20260521-招银国际-Fixed_Income_Daily_Market_Update_6页_958kb

报告摘要

CMBI Credit Commentary Summary

Core Content Overview

This document provides a comprehensive summary of the fixed income market update and credit commentary for the The Asset G3 Bond Benchmark Review 2026, focusing on key market movements, issuer performance, and macroeconomic developments. It also includes analyst insights on specific issuers, such as UPLLIN, and details on recent offshore bond issues and market activity.

Key Market Movements

BCHINA Float 05/28/31: Widened by 2bps from RO at SOFR+38.
Asian IG space: Overall tightened by 1-3bps, led by NIPLIF, LGENSO, and HYNMTR.
Asian AT1s: Edged 0.3-0.5pt higher due to better buying and short covering.
SOFTBK curve: Rose by 0.5-1.0pt, influenced by reports that SoftBank-backed OpenAI plans to file for an IPO soon.
Indonesian government: Centralizing exports of strategic commodities to increase state revenue and control over natural resources. INDYIJ 29 and MEDCIJ 28-30s were 0.2-0.5pt higher this morning.
VNKRLE 27' and 29': Dropped 1.1-1.6pts, due to Vanke's asset pledge list for unsecured offshore loans.
FUTLAN 28, FTLNHD 27-29, LNGFOR 27-32: Unchanged to 0.2pt lower.
WESCHI 28-29: Leaked another 0.9-1.3pts.
EHICAR 27-29: Weaker by 0.8-1.4pts.
MTRC Perps: Lost 0.2-0.3pt.
CNOOC 3.3 09/30/49 and CNOOC 7 1/2 07/30/39: Gained 1.0pt.
ReNew Energy complex: Unchanged to 0.1pt lower.
PTTGC Perps: Leaked 0.1-0.2pt.
GLPSPs: Unchanged to 0.3pt higher.
RAKUTNs: Closed 0.1-0.2pt lower.
RESLIF 6.875 Perp/NOMURA 7 Perp: Lowered by 0.2pt.
Japanese and European AT1s: Closed 0.2-0.3pt lower, except LLOYDS 6 5/8 Perp, which edged 1.0pt higher.
LGFV space: AMs and HFs sold higher-beta and USD issues.

UPLLIN Credit Profile

UPLLIN: Earnings recovery in FY26 and proactive liability management support its credit profile.
FY26 results: Revenue increased by 11% yoy to INR518.4bn, driven by volume growth and favorable FX impact, partially offset by pricing headwinds.
Contribution profit: Grew by 17% yoy to INR213.4bn, with a margin expansion to 41.2%.
EBITDA: Increased by 18% yoy to INR95.9bn, with a margin improvement to 18.5%.
Operating cash flow: Declined by 23% yoy to INR78.6bn, due to longer receivables days and higher inventory build-up.
Cash and bank balances: Fell by 36% yoy to INR60.9bn due to weaker operating cash flow and higher capex.
Debt reduction: Total debt and net debt decreased by USD850mn and USD400mn, respectively.
Net debt/EBITDA: Improved to 1.8x from 2.3x, with a target of 1.2-1.5x over the medium term.
Rating outlook: All three rating agencies revised the outlook for UPL to stable from negative.

Offshore Asia New Issues

Priced Issues:

Alinma Bank: Issued USD500mn PerpNC5.5 at 6.625% coupon, unrated.
Bank of China Limited Sydney Branch: Issued USD500mn 5-year bond at SOFR+38, rated A1/A/A.
Huzhou City Investment Development: Issued USD295mn 3-year bond at 4.45% coupon, rated -/-/BBB.

Pipeline:

No offshore Asia new issues pipeline was reported for the day.

News and Market Color

Onshore primary issuances: 106 credit bonds issued yesterday for RMB101bn, with RMB843bn raised this month, showing a 3.6% yoy decrease.
Fitch: Withdrew Chongqing Nan'an Urban Construction & Development's BBB rating due to insufficient information.
CSI Properties: Tapped USD50mn in CSIPRO 10.5 05/21/28 to refinance or repay debts.
Fitch upgraded MIND ID: To BBB from BBB- with a negative outlook, aligning with Indonesia's sovereign rating.
Sammaan Capital: Interest income fell 22.2% yoy to INR55.9bn.
Indika Energy: 1Q26 revenue increased by 0.7% yoy to USD493.2mn.
Meituan: Faces a lawsuit from Brazilian rival over corporate espionage allegations.
Petron: Plans to redeem series 3B preferred shares on 25 Jun'26.
Rakuten Group: Expected to achieve JPY33bn ordinary profit in FY28 from fintech business reorganization.
Vanke: Provided lenders with a list of RMB39.4bn assets for unsecured offshore loans.
SoftBank: USD40bn bridge facilities at SOFR+250bps, with OpenAI planning an IPO soon.

Author Certification

The author certifies that the views expressed accurately reflect personal opinions and are not influenced by compensation.
No trading or dealing in the covered stocks within 30 days prior to the report.
No financial interests in the companies covered.
No conflicts of interest that could affect the objectivity of the report.

Important Disclosures

Investment Risks: Transactions in securities involve risks, and past performance does not guarantee future results.
No Investment Advice: This report is for informational purposes only and does not provide tailored advice.
Disclaimer: CMBIGM is not liable for any losses or damages arising from reliance on the report.
Legal Restrictions: The report is intended solely for the use of the intended recipients and may not be reproduced or distributed without consent.
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- UK: Only for persons under Article 19(5) or Article 49(2) of the Financial Promotion Order.
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Contact Information

Fixed Income Department:
Tel: 852 3657 6235 / 852 3900 0801
Email: fis@cmbi.com.hk
Analysts:
- Glenn Ko, CFA: (852) 3657 6235 | glennko@cmbi.com.hk
- Cyrena Ng, CPA: (852) 3900 0801 | cyrenang@cmbi.com.hk
- Yujing Zhang: (852) 3900 0830 | zhangyujing@cmbi.com.hk