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 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 This morning, AT1s and insurance subs were down 0.3pt amid thin liquidity.CKINF 4.2 Perp edged 0.4pt higher. CRNAU 29 gained 0.4pt. GLPSP 4.6Perp was 0.2pt higher. On the other hand, VNKRLE 27' and 29' lost 0.5-0.7pt. PTTGC 7.125 Perp was 0.5pt lower. Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk INCLEN/INGPHL/RPVIN:.FY26 PBT jumped 36%yoy on strongeroperatingportfolio and manufacturing contributions.Maintain buy onINCLEN 4.5 04/18/27. See below. Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk INDYIJ:Indika Energy issued USD100mn INDYIJ 8.75 05/07/29 to fundcapex in connection with the development of the gold mining project locatedwithin the gold mining concession in South Sulawesi, Indonesia. INDYIJ 8.7505/07/29 down 0.9pt this morning. Trading desk comments交易台市场观点 Yesterday,the new OCBCSP Float 29 was unchanged from RO atSOFR+47. The new KOCRGF 4.591 05/28/29 traded 3bps tighter from ROat T+45. In secondary KR IG space, LGENSO 5-10yr papers widened 1-3bps, while 3yr bank-guaranteed papers traded 1-2bps tighter amid betterbuying. In JP space, 10yr bank papers leaked 1-2bps wider. SOFTBKsclosed unchanged to 0.3pt higher, while RAKUTNs traded 0.1-0.2pt lower.See our comments on Rakuten on18 May’26. InHK, the recent new issueBNKEA 32 tightened 3bps amid overall better buying in T2 space. LASUDE26edged 0.4pt higher.Media reported that Lai Sun Development isconsidering improving the terms of the LME for its USD493mn LASUDE 26.The LME could includean upfront payment of c30% of the principal andexchanging the remaining 70% into a new 3yr note. The NWDEVL/VDNWDLcomplex were 0.3pt lower to 0.2pt higher. Media reported that NWD is intalks to pay a fee to end its long-term rental obligations to the troubled 11Skies shopping mall project. In Chinese IG space, we saw two-way flows in CMBI Fixed Incomefis@cmbi.com.hk See our comments on Petron 1Q26 resultsyesterday. TOPTB/PTTGC Perps were 0.1pt lower to 0.1pt higher.The ReNew Energy complex were unchanged to 0.1pt lower. See comments below. European AT1s andinsurance subs closed unchanged to 0.1pt higher amid light two-way flows. In the Middle East, EBIUH 6.25 Perpgained 0.5pt. The LGFV space remained rather stable amid mixed two-way flows. Quality higher-yielding papers Marco News Recap宏观新闻回顾 Macro–S&P (-0.67%), Dow (-0.65%) and Nasdaq (-0.84%) were lower on Tuesday.UST yield was higher onTuesday. 2/5/10/30 year yield was at 4.13%/4.32%/4.67%/5.18%. Desk Analyst Comments分析员市场观点 INCLEN/INGPHL/RPVIN: FY26 PBT jumped 36% yoy on stronger operating portfolio and manufacturing ReNew Energy (RNW)’s credit profile continues to be underpinned by robust operating cash inflows andscalable advantages as India’s second-largest renewables operator by installed capacity (after Adani GreenEnergy). Within the ReNew Energy complex, we still prefer INCLEN 4.5 04/18/27 in view of the holdco’s morediversified income sources and generation mix despite INCLEN 4.5 04/18/27’s out-performance within the curveand the subordination risk.Hence, we maintain buy on INCLEN 4.5 04/18/27. While the valuation is less RNW faces USD1.1bn in o/s USD bonds maturities in 2027, of which 60% is asset backed. RNW has securedUSD400mn in-principal refinancing commitment and is evaluating additional refinancing via onshore andoffshore bond markets depending on funding costs. RNW has cUSD1bnin cash and undrawn bank lines. We In FY26, RNW’s revenue rose 36% yoy to INR132.2bn, primarily driven by higher operational capacity (+16.6%yoy to 12.6GWs as of Mar’26), improved wind PLF, and growing external sales from solar module and cellmanufacturing, partially offset by lower solar PLF and revenue loss from asset disposals under capital recyclingstrategy. Wind PLF improved to 26.3% from 24.4% in FY25, reflected normalized wind speeds following sub-par monsoon patterns in the prior year, as well as replacing older assets with higher-efficiency installations. RNW’s adj. EBITDA increased 24% yoy to INR98.5bn in FY26, exceeding the guidance of INR90-93bn andPBT increased 36% yoy to INR13.6bn. Its CFe rose 45% yoy to INR21.6bn, also above guidance of INR14-17bn.Looking ahead,RNW guided FY27 adj.EBITDA to be INR103-109bn(incl.INR10-12bn frommanufacturing) and CFe of INR18-22bn. We continue to view manufacturing, which contributed c15% of totaladj. EBITDA in FY26, as a near-term growth driver, as well as a diversification beyond power generation. As During FY26, RNW’s operating cash inflow rose 23% yoy to INR82.8bn, supported by higher operating profitand improved working capital management. Its receivable days shor