固定收益部市场日报

CMBI Credit Commentary Fixed Income Daily Market Update固定收益部市场日报 •Overall, it was a quiet session in both Asia IG and HY this morning. We sawmodest buying interests in AT1s and JP lifer subs, and two-way flows inLGFVs. CKINF Perps were 0.4-0.5pt higher. GLPSP 28 up 0.2pt. HCELEC26/VNKRLE 29 down 0.8-0.9pt. Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk Jerry Wang王世超(852) 3761 8919jerrywang@cmbi.com.hk •PTTGC:Higher product prices lifted 1H26 earnings and strengthenedliquidity profile. Maintain buy on PTTGC 6.5 Perp and PTTGC 7.125 Perp.PTTGCs wereunchanged this morning. See below. Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk •SDGOLD:SDG Finance announced IPT at 2.4% for a 3yr dim sum bond,guaranteed by Shandong Gold Group. Net proceeds will be used to financeand/or refinance, in whole or in part, eligible green projects of the Group.SDGOLD 26-28/Perp were unchanged this morning. Trading desk comments交易台市场观点 Last Friday, the new STANLN 30 FRN edged 2bps tighter from RO atSOFR+95,with limited flipping activity relative to top-up demand. It was agenerally muted session for Asia IG ahead of US jobs data and geopoliticsdevelopments, with the space broadly unchanged despite the sizeable UStech deal supply, i.e. USD25bn Alphabet camewith a concession. SelectedChinese TMTs BABA/MEITUA/TENCNT tightened 1-2bps on higher all-inyields. We saw renewed buying interests in TW lifers/HK T2s following recentselling. In Korea, HYUELEs were unchanged despite production expansionnews. Flowswere light across higher-yielding space. Wesaw some AM selling inthe belly of insurance subs and, to a lesser extent, AT1s, with these papersleaked by 0.2pt. China/HK names REGH Perp/WLISRC 36 rose 2.6-3.2pts.VNKRLE 27-29 up 1.8-2.1pts. EHICAR 26-29 gained 0.3-0.9pt. On the otherhand, LASUDE 29 fell 1.2pts. CKINF Perps down 0.5-0.9pt.InLGFVs, wesaw high-yielding CNH names remained well bid, with the majority of bondscompressed into inside 7% yields. In contrast, low-yielding USD issuesremained under selling pressure as rates rose again. CMBI Fixed Incomefis@cmbi.com.hk ❖Last Trading Day’s Top Movers Marco News Recap宏观新闻回顾 Macro–S&P (+0.62%), Dow (+0.28%) and Nasdaq (+1.30%) were higher on last Friday.US Jul’26 NonfarmPayrolls were-23k, compared to the market expectation of +85k. US Jul’26 Unemployment Rate was 4.1%, lowerthan the market expectation of 4.2%. UST yield was lower on last Friday. 2/5/10/30 year yield was at4.19%/4.35%/4.65%/5.19%. ❖Desk Analyst Comments分析员市场观点 PTTGC: Higher product prices lifted 1H26 earnings and strengthened liquidity profile Wemaintain buy on PTTGC 6.5 Perp and PTTGC 7.125 Perp for decent carry in PTTGC curve. PTTGC 6.5Perp offers a yield pick-up of c130bps over its senior PTTGC 31 with 3 months shorter in “tenor”, and c20bpsover TOPTB 6.1 Perp (first coupon reset in Apr’31).PTTGC 7.125 Perp is trading as the highest yielding paperwithin the PTTGC curve. Despite the coupon of the perps will only be reset with minimal step-ups, we believethat PTT Global Chemical (PTTGC) remains incentivized to call and replace the perps topreserve the hybridmarket access and equity credit recognition. PTTGC’s revenue rose 20% yoy to THB319.3bn in 1H26, supported by higher ASPs following sudden supplytightening linked to the Middle East conflict. The product to feed margin expanded to 28% from 22% in 1H25,driving adj. EBITDA to surge 265% yoy to THB41.8bn, with adj. EBITDA margin lifted to 13% from 4%.Therobust growth was driven by Upstream (refinery, aromatics and Olefins), Polymers & Chemicals as well asPerformance Chemicals, while the Intermediates segment returned to positive EBITDA of THB1.5bn, from anegative THB438mn in 1H25.Besides, as we wrote in our daily on9 Jul’26, PTTGC booked a restructuringprovision related to GC Polyols (GCP) of THB1.8bn during 2Q26. Overall, PTTGC recorded net profit ofTHB14.5bn in 1H26, compared to a loss of THB6.4bn in 1H25. PTTGC’s liquidity profile strengthened. Asof Jun’26, PTTGC had cash and ST investments totaled THB58.1bn,increased from THB21.3bn as of Dec’25, driven by operating cash inflow of THB46.5bn and proceeds frompartial disposal of TTT of THB4.4bn andJetty of THB4.8bn, partially offset by capex of THB6.0bn. Totaldebt/LTM adj. EBITDA and net debt/LTM adj. EBITDA improved to 5.8x and 3.9x, respectively, on the back ofEBITDA growth. We understand that PTTGC’s recent earnings recovery was largely driven by supply disruptions related to theMiddle East tensions. The sector also continues to face structural pressure from the energy transition andpersistent overcapacity. That said, we view PTTGC’s 1H26 earnings recovery, stronger liquidity, and improvedleverage have mitigated near-term rating pressure.We also take comfort from PTTGC’s ability to generatesufficient operating cash flow to cover capex in recent years, which should support further debt reductionalongside asset monetization. ➢Offshore Asia New Issues (Priced) ➢Offshore Asia New Issues (Pipe