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 Thismorning,the new SHINCA Float 29 tightened 2bps from RO atSOFR+82. The new KOHNPW 31 was unchanged from T+43. The newSMCGL 8.875 Perp traded around RO at par amidtwo-way flows from PBs.Thenew TENCNT 36s/46s were unchanged from T+50 and T+60, Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk VEDLN:Early redemptions of 28-29s and tender offers for 30-33s, partlyfunded by new 5-, 7-, 10yr USD bond issues. Maintain buy on VEDLN 9.47507/24/30 and VEDLN 9 1/8 10/15/32. VEDLN 33 was 0.1pt lower this morning,while the rest of VEDLNs were unchanged. See below. GLPSP:Media reported GLP plans for USD2bn disposals during 2026,including a possible sale of overseas data-center holdings. GLPSPs/GLPCHI Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk Trading desk comments交易台市场观点 Yesterday,LASUDE 26 led the space and rose 1.8pts. There have been on-going markettalks on LME on LASUDE 26.As for therest of theHK/Chinese properties, VNKRLE 27’ and 29’ gained 1.1-1.7pts. On the otherhand, ROADKG Perps lost 0.8pt. NANFUN 5 Perp/FAEACO 12.814 Perpleaked 0.6pt. In Chinese IG space, TENCNT curve widened 2-4bps amidbetter selling,ahead of the new TENCNT issues.FRESHK 26-27s closedunchanged amid Chinese RM selling.In SE Asian space, INDYIJ 29 was0.9pt firmer. GENTMK 8.3 Perp was up by 0.8pt. VEDLN 28-33s wereunchanged to 0.3pt higher. Vedanta Resources launched cash tender offerfor VEDLN 30-33s and conditional early redemption of VEDLN 28-29s,funded by concurrent new USD bonds issuance and new loan facilities. Seecomments below. SMCGL Perps closed 0.2pt lower to 0.1pt higher. SanMiguelGlobal Power received USD271.478mn of SMCGL 5.45 Perptendered for exchange offer and USD153.542mn tendered for tender offer.GLPSPs/GLPCHI 29 were 0.6pt lower to 0.1pt higher. Media reported thatGLP aims to offload approximately USD2bn in assets this year to strengthenits finances ahead of the plannedIPO by 4Q26. In JP, RESLIF 6.875 Marco News Recap宏观新闻回顾 Macro–S&P (-0.26%), Dow (+0.17%) and Nasdaq (-0.97%) were mixedon Tuesday. USMay’26 Existing HomeSales 4.17mn, higher than the market expectation of 4.07mn.UST yield were lower on Tuesday. 2/5/10/30 yearyield was at 4.13%/4.26%/4.53%/5.01%. Desk Analyst Comments分析员市场观点 VEDLN:Early redemptions of 28-29s and tender offers for 30-33s, partly funded by new 5-, 7-, 10yr USD Vedanta Resources (VRL) launched a cash tender offer and consent solicitation for ’30-33s. See Table 1. VRLplans to fund the tender consideration and accrued interest for accepted bonds using net proceeds from itsconcurrent new USD bonds issuance (5-, 7-and 10yr tenors) as well as new loans facilities.The aggregateamount of bonds accepted under the tender offer will be capped by available financing proceeds, after reservingfunds required for the full redemption of VEDLN 10.25 06/03/28 (USD300mn) at 102.563, and VEDLN 10.875 VRL will accept bonds for purchase with priority, with acceptance conditional upon the relevant extraordinaryresolutions being passed for each series. The purchase of bonds will be on an all or nothing basis (with no pro- VRL is soliciting bondholder consent across the four series in two extraordinary resolutions: (1) amendmentsto certain covenants, and (2) add an optional issuer redemption provision at par plus accrued and unpaidinterest. Bondholders voting in favor of Resolution (2) will be deemed to have voted in favor in Resolution (1).We view the proposed optional redemption provision would allow VRL to redeem the bonds with notless than Besides, the early redemption of VEDLN 28-29s arein line with our expectation as discussed in our daily on28May’26, given they represent the higher coupon bonds within the VEDLN complex. We have turned neutral onthese two bonds in view of the higher likelihood to be called at call prices below current market prices. Withinthe VEDLN complex, we prefer VEDLN 9.475 07/24/30 and VEDLN 9 1/8 10/15/32 more as these bonds offer Offshore Asia New Issues (Priced) News and market color Regardingonshore primary issuances, there were 139 credit bonds issued yesterday with an amount ofRMB160bn. As for month-to-date, 630 credit bonds were issued with a totalamount of RMB711bn raised, China is planning to invest RMB2tn (cUSD295.3bn) during the coming five years to build data centers [BABA]Alibaba, NIO vow legal action after US adds the firms to ‘Chinese military’ list [GLPSP]GLP has plans for USD2bn disposals during 2026 [MPEL]Melco Resorts & Entertainment extended HKD15.2bn (cUSD1.9bn) revolving credit facility’smaturity date to 9 Jun’31 from 29 Apr’27 [PCORPM]Petron will expand storage capacity at its Bataan terminal by 58% to respond to rising aviation [SMCGL]San Miguel Global Power received USD271.478mn of SMCGL 5.45 Perp tendered for exchangeoffer and USD153.542mn tendered for tender offer [WESCHI]West China Cement plans to prio