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 This morning,the new HSBC 6.75 Perp up 0.2pt from RO at par amid activetwo-way flows. Asia IG space was 1-3bps tighter. We saw better buying on2-5 years across China/Japan/Korea. GLPSP 4.6 Perp rose 0.8pt. GLPSP4.5Perp/VNKRLE 27-29/WESCHI 29 up 0.3-0.4pt. Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk GRNCH:FV of new 3NC2 at mid-7% vs IPG of 8.05%. See below. Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk PTTGC:1Q26 revenue and EBITDA surged on higher oil prices and tightermarket supply. Maintain buy on PTTGC 6.5 Perp and PTTGC 7.125 Perp fordecent carry.PTTGC 6.5 Perp and PTTGC 7.125 Perp were unchangedthis morning. See below. Trading desk comments交易台市场观点 Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk Yesterday,Asia IG spreads closed unchanged to 3bps tighter amid lightflows. The sentiment softened slightly as the US’s rejection of Iran’s peacetalk response drove oil prices higher and triggered a modest sell-off in UST.Across the space, we saw demand remained anchored by "all-in" yieldbuyers selectively adding JP corporates/banks and Taiwan lifers at currentratelevels.CATLIF/FUBON/NSINTW/SHIKON were 1-4bps tighter.JPinsurance subs were largely stable.China IG beta names likeFRESHKs/ZHOSHK 28 edged 0.1-0.3pt higher on improved private bankand curve-wide buying.Chinese TMT KUAISH 31 tightened 4bps. In theKorea space, despite technical cash-raising and rebalancing from asset AsiaHY/higher beta spacewere largely stable amid muted activities.GLPSP4.5 Perp rose 2.3pts, GLPSP 4.6 Perp/GLPCHI 29/GLPSP 28 up 0.8-1.8pts.GLP will not redeem GLPSP 4.6 Perp on the first call date on 17 May’26, thecoupon will then be reset to 5yrUST+3.735%, i.e. c7.8%.Chinese propertiesVNKRLE27-29 was 2.4-3.1pts higher.Vanke will make RMB864.2mnpayment for onshore bond 23WankeMTN002 12 May’26,which Vankereceived bondholders approval over payment adjustment at the bondholders’meeting on 6 May’26. LNGFOR 27-32 were 0.4-0.6pt higher. SHUION 26-29up 0.2pt. On the other hand,WESCHI 28-29 down 0.3-1.2pts. Macau gaming We saw decent two-way flows across several high-yielding LGFVs names among RM clients, mostly in USDissues. On CNH, 10-30y part of the yield curve continued to weaken, whereas 3-5y papers remained well Marco News Recap宏观新闻回顾 Macro–S&P (+0.19%), Dow (+0.19%) and Nasdaq (+0.10%) were higher on Monday. US Apr’26 Existing HomeSales were 4.02mn, lower than the market expectation of 4.05mn.UST yield was higher on Monday.2/5/10/30year yield was at 3.95%/4.07%/4.42%/4.98%. Desk Analyst Comments分析员市场观点 GRNCH: FV of new 3NC2 at mid-7% vs IPG of 8.05% Taking cues from the mid-YTM of GRNCH 8.45 02/24/28 at 7.4%, we consider mid-7% willbe the fair value fornew GRNCH 3NC2. We have a buy recommendation on GRNCH 8.45 02/24/28 and consider the bond a goodcarry play given Greentown’s resilient operating performance as well as good funding access, thanks partly tothe ownership of CCCG, a central SASAC-owned group.As of Dec’25, Greentown China (Greentown) is In FY25, Greentown’s contract sales from self-invested projects declined 11% toRMB153.4bn with a sell-through rate of c77%. According to Chinese Index Academy, Greentown ranked second on the “Top 100 PRCReal Estate Total Contracted Sales List”.Its more resilience performance under the challenging macrobackdrop reflected its strong brand name and focuses on higher tier cities. As of Dec’25, self-invested saleableresources totaling RMB163.1bn (5.23mn sqm), of which 85% (by value) are located in Tier 1 and 2 cities. Greentown’s credit and debt maturity profiles remain manageable despite higher net debts on land bankreplenishment. As of Dec’25, its net gearing ratio was 66.8%, cash-to-ST debt ratio of over 2x and the ST debtto total debt ratio improved to 19% as of Dec’25 from 23% a year earlier. Greentown has actively managed itsdebt maturity profile since 2024. In Feb’25, it redeemed two USD bonds totaling RMB452mn in principal amount In addition to resuming access to USD bond market in Feb’25, Greentown has good access to onshore fundingchannels.It issued 8 onshore bonds totaling RMB8.5bn with an weighted funding cost of c4% in FY25, andremains one of the few developers capable of issuing onshore bonds on an unsecured basis and without CBICLguarantees.YTD, it issued 2 onshore bonds totaling RMB2bn with lower funding cost ranging from 2.9% to PTTGC:1Q26 revenue and EBITDA surged on higher oil prices and tighter market supply We maintain buy on PTTGC 6.5 Perp and PTTGC 7.125 Perp for decent carryin PTTGC curve. At 99.6, PTTGC6.5 Perp is trading at 6.6% YTC, offering a yield pick-up of c130bps vs its senior PTTGC 2.98 03/18/31 with 3months shorter in “tenor”, as well as c20bps over TOPTB 6.1 Perp (first coupon reset in Apr’31). At 100.0,PTTGC 7.125 Perp is trading at 7.1% YTC, and is the highest yielding paper within the PTTGC curve. Despitethe perps’ coupon will only be reset with minimal step-up