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 This morning, we saw better selling on long-end higher-betaAsian IG credits,front-end AMCs, and HK names BNKEA/NANFUN, and the spreads were 1-3bps wider. NTT widened 3-5bps. Chinese TMTs were largely unchangedamidtwo-way flows.GLPSPs/GLPCHI 29 were up another 0.6-0.8pt. Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk VEDLN:Our thoughts on the plan to tap USD bond market. VEDLN 28-33swere unchanged this morning. See below. NWDEVL/VDNWDL:NWD unit will defer coupon payments due in Jun’26on NWDEVL 10.131 Perp, NWDEVL 5.25 Perp, NWDEVL 4.125 Perp andNWDEVL 4.8 Perp; NWD isin final stage of talks to sell commercial site inHong Kong for USD128mn. The NWDEVL/VDNWDL complex were 0.2pt Trading desk comments交易台市场观点 Yesterday,the new HANFGI 4 7/8 06/02/31 opened 2bps tighter buteventuallyclosed around RO at T+77.In SE Asian space,GLPSPPerps/GLPCHI 29 edged another 0.1-1.0pt higher, while GLPSP 28 leaked0.1pt. GLP Pte informed investors that the providers of a loan to one of itslogistics funds, China Value-Add Venture I (GLP CVA 1), have agreed to adeferred payment on the facility. VEDLN 28-33s were unchanged to 0.3ptfirmer. Vedanta Resources Ltd. (VRL) is looking to tap the USD bond marketinJun’26 to lengthen debt maturities and lower funding costs.Seecomments below. GENTMKs/INDYIJ 29/MEDCIJ 28-30 increased 0.1-0.2pt.SMCGL/PTTGC Perps closed unchanged to 0.2pt higher. In JP space, theNTTcurve experienced better selling and widened up to 4bps.S&Pdowngraded NTT by one notch to BBB+ with a stable outlook from A-ondelayed financial recovery. SOFTBKs gained another 0.1-0.3pt. RAKUTNswere 0.1-0.2pt higher. Japanese insurancehybrids closed up to0.3pt firmeramid better buying from AMs and PBs.In Chinese IG space, we saw betterselling on HAOHUA while better buying on MEITUA and LENOVO. In TWlifers, SHIKON/NSINTW tightened 1-3bps amid better buying. WESCHI 28- Elsewhere, European AT1s traded 0.1pt lower to 0.1pt higher amid moderate two-way flows among AMs, fast-money accounts and dealers. The new SEB 6.75 Perp leaked 0.1pt from RO at par amid selling pressure. LGFVissues were largely stable amid two-way flows among RMs and AMs in IG USD issues and among tactical Marco News Recap宏观新闻回顾 Macro–S&P (+0.02%), Dow (+0.36%)and Nasdaq (+0.07%) were higher on Wednesday.UST yield were loweron Wednesday. 2/5/10/30 year yield was at 4.00%/4.17%/4.48%/5.01%. Desk Analyst Comments分析员市场观点 VEDLN:Our thoughts on the plan to tap USD bond market Media reported that VRL would tap the USD bond market to raise 5-10 year bonds of up to USD3.6bn.Previously, media also reported that VRL would explore opportunities to refinance its debts totaling USD5.25-5.5bn through 10-year bonds of up to USD3.7bn and 5-year amortizing loan of USD1.7bn.While the exactscale of funding exercises, as well as issuesizes and tenors of new bonds will depend very much on marketcondition, our base case is that VRL would target to call the two high coupon bonds; VEDLN 10.25 06/03/28and VEDLN 10.875 09/17/29, as well as tender offer for part of VEDLN 11 1/4 12/03/31, the company’s highestcoupon outstanding bond.The funding exercises aim at extending maturity, lower funding costs and aligningthe annual debt repayments at VRL with dividend income (estimated to be USD600-700mn p.a.) and brand We acknowledge VRL’s improving credit story given its stronger operating results driven by the productionramp-up and higher commodity prices, good access to diversified fundingchannels, lengthening debt maturityprofile and declining funding costs. On 5 May’26, Moody’s upgraded VRL’s rating by one notch to Ba3 from B1with positive outlook on improving earnings and cash flows.The funding exercises, if successfully go ahead, We like the credit story of VRL andconsider VEDLNs good carry plays. Under the backdrop of potential fundingexercises, we turn neutral on VEDLN 10.25 06/03/28 and VEDLN 10.875 09/17/29 given the high likelihood ofthese two bonds to be called at call prices below current market prices soon. Within the VEDLN complex, we prefer VEDLN 9.475 07/24/30 and VEDLN 9 1/8 10/15/32 more as these bonds offer more balanced risk-returnprofile, i.e. lower cash prices and higher YTM/YTC. News and market color Regardingonshore primary issuances, there were 120 credit bonds issued yesterday with an amountofRMB103bn. As for month-to-date, 1,250 credit bonds were issued with a total amount of RMB1,428bn [ASIAST]Asia Standard International completed refinancing of HKD760mn loan[EIBKOR]Export-Import Bank of Koreaannounced IPT for new