固定收益市场每日更新

CMBI Credit Commentary Fixed Income Daily Market Update固定收益部市场日报 The Asset G3 Bond Benchmark Review 2026 Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk We hope you found our commentaries and ideas helpful. Weseek to elevate ourefforts and value-add further in the coming year. We highly appreciate yoursupport to us in Sell-Side Analysts of the polls of “The AssetG3 Bond Benchmark Long-end Asian IG issues widened 1-3bps this morning. Asian AT1s andinsurance subs leaked 0.3-0.5pt amid better selling. HYSAN 4.85 Perp lost1.2pts. GENTMK 8.3 Perp was 0.8pt lower. NDPAPE 14 Perp/ACENPM 4Perp edged 0.3-0.4pt higher. EBIUHs were unchanged. Emirates NBD has Cyrena Ng, CPA吳蒨瑩(852) 39000801cyrenang@cmbi.com.hk Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk RAKUTN:1Q26 EBITDA surged 36% yoy on broad-based segment growth.Maintain buy on RAKUTN 8.125 Perp, which was 0.2pt lower this morning. China Policy:Takeaways from Xi-Trump summit. CMBI believes the truceis rather tactical as near-term constraints are driving both sides towardstabilization, which should compress China risk premium, support HongKong and A-share re-rating, favor domestic AI infrastructure and quality Trading desk comments交易台市场观点 Last Friday,the new NANFUN 5.75 05/21/36closed 5-7bps tighter from theRO. See our commentson14 May’26.The recent new issue BNKEA 32leaked 2bps wider amid selling pressure from PBs and HFs. We saw two-way flows in 10yr LINREI and HKE papers, which closed 1-2bps wider.Chinese benchmark names widened 1-3bps. The FRESHK curve closed5bps wider, and ZHOSHK 28 lowered by 0.3pt amid AM selling. Taiwaneselifers CATLIF/NSINTW traded 2-4bps wider amid better selling. The Macaugaming complexclosed up to 0.4pt lower.Moody’s downgraded SJMHoldings by one notch to B1 from Ba3. In Chinese properties, VNKRLE 27-29/LNGFOR 27-32 leaked 0.1-0.3pt. FUTLAN 28/FTLNHD 27-29 were 0.5ptlowerto 0.1pt higher.In KR space,HYUELE/POHANG/NHNCOR/ Energy, and proceeds will be used for capital expenditures and refinancing. Gautam Adani would pay USD6mnand Sagar would pay USD12mn under the proposed agreement filed in federal court to end SEC’s allegationsthey made false and misleading representations about Adani Green Energy, pending court’s approval. IHFLIN27-30/VEDLN 28-33s were unchanged to 0.3pt lower. MEDCIJ 28-30/INDYIJ 29 lost 0.1-0.5pt. TOPTB/PTTGC Marco News Recap宏观新闻回顾 Macro–S&P (-1.24%), Dow (-1.07%) and Nasdaq (-1.54%) were lower on last Friday.UST yield was higher onlastFriday. 2/5/10/30 year yield was at 4.09%/4.26%/4.59%/5.12%. Desk Analyst Comments分析员市场观点 RAKUTN:1Q26 EBITDA surged 36% yoy on broad-based segment growth We maintain buy on RAKUTN 8.125 Perp, in view of the yield pick-up and good carry within the RAKUTN curve.The perp is trading at YTC of 7.2% at 103.0, offeringyield-pick up of c120bps over RAKUTN 9.75 04/15/29 with8 months longer in “tenor”. We continue to view a good chance of Rakuten calling its perp on its first call date,supported by its improving operating performance, sizeable cash on hand and good access to various fundingchannels.Recently, Rakuten redeemed its USD750mn RAKUTN 5.125 Perp on the first call date in Apr’26 In 1Q26, Rakuten’s revenue rose 14.4% yoy to JPY643.6bn, driven by expanding high-margin advertisingservices, increased gross transaction value (GTV)across the Fintech business, and solid subscriber growth inthe mobile segment to 10.36mn from 8.62mn in 1Q25. Net ARPU increased to JPY2,442 from 2,430 in 1Q25.Supported by growth across all three segments, EBITDA jumped 36.2% yoy to JPY108.8bn. While the firstquarter is the weakest quarter seasonally, Rakuten turned into positive operating income in 1Q26 compared to GAAP operating income in 1Q since entering into the MNO business. Net loss narrowed to JPY1.8bn from During 1Q26, Rakuten’s operating cash outflow reduced by 34% yoy to JPY487.1bn, given the strongeroperating results and lower net working capital outflow mainly from increase in financial liabilities for securitiesbusiness. Its capex increased 30% yoy to JPY71.1bn, and its capex requirements should continue to increasein 2Q26 and onwards as Rakuten plans to accelerate base station construction for mobile segment from 2Q26.That said, we expect Rakuten to fund its capex via internal resources given its sizable cash position. Its netdebt was JPY612.0bn, compared to a net cash position of JPY267.9bn as of Dec’25 as cash balances lowered Management targets to lower the net debt/EBITDA (non-FinTech net interest-bearing debt to EBITDA) to lessthan 5.0x by Dec’27, down from 5.6x as of Mar’26. The target looks achievable based on the current run-rateand the improved 1Q26 performance. On equity ratio (total equity to total assets), management targets toincrease from 4.4% as of Mar’26 to 5% in the medium term while 10% over the long-term.In our view, thedeleveraging trajectory of Rakuten remains supported by both proactive maturity management and continued China Policy:Takeaways fro