20260623-招银国际-Fixed_Income_Daily_Market_Update_5页_784kb

CMBI Credit Commentary Summary

Core Content Overview

This document is a Fixed Income Daily Market Update from CMBI's Fixed Income Department, providing insights into the fixed income market performance and new issue activity in the Asia-Pacific region, with a focus on offshore and onshore credit instruments.

Key Market Movements

• New Issues:

  • NIPDES 31s tightened by 7bps from RO at T+58.
  • POWFIN 31 tightened by 2bps from T+105.
  • NHSECS 29-31 traded 1-3bps wider from initial pricing at T+105 and T+110, respectively.
  • POINTL 31s widened by 3bps from RO at T+90.
  • GENTMKs/SOFTBKs were down 0.1-0.3pt due to better selling.

• Top Performers and Underperformers:

  • Top Performers:
    • VLLPM 7 1/4 07/20/27: Rose 4.8pts.
    • VLLPM 9 3/8 07/29/29: Rose 3.6pts.
    • CSCHCN 4 1/2 08/19/27: Rose 0.6pts.
    • TSINGH 6 1/2 01/31/28: Rose 0.5pts.
    • TAISEM 2 1/2 10/25/31: Rose 0.5pts.
  • Top Underperformers:
    • ARAMCO 3 1/2 11/24/70: Fell 1.2pts.
    • ARAMCO 5 7/8 07/17/64: Fell 1.1pts.
    • ARAMCO 6 3/8 06/02/55: Fell 1.0pts.
    • BABA 5 5/8 11/26/54: Fell 1.0pts.
    • WLISRC 7 7/8 06/23/36: Fell 1.0pts.

New Issue Activity (Priced)

New Issue Activity (Pipeline)

Onshore Credit Activity

• Primary Issuances: 115 credit bonds were issued yesterday with RMB89bn raised. Month-to-date, 1,676 credit bonds were issued for RMB1,710bn, a 13.9% yoy increase.
• Notable Issuers:
  • China Resources Land raised RMB1.5bn (cUSD221.5mn) via domestic medium-term notes.
  • Seazen plans up to RMB2.2bn tap of private REITs this month.
  • Huachen is still collecting funds for USD627mn HCELEC 4.65 12/29/26 coupon on 21 Jun'26.
  • JD.com expects robots to replace 700,000 delivery riders.

Macro and Market Insights

• U.S. Market: S&P (-0.37%), Dow (+0.29%), and Nasdaq (-1.32%) were mixed on Monday.
• UST Yields: Increased across 2, 5, 10, and 30-year yields to 4.24%, 4.29%, 4.51%, and 4.95%, respectively.

Key Issuer Insights

Singapore Airlines (SIA)

• Proposed to issue a 5yr senior unsecured dim sum bond (unrated).
• FV of SIASP 31 is expected to be mid-2% vs IPT at 2.8%.
• Proceeds will be used for aircraft purchases, refinancing, and working capital.
• Redemption terms: SIA may redeem the bond at par one month prior to maturity, at a make-whole redemption price, or at par after the par call date.
• Ownership: 50.4% owned by Temasek Holdings, Singapore's state-owned sovereign wealth fund.
• Performance in FY26: Revenue of SGD20.5bn (up 5% yoy), operating profit of SGD2.4bn (up 39% yoy), and EBITDA of SGD4.4bn (margin of 21.9%).
• Future Plans: Fleet expansion to 224 aircrafts in FY27, with capex budget of SGD2.9bn for aircrafts. Capex may increase to SGD3.1-4.1bn in FY28-30.

Author Certification and Disclaimer

• The author certifies that the views expressed accurately reflect their personal views and that their compensation is not tied to the report's content.
• Important Disclosures:
  • CMBIGM provides information on an "AS IS" basis and does not guarantee accuracy or completeness.
  • The report may include conflicts of interest due to investment banking relationships.
  • It is for the use of intended recipients only and may not be reproduced or distributed without consent.
• Legal Restrictions:
  • In the UK, the report is only for persons within specific legal categories.
  • In the U.S., it is only for "major US institutional investors" and not for individual investors.
  • In Singapore, it is distributed by CMBISG, an exempt financial adviser, and may not be provided to non-accredited investors without legal responsibility.

Contact Information

• Fixed Income Department: Tel: 852 3657 6235 / 852 3900 0801 | Email: fis@cmbi.com.hk
• Analysts:
  • 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