固定收益市场日更新

CMBI Credit Commentary Fixed Income Daily Market Update固定收益部市场日报 This morning, long-end TENCNTs were 3-5bps wider amid small betterselling, ahead of thenew TENCNT issues. Asian Perps were marked up 0.1-0.3pt amid PB better buying. SOFTBKs recovered 0.3-0.5pt. NWDEVL 6.25Perp/VNKRLE 27-29 edged 0.4-0.5pt higher. GLPSP 28 lost 0.5pt. FTLNHD Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk HNMNWP:IPT at mid-high 9% for the new HNMNWP 41 is roughly fair. Seebelow. Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk FOSUNI:Media reported Fosun International aims to raise RMB10bn(cUSD1.5bn) from debut public REIT issue, backed by Hainan island tourismassetSanya Atlantis project,in 2026 to repay debt.FOSUNIs were Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk Yesterdayin Asian IG space, we saw better-selling interest on front-endpapers of TAISEM/HYUELE/GRWALL, and their spreads were 2-3bps wider.ZHOSHK stabilized and closed unchanged amid two-way flows. Taiwaneselifers CATLIF/NSINTW/SHIKON widened 2–5bps. FOSUNI 28-29 were 0.1-0.2pt lower.In Chinese/HK properties, ROADKG 28 lost another 1.8pts.LNGFOR 27-32s leaked 0.3-0.6pt. The NWDEVL/VDNWDL complexeswere unchanged to 0.5pt lower. FAEACO 12.814 Perp wasdown 0.6pt. Onthe other hand, VNKRLE 27’ and 29’ gained 0.3-0.4pt. FUTLAN 28/FTLNHD27-29 were 0.4pt lower to 0.2pt higher. In SE Asian space, GARUDA 31 lost1.6pts. GLPSPs were 0.3-1.2pts weaker. SMCGL Perps/INDYIJ 29/MEDCIJ28-30 leaked 0.1-0.5pt. Seeour comments on SMCGLlast Friday. In JPspace, SOFTBKs were up to 1.2pts weaker.Insurance subs were 0.3-0.5ptweaker across Japaneseand European names amid better-selling flowsfrom PBs and prop desks. The belly and long-end European AT1s dropped Last Trading Day’s Top Movers Marco News Recap宏观新闻回顾 Macro–S&P (+0.30%), Dow (-0.16%) and Nasdaq (+0.86%) were mixedon Monday. 10/30 yearUST yieldwere higher on Monday.2/5/10/30 year yield was at 4.15%/4.29%/4.56%/5.03%. Desk AnalystComments分析员市场观点 HNMNWP:IPT at mid-high 9% for the new HNMNWP 41 is roughly fair Energy Absolute PCL (EA) proposes to issue 15-year RegS/144A USD senior secured amortizing bonds(Moody’s: Ba1).We view the IPT at mid-high 9% for the new HNMNWP 41 is roughly fair, in view of thevaluation of its closest peers, adjusted for its much smaller operating scale (c5% and c10-30% of totaloperational capacity and wind power generation capacity of Adani Green and ReNew Energy, respectively),tenor differential and new issue premium for a debut issuer. The apparently large yield pick-up over peers, in The issuer is Hanuman Wind Power (HWP), an offshore SPV of EA. The weighted average life of the newbonds is c5.9years under the amortizing structure. The issue size is USD380mn and restricted from futuretapping. The net proceedswill be primarilyon-lent to EA’s five 100%-owned project companies to refinanceexisting debts of THB3.3bn (cUSD99mn), repayrelated party loans of THB903mn (cUSD28mn), repay EA’sdebt of THB3.5bn (cUSD105mn) to release existing security for pledging under the new bonds. The remaining The five project companies operate wind farms in Chaiyaphum provincein Thailandwith total installed capacityof 260MW, representing c46% of EA’s total wind capacity of 566MW (including 180MW under new PPA). Allprojects benefit from take-or-pay PPAs with the Electricity Generating Authority ofThailand (EGAT,-/-/BBB+).The PPAs are evergreen, subject to renewal every five years by either party, and extend through the asset life. generation requirement. Under the bond terms, holders can put the bonds at 100 in case of PPA Renewal The project companies invoices EGAT once a month, and EGTA is required to pay within 30 days from the dateEGAT received the bill. According to EA, EGAT has no history of delayed or missed payments. EA is a renewable energy company listed on the Stock Exchange of Thailand, with operations across solar(278MW), wind (566MW, including 180MW under new PPA), and waste-to-energy (16MW). Since commencingoperations in 2019, generation has consistently exceeded the P90 benchmark of 445GWh annually, except in2022 due to weaker wind conditions. In FY25, the five project companies generated revenue of THB3.6bn andEBITDA of THB3.3bn, at an EBITDA margin of 93%. As of Dec’25, combined total assets stood at THB24.8bn Somphote Ahunai, founder and former CEO, and his affiliated entities directly and indirectly own c20% in EA.In Jul’24, Securities and Exchange Commission of Thailand had filed a criminal complaint against SomphoteAhunai in connection with the alleged fraudulent relating to procurement activities undertaken from 2013 to2015. As per EA, this matter remains subject to ongoing investigations and subsequent legal proceedings, andno final determinationhas been made. Somphote Ahunai does not hold any management role in EA, and EA News and marketcolor Regardingonshore primary issuances, there were 80 credit bonds issued yesterday with an amount ofRMB84bn. As for month-to-date