20251112-招银国际-Fixed_Income_Daily_Market_Update_6页_754kb

Fixed Income Credit Commentary Summary

Market Overview

• Market flows were light due to U.S. Thanksgiving holiday. Bonds like MITCO FRN and TYANLI/T2 papers saw buying interest, while KHFC/KOBCOP and AU bank papers faced better selling.
• Key Movers:
  • Top Performers: KAFEDI, GRNLGR, NWDEVL Perps.
  • Top Underperformers: EHICAR, EHICAR 12, CFAMCI, CRNAU.

Credit Updates

RNW

• Manufacturing Growth: Adj. EBITDA rose 24% YoY to INR53.5bn due to solar manufacturing.
  • Financials: LTM net debt/adj. EBITDA improved to 7.1x; cash/good bank balance INR82.1bn.
  • Events: Agreed USD8.15/share privatization offer; strong funding channels (bank loans/bonds).
  • Bond: 7.95% 2027 maturing Jul’26 (USD525mn).

VNKRLE

• Loan Cap Approaching: New loan secured RMB1.666bn from SZ Metro (total ~RMB31bn provided).
  • Bond Valuation: Offshore bonds USD1.3bn; next maturity Nov’27.
  • Valuation: Market has priced in loan cap; buy recommendation maintained.

Other Credits

• EHICAR/PB: 0.4-1.0pt lower, affected by YTD performance.
• NWDEVL: Bond prices rose 0.3-1.1pts, with NWD clarifying debt redemption terms.

Trading Desk Notes

• Yield Curve: 2/5/10/30yr yields unchanged.
• Currency: S&P (+0.21%), Dow (+1.18%), Nasdaq (-0.25%).

News & Color

• Masdar/CPP Investments consortium to buy RNW.
• Vanke: Seeking waivers for interest-coverage breaches via refinancing.
• Offshore New Issues: No new issuances priced today; pipeline includes USD1.3bn deal.
• SOFTBK: Sold Nvidia stake for USD5.8bn to fund OpenAI; financials improved.
• China: Tightened foreign debt rules for SOEs.

Disclaimer: This summary is based on CMBI Fixed Income Commentary dated 12 Nov 2025, containing market analysis, risks, and disclosures.