20260609-招银国际-Fixed_Income_Daily_Market_Update_5页_811kb

报告摘要

Long-end TENCNTs were 3-5bps wider due to small better selling ahead of new issues.
Asian Perps marked up 0.1-0.3pt amid PB better buying.
SOFTBKs recovered 0.3-0.5pt.
NWDEVL 6.25 Perp and VNKRLE 27-29 edged 0.4-0.5pt higher.
VNKRLE 3.975 11/09/27 gained 0.4pt.
TAISEM 2 1/2 10/25/31 gained 0.5pt.
CDECST 6 1/2 11/18/27 gained 0.6pt.
VLLPM 7 1/4 07/20/27 gained 1.2pt.
DAHSIN 7 3/8 11/15/33 gained 0.6pt.
VLLPM 7 1/4 07/20/27 gained 1.2pt.

LGFV IG USD issues saw two-way flows.
FOSUNI 28-29 were 0.1-0.2pt lower.
Chinese/HK properties experienced downward pressure, with ROADKG 28 losing 1.8pts and LNGFOR 27-32s leaking 0.3-0.6pt.
NWDEVL/VDNWDL complexes were unchanged to 0.5pt lower.
SE Asian space saw mixed performance, with GARUDA 31 down 1.6pts and SMCGL Perps/INDYIJ 29/MEDCIJ 28-30 leaking 0.1-0.5pt.
Japanese Insurance subs were 0.3-0.5pt weaker across Japanese and European names due to better-selling flows.
European AT1s dropped by 0.3-0.4pt amid selling pressure from RMs and prop desks.
Non-LGFV CNH papers continued to retrace by 0.1-0.3pt.

The new HNMNWP 41 has an IPT at mid-high 9%, which is considered roughly fair.
The issuer is Energy Absolute PCL (EA), which is an offshore SPV of Hanuman Wind Power (HWP).
The bonds are secured by a package including share pledge over five project companies, mortgage, and other assets.
The issue size is USD380mn, and the weighted average life is approximately 5.9 years.
The net proceeds will be used to refinance existing debts, repay related party loans, and fund new renewable projects.
The take-or-pay PPAs with EGAT are a key support for EA's credit profile.
EGAT has no history of delayed or missed payments.
EA operates wind farms in Chaiyaphum province, with a total installed capacity of 260MW.
EA generated THB3.6bn in revenue and THB3.3bn in EBITDA in FY25, with an EBITDA margin of 93%.
The debt service coverage ratio is expected to be 1.3-1.4x over the bonds' tenor.

S&P (+0.30%), Dow (-0.16%), Nasdaq (+0.86%) were mixed on Monday.
10/30 year UST yield were higher on Monday, with yields at 4.15%/4.29%/4.56%/5.03%.

Onshore primary issuances totaled RMB84bn yesterday, with a 71.6% yoy increase for the month-to-date.
Macau reported a 10% yoy growth in visitor arrivals during the summer holiday season.
Indonesia is considering easing its 600m-ton coal output ceiling for 2026.
Alibaba, NIO were accused by the US of aiding Chinese military.
SK Hynix entered into a multi-year partnership with Nvidia to develop AI semiconductors.
Kyushu Electric Power reported a missing external storage medium with customer data.
New World Development raised over HKD2.4bn from the sale of 42 units at Pavilia Rosa.
Rio Tinto won court approval to acquire the remaining ERA stake.
Road King AHG will hold a public bondholder call on 9 Jun'26.
SK Telecom is likely to sign a pact for a 49% stake sale in an AI data center by end-Jun'26.
Sinochem Holdings appealed an Italian government decision to limit its influence over Pirelli.
San Miguel Global Power received USD265.358mn in tender offers for SMCGL 5.45 Perp and USD153.542mn for tender offer.

The IPT at mid-high 9% for the new HNMNWP 41 is viewed as fair, considering its smaller operating scale and tenor differential compared to peers.
The legal proceedings involving Somphote Ahunai, the founder and former CEO of EA, remain ongoing and could affect corporate governance.
Despite these concerns, the take-or-pay PPAs with EGAT provide key support for EA's credit profile.

This report is not investment advice and should not be used for decision-making without independent evaluation.
The information is based on publicly available data and may be subject to change.
CMBIGM may have investment banking relationships with the issuers covered in this report.
The report is intended for specific recipients and may not be distributed to others without written consent.
Legal responsibility is limited for non-accredited investors in Singapore.
In the United States, the report is for major institutional investors only.