 28/FTLNHD 27-29/LNGFOR 27-32 were 0.1pt lower to 0.1pthigher. REGH 6.5 Perp dropped 0.6pt. The NWDEVL/VDNWDL complexwere 0.2ptlower to 0.2pt higher.In KR space,longer-tenor LGENSO tightened 5-8bps and HYNMTR/PKX traded 2–5bps tighter, driven by betterbuying from RMs and AMs. On the other hand, we saw profit-taking from PBson HYUELE/SKONKR/KOMRMR, though their spreads closed unchanged. Marco News Recap宏观新闻回顾 Macro–S&P (-0.38%), Dow (-0.63%)and Nasdaq (-0.13%) were lower on Thursday. The US latest initial joblessclaims were +200k, lower than the market expectation of +205k.UST yield was higher on Thursday. 2/5/10/30 Desk Analyst Comments分析员市场观点 SJMHOL:GGR market share stabilizing at 9.6% in 1Q26 subsequent to the closures of satellite casinos We maintain buy on SJMHOL 6 ½ 01/15/31 in view of the bond’s more attractive risk and return profile withinthe Macau gaming sector.At 97.8, SJMHOL 6 ½ 01/15/31 is trading at YTM of 7.1%. Meanwhile, we maintainhold on SJMHOL 4.85 01/27/28 at YTM of 6.3%. For similar tenor, we prefer STCITY 6 ½ 01/15/28 and STCITY SJM’s GGR market share were down to 9.6% in 1Q26, from 10.4% in 4Q25 and 11.9% in FY25, primarily dueto the closure of satellite casinos. SJM closed 8 satellite casinos during FY25 (3Q25: 1; 4Q25: 7) and CasinoL’Arc Macau became one of the self-promoted casinos under SJM since 30 Dec’25. Revenue declined 21%yoy to HKD5.9bn in 1Q26, with adj. EBITDA down by 4% yoy to HKD917mn. Daily opex increased 23% yoyand 5.3% qoq to HKD25.7mn in 1Q26, reflected the impact resulting from absorption of excess staff cost, aswell as ramp up of hotels and F&B operations. Adj.EBITDA margin expanded by 2.7 pct pt to 15.5% in 1Q26, As of Mar’26, SJM had cash and bank balances and ST deposits totaled HKD3.4bn, 13% higher than the levelas of Dec’25. SJM spent HKD264mnin capex in 1Q26, down 46% yoy from HKD492mn in 1Q25. Its budgetedcapex is HKD2bn and HKD1bn in 2026 and 2027, respectively. Total debt/LTM EBITDA and net debt/LTMEBITDA increased to 8.4x and 7.4x, respectively, from 7.6x and 6.8x, on 3% higher in totaldebt and 7% lowerin LTM EBITDA. SJM expects its adj. EBITDA/int ratio to stay above 2x while net debt/adj. EBITDA to be below7x by FYE27.In Jan’26, SJM issued USD540mn SJMHOL 6 ½ 01/15/31 to fund the tender offer and the fullredemption of USD500mn SJMHOL 4.5 01/27/26.The next major maturity of SJM will be HKD1.25bn bond FRESHK:S&P removed CreditWatch Negative; Maintain buy on FRESHK 26-29 S&P removed Far East Horizon (FEH) from CreditWatch Negative, citing FEH’s contagion risk from its ailingoperating lease subsidiary Horizon Construction Development (HCD) has reduced due to diminished financing outlook, reflects the agency view that FEH will maintain its competitive edge over its top domestic peers over FRESHK 27-29 widened up to 50-60bps after S&P put the company’s ratings on CreditWatch Negative on 3Feb’26 in view of the profit warning of HCD, a 41%-owned subsidiary of FEH.As discussed on5 Feb’26and 12 Mar’26,we found the negative rating action unconvincing given HCD only contributed 3% of FEH’s PBT.While FRESHK 27-29 recovered close to 3/4 of the spread widening since mid-Mar’26, these bonds, in ourview, continue to offer more attractive risk-return profiles than its peers such as BOCAVI 26-28s (NR/A-/A-). News and market color Regardingonshoreprimary issuances, there were 101 credit bonds issued yesterday with an amount ofRMB88bn. As for month-to-dat