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 Asian IG space was largely unchanged this morning. We saw two-way flowsin LGFV space, and the prices were largely stable. GERSP 27 edged 0.4pthigher.RILIN 40/CHNAAR 28/WESCHI 28 gained 0.3pt.GLPSP 4.6 Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk INDYIJ:.1Q26 adj.EBITDA rose 23.6%yoy to USD55.5mn;exportcentralization introduces margin friction in 2H26. Maintain buy on INDYIJ8.75 05/07/29, which was 0.1pt higher this morning. See below. Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk PCGIHD:PCGI to redeem all outstanding USD225mn PCGIHD 4.5 08/23/26on 5 Jun’26 at 100.5. PCGIHD 4.5 08/23/26 was 0.2pt higher this morning. Trading desk comments交易台市场观点 Yesterday,SOFTBKs increased up to 1.1pts. SoftBank-backed OpenAIplans to file for an IPO as early as the next few days or weeks. RAKUTNsclosedunchanged to 0.4pt higher.In JP IG space,financial namesNIPLIF/SUMIBK/SUMITR/MIZUHOtightened 2-3bps.Japanese andEuropean AT1s and insurance subs like NOMURA 7 Perpbounced back by0.3-0.5pt.In KR space,LGENSO/DAESEC closed 2-5bps tighter.KRcorporatenames HYUELE/KOROIL and Chinese AMCs like CCAMCLclosed unchanged amid profit-taking from AMs. The new BCHINA Float05/28/31 widened 2bps from RO at SOFR+38. BNKEA/NANYAN traded 2-4bps tighter. HCELEC dropped 1.1pts on bondholder identification processand media reports of another around of debt restructuring. EHICAR 29leaked 0.7pt, while EHICAR 26-27 edged 0.1-0.5pt higher. The Macaugamingcomplexes were unchanged to 0.3pt higher.In HK/Chineseproperties,CSIPRO 28 lost 0.5pt.CSI Properties tapped USD50mnCSIPRO 10.5 05/21/28 to refinance or repay certain indebtedness. VNKRLE LastTrading Day’s Top Movers Marco News Recap宏观新闻回顾 Macro–S&P (+0.17%), Dow (+0.55%) and Nasdaq (+0.09%) were higher on Thursday. Thelatest initial joblessclaims were +209k, lower than the market expectation of +210k. S&P Global May’26 Manufacturing PMI was55.3, higher than the market expectation of 53.8; Services PMI was 50.9, lower than the market expectation of Desk Analyst Comments分析员市场观点 INDYIJ: 1Q26 adj. EBITDA rose 23.6% yoy to USD55.5mn; exportcentralization introduces margin There remains quite a bit of uncertainties as to the details of implementation,timing of cash collection andimpact on exporters’ cash flow in relation to the Indonesian government’s plan to centralize strategic commodityexports (crude palm oil, coal, and iron alloys) through a designated SOE DSI, effective 1 Sep’26.The planaimsto boost state revenue and resource control by acting as the sole legal entity for sales contracts, logistics,and payments. While the SOE could lift coal ASPs via state-backed pricing power, we view the policy introducesmargin uncertainties for Indika given potential marketing fees and export taxes.We believe that the policyobjectives of this plan are to ensure domestic demand to be met amid the supply chain/supply shock issuesarising from the US-Israel war against Iran, and onshore USD liquidity to remain strong. Hence we believe thatthe Indonesian government to implement the plan in a cautious manner such that exporters’ ability to meet Indika’s 1Q26 revenue increased by 0.7% yoy to USD493.2mn. The higher logistic & infrastructure volumes atInterport more than offset weaker performance at Kideco of which revenue fell 5.7% yoy to USD377.4mn onlower volume and ASP. See Table 2. The lower ASP was due to Indika allocating 45% of its total sales volumeto the domestic market, well above the 25% DMO requirement, to safeguard national utility supply. The cheaper on export volumes to China, India, Japan and other countries.Non-coal revenue grew 22.4% yoy toUSD113.3mn in 1Q26, represented 21.9% of total revenue and up from 18.0% in 1Q25. Indika maintained its On cost front, Kideco’s cash cost incl. royalty declined 4.5% yoy to USD44.6/ton, benefited from a lower royaltyrate under the revised IUPK royalty scheme effective Apr’25. However, cash cost ex. royalty increased 5.2%yoy to USD36.1/ton, driven by lower sales volume pushing up per-ton fixed costs. Indika’s 1Q26 adj. EBITDArose 23.6% yoy to USD55.5mn, while operating profit increased 39.0% yoy to USD37.4mn, on 0.5% yoy lowerin SG&A. Management maintained its FY26 guidance for Kideco, i.e. targeting an ASP of USD50.3/ton and On capex, Indika’s 1Q26 capex increased by 41.3% yoy to USD26.2mn, represented c7% of its FY26 budgetof USD380.4mn. All the capex was allocated to non-coal businesses. We understand that Indika had utilizedc50-70% of its annual capex budget over the past five years. The major ongoing capex is the project Gold AwakMas, which Indika ha