20260706-招银国际-Fixed_Income_Daily_Market_Update_5页_892kb

报告摘要

CMBI Credit Commentary Summary

📌 Core Content Overview

This document provides a detailed market update and analysis for fixed income instruments, including price movements, credit-related news, and macroeconomic highlights. It also includes analyst comments, new issue updates, and important disclosures related to investment risks and legal considerations.

📊 Key Market Movements

📈 Top Performers

TSTSME 11 3/8 02/05/31: +1.3pt
HSBC 6 3/4 PERP: +0.6pt
LLOYDS 6 5/8 PERP: +0.6pt
HSBC 6.95 PERP: +0.5pt
TENCNT 3.94 04/22/61: +0.5pt

📉 Top Underperformers

CFAMCI 4.95 11/07/47: -1.1pt
VLLPM 7 1/4 07/20/27: -1.0pt
YANTZE 3.2 10/16/49: -1.0pt
GLPSP 9 3/4 05/20/28: -0.9pt
ACNRGY 5.1 PERP: -0.8pt

📈 Recent Price Changes

Chinese TMTs, DAESECs and recent JP new issues: MIZUHO 30-47s/SUMIBK 32-47s traded 1-3bps tighter.
GLPCHI 29/GLPSP 28: Gained 0.5-0.6pt.
VNKRLE 27/ACENPM 4 Perp: Lost 0.3pt.
FTLNHD 29: 0.2pt lower.
BTSDF 28: Unchanged.
FAEACO 12.814 Perp: Rose 1.3pts.
CWAHK 30: Lost 0.2pt.
GENTMK Perps: Edged 0.2-0.3pt higher.
PTTGC/TOPTB Perps: Gained 0.4pt.
VLLPM 27/GLPSP 28-29/ACNRGY 5.1 Perp: Down 0.4-1.0pt.
European AT1s: 0.1-0.6pt firmer.

📝 Main Points and Analysis

🔍 BTSDF: Strong Revenue and Profit Growth

1H26 Performance: BTSDF reported strong revenue and profit growth, with a clear refinancing path and active liability management.
Earnings Growth: Adj. EBITDA is expected to grow 60-70% yoy, with margins exceeding 20%.
Outlook: Adj. EBITDA margin may moderate in 2H26 due to increased promotional intensity.
Credit View: CMBI maintains a neutral stance on BTSDF 9.125 07/24/28, but prefers CWAHK 5.875 10/22/30 for a better risk-return profile.

📈 H&H (H&H International) Credit Profile

Debt Reduction: Gross debt declined by ~RMB1bn from RMB9.1bn at Dec'25.
Leverage Improvement: Net leverage is expected to improve from 3.45x to 2.25x.
Refinancing: Secured in-principle credit approvals for offshore RMB and USD term loans due in 2027.
Future Maturities: Includes a CNH bond of ~USD58mn due Mar'27 and USD300mn BTSDF 28 due Jul'28.

📝 Tax Case Update for Biostime

ATO Decision: The Australian Tax Office reduced the tax and penalties for Biostime Healthy Australia Pty (BHA) by AUD39.6mn.
Notice of Appeal: BHA plans to file an appeal, with AUD104mn already deposited and incremental exposure of ~AUD208.1mn (cRMB980mn).
Liquidity Impact: No near-term liquidity impact expected, though the case may affect medium-term balance sheet flexibility.

📢 Offshore Asia New Issues

No New Issues Priced Today: No offshore Asia new issues were priced on the day of the report.
Pipeline Updates:
- Korea East-West Power: USD issuance, 5.5yr tenor, T+90 pricing, Aa2/-/AA- rating.
- KT Corp: USD issuance, 3.5yr tenor, T+85 pricing, A3/-/A rating.

📰 Macro News Highlights

US Markets: Closed on Independence Day (last Friday), with UST yields at 4.14% (2yr), 4.23% (5yr), 4.49% (10yr), and 4.98% (30yr).
Onshore Primary Issuances: 67 credit bonds issued last Friday with RMB43bn raised. Month-to-date, 196 credit bonds issued with RMB186bn raised, a 20.3% yoy decrease.

📰 Company News

Alibaba: Participated in a USD2bn funding round for Kling AI.
BHP Group: Plans to invest USD1.5bn in Chile's Cerro Colorado copper mine.
Sinochem Holdings: In talks to reduce stake in Pirelli after government intervention.
Tongyang Life Insurance: Offered 10% increase in appraisal rights price to opposing shareholders.
Vedanta Ltd: 1QFY27 ore output surged 41% yoy to 153k tons. Ferro Alloys unit signed INR16.2bn (cUSD170.4mn) debt facility.

📌 Key Information Summary

Company	Key Development
BTSDF	Strong revenue and profit growth in 1H26; tax audit appeal planned.
H&H	Improved credit profile, debt reduction, and secured refinancing approvals.
Biostime	ATO decision reduced tax and penalties; filing appeal, no immediate liquidity risk.
Korea East-West Power	Offshore USD issuance in pipeline with T+90 pricing and Aa2 rating.
KT Corp	Offshore USD issuance in pipeline with T+85 pricing and A3 rating.
Alibaba	Invested USD2bn in Kling AI, a generative AI video platform.
BHP Group	USD1.5bn investment in Chile's Cerro Colorado copper mine.
Sinochem	Talks to reduce stake in Pirelli after government influence curtailed.
Tongyang Life	10% increase in appraisal rights price to opposing shareholders.
Vedanta Ltd	1QFY27 ore output up 41% yoy; Ferro Alloys signed INR16.2bn debt facility.

⚠️ Important Disclosures

Investment Risk: All securities involve risk, and past performance does not guarantee future results.
No Individual Advice: CMBIGM does not provide individually tailored investment advice.
Conflict of Interest: CMBIGM may have investment banking relationships with issuers covered in this report.
Legal Restrictions: The report is for intended recipients only and may not be reproduced, distributed, or published without prior written consent.
Distribution Limitations:
- UK: Only for persons under Article 19(5) or Article 49(2) of the Financial Services and Markets Act 2000.
- US: Intended solely for "major US institutional investors" and not for general distribution.
- Singapore: Distributed by CMBI (Singapore) Pte. Limited, an exempt financial adviser.

📞 Contact Information

Fixed Income Department: Tel: 852 3657 6235 / 852 3900 0801 | Email: fis@cmbi.com.hk
Cyrena Ng, CPA: (852) 3900 0801 | cyrenang@cmbi.com.hk
Jerry Wang: (852) 3761 8919 | jerrywang@cmbi.com.hk
Yujing Zhang: (852) 3900 0830 | zhangyujing@cmbi.com.hk
Singapore: Contact CMBISG at +65 6350 4400 for matters related to the report.