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 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 The new KOCRGF 4.591 05/28/29 traded 3bps tighter from RO atT+45 thismorning. The new OCBCSP Float 29 was unchanged from RO at SOFR+47.Chinese IG space was largely unchanged to 3bps tighter. We saw betterbuying and short covering on long-end JP AT1s and insurance subs, but the Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk PCORPM:1Q26 margin under pressure amid refinery outages and MiddleEast supply shock. Maintain buy on PCORPM 7.35 Perp, which was 0.1pt HCELEC:Media reported Huachen Energy sounded out plan for 5-7yrextension of USD627mn HCELEC 4.65 12/29/26, which was 2.5pts lower Trading desk comments交易台市场观点 Yesterday,WESCHI 28-29 dropped 1.2-1.3pts. The market suspects thatthe Ebola outbreak in the Democratic Republic of Congo and Uganda couldhurtWest China Cement’s business because its plants in these twocountries represent c20% of WCC’s existing African production capacity. InChinese/HKproperties,VNKRLE 27’and 29’were down 0.7pt.Fitchdowngraded Vanke to RD from CC following its recent completion ofanonshore bond restructuring. Fitch believes further debt restructuring ormissed payments are likely in the coming weeks, given Vanke’s tight liquidityand significant upcoming capital market debt maturities. LNGFOR 27-32closed0.1-0.6pt lower.HYSAN 4.85 Perp leaked 1.2pts.TheNWDEVL/VDNWDL complex traded up to 0.5pt lower. The sister of NWDchairman, Amy Cheng, had sold another USD10mn perps and purchasedUSD10mnbullets,and now holds USD101.9mn of the preps and unchanged to 0.3pt lower. See our comments on Rakuten 1Q26 resultsyesterday. Japanese and EuropeanAT1s and insurance subs were down 0.3-0.5pt amid better selling, primarily in the long end and belly of the yieldcurve. In SE Asian space, SMCGL Perps/PCORPM 7.35 Perp lost 0.3-0.4pt. See comments on Petron 1Q26results below. TOPTB/PPTGC Perps leaked 0.3-0.6pt. GLPSPs/VEDLN 28-33s were 0.1-0.4pt lower. In LGFV Marco News Recap宏观新闻回顾 Macro–S&P (-0.07%), Dow (+0.32%) and Nasdaq (-0.51%) were mixed on Monday. 5/10/30 yearUST yieldwas higher on Monday. 2/5/10/30 year yield was at 4.07%/4.27%/4.61%/5.14%. Desk Analyst Comments分析员市场观点 PCORPM:1Q26 margin under pressure amid refinery outages and Middle East supply shock We maintain buy on PCORPM 7.35 Perp (coupon reset Sep’28)for its attractive carry. At 101.7, PCORPM 7.35Perp is trading at yield to first reset of 6.5%. We like Petron’s smooth access to diverse funding channels aswell as notably lower refinancing pressure after the exchange and tender offers. We acknowledged that Petronmaintains track records of calling its perps on the first coupon reset dates;PCORPM 7.5 Perp in Aug’18, Petron’s 1Q26 revenue rose 27% yoy to PHP246.0bn, driven by a 13% yoy increase in sales volumes to34.62mn barrels and elevated fuel prices.However, cost of sales rose by 30% yoy to PHP235.5bn during thequarter, due to the suspension of refinery operations in Malaysia (Port Dickson Refinery, underrepairs after thetropicalstorm in Nov’25)and reduced outputs in the Philippines(Bataan Refinery,under scheduledmaintenance). Coupled with the conflict in the Middle East, Petron therefore need to source crude oil outsidethe conflict zone and replaced the refinery outputs with purchased products at an elevated price given the Wetake comfort that Petron continued to generate positive free cash flow for net debt reduction since 1Q25.As of Mar’26, Petron’s cash and ST investments surged 62% to PHP69.9bn, supported by the free cash flowof PHP17.2bn.Petron spent PHP1.6bn in capexin 1Q26, represented 5% lower yoy,reflecting disciplinedspending amid the operational disruptions. Its net leverage improved to 4.3x on stronger cash position despiteslightly higher gross debt and lower LTM EBITDA.Its cash to ST debt also improved to0.6x from 0.4x as ofDec’25.We take additional comfort with Petron’s good access to bank borrowings for refinancing of short-term We understand thatPort Dickson Refinery in Malaysia remains shutdown and that should continue to squeezetherefining margin. That said, the scheduled maintenance at theBataan Refinery in the Philippines had beencompleted during 1Q26and it is capable of processing oil apart from its usual Middle East crude import. With News and market color Regardingonshore primary issuances, there were 45 credit bonds issued yesterday with an amount ofRMB64bn. As for month-to-date, 490 credit bonds were issued with a total amount of RMB624bn raised, [ADEIN]Adani Enterprises agreed to pay USD275mn to settle a US sanctions probe tied to alleged Iran- [ARAMC