固定收益信用点评

CMBI Credit Commentary Fixed Income Daily Market Update固定收益部市场日报 Asia IG space was unchanged to 1bp wider this morning. We saw betterbuying in KR credits like DAESEC and JP FRNs, and two-way flows inChinese TMTs. ZHOSHK 28/LASUDE 26 edged 0.5pt higher. FAEACO12.814 Perp lost 0.5pt. AT1s and insurance subs were marked 0.1pt higher. Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk Jerry Wang王世超(852) 3761 8919jerrywang@cmbi.com.hk HYUELE:Record-breaking US listing solidifies liquidity profile to support AIcapex. Maintain buy on HYUELE 2.375 01/19/31. HYUELEs tightened 1-2bps this morning. See below. Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk VEDLN:Vedanta Resources to fully redeem USD300mn VEDLN 10 ¼06/03/28 at 102.563 plus interest and USD1.2bn VEDLN 10 ⅞ 09/17/29 atparplus interest and applicable premium on 17 Jul’26.VEDLNs wereunchanged this morning. Trading desk comments交易台市场观点 Yesterday,MEITUA 28-29s tightened 1-4bps amid two-way flows. ZHOSHK28 edged 0.5pt higher. In TW lifers, FUBON/NSINTW/SHIKON tightened 2-4bps amid RM buying, while CATLIF closed unchanged.In KR space, wesaw better buying across belly of POINTL/PKX/DAESEC and HYNMTR 30-31 FRNs, and their spreads traded 3-6bps tighter. Financial SHNHAN/WOORIB/HANFGI/NHSECS were squeezed to 2-4bps tighter. Recent quasi-sovereignnew issues KOREAT/KOEWPW were 1-2bps tighter,whileHYUELE held flat ahead of its ADR offering. SK Hynix’s USD26.5bn USlisting marks the largest-ever debut by a foreign company in the US capitalmarkets. See comments below. In JP space, we saw mixed two-way flows inFRNsand better buying from institutions in 2-5yr financial papers, and thespace closed unchanged to 4bps tighter. In higher-yielding space, ROADKGs were up to 0.7pt higher. FAEACO12.814 Perp gained 0.2pt. LNGFOR 32 was down 0.9pt, whereas LNGFOR27-29 closed 0.1pt higher. SOFTBKs were unchanged to 0.7pt higher. In SEAsian space, GLPSPs rose 0.1-0.4pt. GENTMK Perps edged 0.1-0.2pthigher.Genting Malaysia’s US subsidiary obtained an USD2bn seniorsecured bank facility to repay group debt and fund construction costs.ACENPM 4 Perp/ACPM Perps were down 0.4-0.5pt. INDYIJ 29/MEDCIJ 28-30 leaked 0.1pt. In AT1 space, HSBC Perps were 0.1-0.2pt firmer. CMBI Fixed Incomefis@cmbi.com.hk Last Trading Day’s Top Movers Marco News Recap宏观新闻回顾 Macro–S&P (+0.81%), Dow (+0.27%)and Nasdaq (+1.30%) were higher on Thursday. The US latest InitialJobless Claims were +215k, lower than the market expectation of +218k. The US Jun’26 Existing Home Saleswere 4.09mn, lower than the market expectation of 4.19mn.UST yield were lower on Thursday. 2/5/10/30 yearyield was at 4.16%/4.27%/4.54%/5.05%. Desk Analyst Comments分析员市场观点 HYUELE: Record-breaking US listing solidifies liquidity profile to support AI capex We maintain buy on HYUELEs in view of SK Hynix (Baa1/BBB+/BBB+)’s strong market position globally andsolid operating cash flow, as well as HYUELEs’ more balance risk-return profiles compared with those of peerssuch as MUs (Baa2/BBB/BBB+) and KIOXIAs (-/BBB-/BBB-). Within the HYUELE complex, we prefer HYUELE2.375 01/19/31 most for lower cash prices. At 90.4, HYUELE 2.375 01/19/31 is trading at YTM of 4.8%/Z+76bps. SK Hynix has raised USD26.5bn in its Nasdaq listing via an ADR offering, marking the largest-ever US listingby a foreign company and surpassing Alibaba’s cUSD25bn debut in 2014. We view this transaction as a majorcredit-positive event that broadens SK Hynix’s access to global capital markets. SK Hynix turned into a netcash position since Sep’25, and it held net cash of KRW35tn as of Mar’26. The equity influx of USD26.5bn(cKRW40tn) will double SK Hynix's net cash cushion to cKRW75tn, solidifying its liquidity profile to fund theexpansion of leading-edge chip manufacturing capacity rather than relying on debt financing. In our view, therobust cash buffer and broadened capital market access are catalysts for positive rating action.That said, arating upgrade will remain contingent on broader financial metrics, including sustained leverage compressionand resilient profitability throughout the memory product cycle. SK Hynix is currently rated Baa1/Stable byMoody’s, BBB+/Positive by S&P, and BBB+/Stableby Fitch. News and market color Regardingonshore primary issuances, there were 111 credit bonds issued yesterday with an amount ofRMB147bn. As for month-to-date, 581 credit bonds were issued with a total amount of RMB613bn raised,representing a 0.9% yoy decrease Mediareported China is discouraging municipal borrowers from issuing short-term bonds in the domesticmarket Indonesia's government is mulling increasing the coal output quota under its 2026 Work and Budget Plan(RKAB) by 25% to 750mn tons from 600mn tons [BABA]Media reported China plans to permit top AI firms, including Alibaba, to purchase a limitednumber of H200 chips from Nvidia [BTSDF]H&H expects 2027 offshore bond refinance to come in at lower coupon [DAESEC]Media reported Mirae Asset Group