> **来源：[研报客](https://pc.yanbaoke.cn)** # CMBI Credit Commentary Summary ## Core Content Overview This document provides a comprehensive summary of the fixed income market activity and credit commentary from CMBI Fixed Income Department, including new issues, market movements, macroeconomic updates, and analyst views on specific issuers. The report highlights the performance of various bonds and companies, with a focus on their credit profiles, financial metrics, and market reactions. ## Key Market Updates - **New Issues**: - **AACTEC 3 3⁄4 06/02/31**: 5bps wider from RO at T+78. - **FRNs SUMITR 29/31s**: 1-2bps wider from RO at SOFR+71/SOFR+80, respectively. - **Fixed SUMITR 29s**: 3-5bps tighter from ROs at T+55. - **JERA 31**: 3bps wider from RO at T+90. - **CNH ZHAPIE 31**: Down 0.1pt from RO at par. - **Market Activity**: - Better selling observed in IG front-end papers. - In the higher-yielding space, European AT1 bonds were unchanged to 0.2pt lower. - In CNH space, flows remained mixed with some price movements noted. - TMT names like TENCNT showed price fluctuations between -0.1pt and +0.1pt. - **Top Movers**: - **Top Performers**: HAOHUA 5 1/2 03/14/48 (+1.0pt), VLLPM 7 1/4 07/20/27 (+0.9pt), HAOHUA 4 3/4 06/19/49 (+0.8pt), MTRC 5 1/4 04/01/55 (+0.8pt), TACHEM 5.65 07/05/54 (+0.8pt). - **Top Underperformers**: REGH 6 1/2 PERP (-1.1pt), GARUDA 6 1/2 12/28/31 (-1.0pt), NWDEVL 4.8 PERP (-1.0pt), FAEACO 12.814 PERP (-0.9pt), CFAMCI 4.95 11/07/47 (-0.8pt). ## Analyst Comments and Ratings ### **AACTEC 3 3⁄4 06/02/31** - **Rating**: Maintain Buy - **Reason**: Strong operating performance, lower leverage, and good liquidity profile. The company is on track to meet FY26 revenue and gross margin targets. - **Financial Highlights**: - Revenue increased 9% yoy to RMB14.5bn. - Gross margin improved to 22.4% from 20.7% in 1H25. - EBITDA rose 6% yoy to RMB2.4bn. - Operating cash flow declined 34% yoy to RMB1.9bn. - Capex increased 10% yoy to RMB1.6bn. - Management expects further reduction in total debt/LTM EBITDA to 1.1x by Dec'26. - Moody's upgraded AAC Tech to Baa2 in Apr'26, aligning with the analyst's view. ### **PTTGC Perps** - **Rating**: Maintain Buy - **Reason**: S&P changed the outlook to positive, reflecting faster debt reduction and a debt-to-EBITDA ratio below 4x. BBB- rating affirmed. ## Macro News Recap - **Equity Indices**: S&P (-0.28%), Dow (+0.26%), Nasdaq (-0.76%) showed mixed performance. - **UST Yields**: 5/10/30 year UST yield was lower, with 2/5/10/30 year yields at 4.24%/4.41%/4.70%/5.23%. ## Offshore Asia New Issues (Priced) | Issuer/Guarantor | Size (USD mn) | Tenor | Coupon | Priced | Issue Rating (M/S/F) | |--------------------------|---------------|-------|-----------------|--------|----------------------| | Hutchison Port Holdings | 500 | 5yr | 5.125% | T+78 | Baa1/A-/ - | | Jera Co | 500 | 5yr | 5.317% | T+90 | -/A-/ - | | Korea Ocean Business Corp| 300 | 5yr | SOFR+70 | SOFR+70| Aa2/-/- | | Sumitomo Mitsui Trust | 500 | 3yr | 4.85% | T+55 | A1/A-/ - | | Sumitomo Mitsui Trust | 750 | 3yr | SOFR+71 | SOFR+71| A1/A-/ - | | Sumitomo Mitsui Trust | 1000 | 5yr | SOFR+80 | SOFR+80| A1/A-/ - | | Union Bank of India | 300 | 3yr | 5.23% | T+93 | -/BBB/BBB- | | Union Bank of India | 300 | 5yr | 5.417% | T+102 | -/BBB/BBB- | ## Offshore Asia New Issues (Pipeline) | Issuer/Guarantor | Currency | Size (USD mn) | Tenor | IPT/IPG | Issue Rating (M/S/F) | |----------------------|----------|--------------|-------|--------|----------------------| | Kyushu Electric | USD | - | 10yr | T+140 | A3/-/- | | NEC Corporation | USD | - | 5yr | T+100 | -/A-/ - | ## Additional Market and News Highlights - **Onshore Primary Issuances**: 113 credit bonds issued yesterday with RMB83bn raised. Month-to-date total of RMB1,614bn raised, up 10.2% yoy. - **FTLNHD/FUTLAN**: Seazen Holdings plans to issue up to RMB400mn in onshore corporate bonds this year. - **JD.com**: JV plans to invest cUSD2.1bn in Hong Kong logistics hub. - **MONMIN**: Fitch affirmed Mongolian Mining at B+ with stable outlook. - **MPEL**: Melco Resorts announced redemption of USD600mn MPEL 5.625 07//17/27. - **PDD**: 1H26 revenue up 9.5% yoy to RMB218.6bn, operating profit rose 13% yoy to RMB47.3bn. - **SOFTBK**: SoftBank seeks to raise JPY1tn through a seven-year bond offering. - **WESCHI**: West China Cement reported 1H26 revenue down 16.5% yoy to RMB4.5bn, EBITDA down 17.8% yoy to RMB1.5bn. ## Important Disclosures - **Investment Risks**: The report highlights that there are risks involved in transacting in any securities, and past performance does not guarantee future results. - **No Individual Advice**: CMBI does not provide individually tailored investment advice. - **Conflicts of Interest**: CMBI may have investment banking relationships with the issuers discussed and may act as a market maker or principal in their securities. - **Legal Disclaimer**: The report is intended for specific recipients and must not be distributed or used without prior written consent. It is not an offer or solicitation to buy or sell securities. ## Contact Information - **Tel**: (852) 3900 0801 - **Email**: fis@cmbi.com.hk - **Author**: cyrenang@cmbi.com.hk, jerrywang@cmbi.com.hk This summary encapsulates the main market dynamics, key issuers, and the analyst's outlook, providing a concise overview for investors and market participants.