> **来源：[研报客](https://pc.yanbaoke.cn)** # CMBI Credit Commentary # Fixed Income Daily Market Update 固定收益部市场日报 - This morning, the new DAESEC 29-31 were unchanged to 1bp wider from ROs. The new SUMI 31 tightened 6bps from RO at $T + 90$ , and SUMI 36 tightened 1bp. SUMIBK 41 and ADVANC 31-36 were unchanged in spreads from ROs. Rest of secondary Asian IG space recovered and tightened 1-3bps. - MEDCIJ: Call MEDCIJ $6 \frac{1}{3}$ 01/30/27 on 27 Mar'26 at par. Maintain buy on MEDCIJ 8.625 05/19/30. See below. - RAKUTN: Rakuten will call RAKUTN 5.125 Perp of USD750mn on the first call date in Apr'26. Maintain buy on RAKUTN 8.125 Perp. Please also read our comments on Rakuten's FY25 results in our daily on 23 Feb'26. # Trading desk comments 交易台市场观点 Yesterday, Chinese IG space overall widened 3-5bps, driven by better selling on 30yr BABATENCNT/XIAOMI and HAOHUA 27-30, while other belly-to-front-end papers held up relatively well. TW lifers also widened 3-5bps. We saw block selling on FUBON, small but steady offers on CATLIF, balanced two-way interests in NSINTW, and quiet trading in SHIKON. In HK space, LINREI 36 widened 3bps. CKHHs remained largely quiet. The Panamanian government took control of 2 ports on the Panama Canal from CK Hutchison (CKH). Over the past 28 years, CKH invested cUSD1.7bn in the 2 Panamanian ports compared with CKH's total assets was USD147bn as of Jun'25. We estimated the dividend income from its $90\%$ stakes in the 2 Panamanian ports to be cUSD1.1bn, i.e. USD40.5mn p.a. on average compared with CKH's 1H25 operating cash flow was USD4bn. Additionally, the 2 Panamanian ports handled $c4\%$ of CKH's global throughput in 1H25. Hence, we believe that the impact of concession cancellation and take-over of port assets should be relatively small. NWDEVL Perps rose 0.6-1.4pts, while VDNWDL Perp closed unchanged. In Chinese properties, FUTLAN 28 was 0.9pt higher, while FTLNHD 26-27 were unchanged to 1.0pt lower. VNKRLE 27-29 leaked 0.4-0.6pt. In KR space, POHANG/LGENSO/HYUELE with tenor longer than 7yrs and HYNMTR 33-36s widened 3-5bps on back of Chinese onshore block selling. DAESEC 28-29 closed 1-2bps wider. Mirae Asset Securities priced the new 3yr/5yr USD bonds. In SE Asian space, IG bonds traded 2-4bps wider, with notable selling on 5yr Malaysian bank notes and 10yr EXIMBK tranches. MEDCIJ 28-30s were 0.1pt lower, while MEDCIJ 27s edged 0.2pt higher. Medco Energi will call MEDCIJ 6.375 01/30/27 on 27 Mar'26 at par. See comments below. In JP space, IG credits widened 2-4bps across the board, led by better selling on MIZUHO, MUFG and fixed 10yr SUMIBK papers. JP insurance subs managed to grind a touch firmer. In contrast, Yankee AT1s retraced by 0.1pt, driven mainly by selling flows during London session. In AU, there was increased selling pressure on long-dated callable T2s. Glenn Ko, CFA 高志和 (852) 3657 6235 glennko@cmbi.com.hk Cyrena Ng, CPA 吴蓓莹 (852) 3900 0801 cyrenang@cmbi.com.hk Yujing Zhang 张钰婧 (852) 3900 0830 zhangyujing@cmbi.com.hk In LGFV space, RMs remained better buyers while tactical investors and some AMs were better sellers of Shandong papers down the credit curve, as well as several other short-dated issues. # Last Trading Day's Top Movers <table><tr><td>Top Performers</td><td>Price</td><td>Change</td></tr><tr><td>NWDEVL 4 1/8 PERP</td><td>75.2</td><td>1.4</td></tr><tr><td>NWDEVL 4.8 PERP</td><td>63.4</td><td>1.1</td></tr><tr><td>NWDEVL 5 1/4 PERP</td><td>81.7</td><td>0.9</td></tr><tr><td>FUTLAN 11.88 06/26/28</td><td>98.1</td><td>0.9</td></tr><tr><td>NWDEVL 10.131 PERP</td><td>83.6</td><td>0.8</td></tr></table> <table><tr><td>Top Underperformers</td><td>Price</td><td>Change</td></tr><tr><td>CNOOC 5 3/4 01/26/41</td><td>109.5</td><td>-1.0</td></tr><tr><td>FTLNHD 11.88 09/30/27</td><td>94.6</td><td>-1.0</td></tr><tr><td>BABA 3 1/4 02/09/61</td><td>65.7</td><td>-0.7</td></tr><tr><td>VNKRLE 3 1/2 11/12/29</td><td>45.4</td><td>-0.6</td></tr><tr><td>BABA 5 5/8 11/26/54</td><td>102.5</td><td>-0.6</td></tr></table> # Marco News Recap 宏观新闻回顾 Macro – S&P (+0.77%), Dow (+0.76%) and Nasdaq (+1.04%) were higher on Tuesday. US Feb'26 CB Consumer Confidence was 91.2, higher than the market expectation of 87.4. 5/10 year UST yield was higher on Tuesday. 2/5/10/30 year yield was at 3.43%/3.61%/4.04%/4.70%. # Desk Analyst Comments 分析员市场观点 # > MEDCIJ: Call MEDCIJ $6 \text{‰}$ 01/30/27 on 27 Mar'26 at par Medco Energi (Medco) will call the remaining outstanding amount (USD107.77mn) of MEDCIJ $6 \text{‰}$ 01/30/27 in full on 27 Mar’26 at par. The call is in line with our expectation that Medco is a candidate for early redemption of its outstanding USD bonds and technical of Indonesian HY will remain strong given the potential early redemptions. Over the past few years, Medco has been actively extending its debt maturity profile, thanks to its sufficient liquidity and good access to various funding channels. It has early redeemed a total of USD542.23mn in principal amount of MEDCIJ $6 \text{‰}$ 01/30/27 since Apr’22. Hence, remaining outstanding of the bond had notably reduced to USD107.77mn from the initial issue amount of USD650mn. During 9M25, Medco conducted proactive liability management despite modestly weaker 9M25 results in a lower oil price environment. It issued offshore bonds of USD400mn and retired USD bonds totaling USD519mn in principal amount via tender offers and buybacks. Medco also tapped on the onshore bond market with issues totaling IDR2.5tn and IDR1tn bonds in Jan'25 and Jun'25, respectively. We expect Medco to continue early redemptions of its USD bonds. We like Medco's stable credit story and maintain buy on MEDCIJ 8.625 05/19/30 for better risk-adjusted return profile with better trading liquidity within the MEDCIJ curve. At 105.6, MEDCIJ 8.625 05/19/30 is trading at YTM of $7.1\%$ . Table 1: Medco o/s USD bonds <table><tr><td>Security Name</td><td>ISIN</td><td>Amt o/s (USD mn)</td><td>Ask Px</td><td>Ask YTM</td><td>Issue rating (M/S/F)</td><td>Payment rank</td></tr><tr><td>MEDCIJ 7 % 05/14/26</td><td>USY59501AA78</td><td>91.72</td><td>100.9</td><td>3.2%</td><td>B1/BB-/BB-</td><td>Secured</td></tr><tr><td>MEDCIJ 6 % 01/30/27</td><td>USY56607AA51</td><td>107.77</td><td>100.3</td><td>2.6%</td><td>B1/BB-/BB-</td><td>1st lien</td></tr><tr><td>MEDCIJ 6.95 11/12/28</td><td>USY59500AA95</td><td>299.42</td><td>100.7</td><td>6.7%</td><td>B1/BB-/BB-</td><td>Sr unsecured</td></tr><tr><td>MEDCIJ 8.96 04/27/29</td><td>USY5951MAA00</td><td>500.0</td><td>104.2</td><td>7.4%</td><td>B1/BB-/BB-</td><td>Sr unsecured</td></tr><tr><td>MEDCIJ 8.625 05/19/30</td><td>USY56616AA68</td><td>400.0</td><td>105.6</td><td>7.1%</td><td>B1/BB-/BB-</td><td>1st lien</td></tr></table> Source: Bloomberg. > Offshore Asia New Issues (Priced) <table><tr><td>Issuer/Guarantor</td><td>Size (USD mn)</td><td>Tenor</td><td>Coupon</td><td>Priced</td><td>Issue Rating (M/S/F)</td></tr><tr><td rowspan="2">Advanced Info Service Public Compar</td><td>600/</td><td>5yr/</td><td>4.26%/</td><td>T+65/</td><td rowspan="2">-/BBB+/</td></tr><tr><td>400</td><td>10yr</td><td>4.894%</td><td>T+85</td></tr><tr><td rowspan="2">Mirae Asset Securities</td><td>300/</td><td>3yr/</td><td>4.25%/</td><td>T+85/</td><td rowspan="2">Baa2/-/-</td></tr><tr><td>300</td><td>5yr</td><td>4.375%</td><td>T+88</td></tr><tr><td rowspan="2">Sumitomo Corporation</td><td>500/</td><td>5yr/</td><td>4.2%/</td><td>T+65/</td><td rowspan="2">Baa1/A-/-</td></tr><tr><td>500</td><td>10yr</td><td>4.9%</td><td>T+90</td></tr><tr><td>Sumitomo Mitsui Financial Group</td><td>1250</td><td>15NC10</td><td>5.334%</td><td>T+130</td><td>A2/BBB+/</td></tr><tr><td>The Commercial Bank P.S.Q.C.</td><td>500</td><td>PerpNC5.5</td><td>6.25%</td><td>6.25%</td><td>A2/A-/A</td></tr></table> > Offshore Asia New Issues (Pipeline) <table><tr><td>Issuer/Guarantor</td><td>Currency</td><td>Size (USD mn)</td><td>Tenor</td><td>Pricing</td><td>Issue Rating (M/S/F)</td></tr><tr><td>NTT Finance</td><td>USD</td><td>-</td><td>5yr</td><td>SOFR+115</td><td>A3/A-/-</td></tr><tr><td>Oversea-Chinese Banking Corporatio</td><td>USD</td><td>-</td><td>10NC5</td><td>T+120</td><td>A2/BBB+/A</td></tr><tr><td>Tohoku Electric</td><td>USD</td><td>-</td><td>5yr</td><td>T+105</td><td>-/A-/-</td></tr></table> # > News and market color - Regarding onshore primary issuances, there were 16 credit bonds issued yesterday with an amount of RMB15bn. As for month-to-date, 938 credit bonds were issued with a total amount of RMB728bn raised, representing a $14.2\%$ yoy decrease Macau receives c1.6mn visitors during Chinese New Year holiday - [ADSEZ] Adani Ports received USD101.584mn of ADSEZ 4 07/30/27 and USD95.36mn of ADSEZ 3.1 02/02/31 as of early tender deadline - [CFAMCI] CITIC FAMC International HKD1bn-equivalent unsecured 364 day loan early bird commitments due 13 Mar'26 [CGRNEG] Media reported Continuum Green put India unit IPO plans on hold [EHICAR] Media reported EHi Car considers to extend the maturity of EHICAR 7 09/21/26 of USD269mn with upfront principal repayment - [INDON] Republic of Indonesia mandated 3-, 5-, and 10-year (CNH) and 8-, 12-, and 20-year (EUR) bonds issuance # Author Certification # CMBIGM or its affiliate(s) have investment banking relationship with the issuers covered in this report in preceding 12 months The author who is primary responsible for the content of this research report, in whole or in part, certifies that with respect to the securities or issuer that the author covered in this report: (1) all of the views expressed accurately reflect his or her personal views about the subject securities or issuer; and (2) no part of his or her compensation was, is, or will be, directly or indirectly, related to the specific views expressed by that author in this report. 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