20250425-招银国际-Fixed_Income_Daily_Market_Update_6页_1mb

报告摘要

CMBI Credit Commentary Summary

Core Content Overview

This document provides a comprehensive market update and analysis from the Fixed Income Department of CMBI, focusing on recent bond price movements, new issues, and macroeconomic developments affecting the fixed income market. It also includes analyst comments and key financial updates from major issuers, particularly SK Hynix, and relevant news affecting market participants.

Key Market Movements

Bond Price Changes

New HANGFI 5 28s, KTGC 5 28s, SUMIFL 5.236 30s tightened by 7bps, 25bps, and 15bps respectively from ROs.
BBTLB 34-40s tightened another 2-5bps.
NIPLIF 54s/MYLIFE 55s rose by 1.0-1.5pts.
NWDEVL Perps moved -0.2pts to +0.3pts.
HYNMTR/HYUELE 27-33s tightened 3-5bps.
LGFVs showed better buying flows, with new USD LGFVs like HKIQCL/QDBTTI 28s trading slightly higher.
SOE perps like CTIH Perp were down 0.1pt.

Top Performers and Underperformers

Top Performers:

NWDEVVL 4 3/4 01/23/27: +1.4pt
RILIN 6 1/4 10/19/40: +1.2pt
CHGRID 4.85 05/07/44: +1.2pt
TENCNT 3.24 06/03/50: +1.0pt
SINOPC 4 1/4 04/24/43: +1.0pt

Top Underperformers:

MYLIFE 6.1 06/11/55: -1.4pt
NIPLIF 5.95 04/16/54: -1.3pt
NIPLIF 6 1/4 09/13/53: -1.0pt
SUMILF 5 7/8 PERP: -0.8pt
GLPSP 4.6 PERP: -0.7pt

New Issues in Offshore Asia

Issuer/Guarantor	Size (USD mn)	Tenor	Coupon	Priced	Issue Rating (M/S/F)
Chengdu Economic Development Industrial Investment	200	3yr	5.8%	5.8%	Unrated
Hana Securities	300	3yr	5.0%	T+130	-/A-/ -
KT&G Corporation	300	3yr	5.0%	T+118	A3/A-/ -
Nippon Life Insurance Company	1500	30NC10	6.5%	6.5%	A3/A-/ -
Sihai International Investment	65	3yr	4.6%	4.6%	Unrated
Sumitomo Mitsui Finance & Leasing	500	5yr	5.236%	T+128	-/A-/ -

Trading Desk Comments

NWDEVL: Personnel changes (Henry Cheng stepping down as chairman of nomination committee) are considered neutral. The company is expected to provide updates on refinancing of bank loans, with a focus on the potential call notice on NWDEVL 6.15 Perp by mid-May 2025.
HYUELE: Maintained a "Buy" rating due to SK Hynix's strong market position, resilience against trade war, and favorable risk-return profile. The 1Q25 operating profit increased by 158% yoy. Preferred issues include HYUELE 1 1/2 01/19/26 and HYUELE 2 3/8 01/19/31 for lower cash prices. HYUELEs offer a yield pick-up of 17-39bps over Micron's bonds.

SK Hynix 1Q25 Financial Highlights

Revenue: Increased by 42% yoy to KRW17,639bn.
Operating Profit: Rose by 158% yoy to KRW7,441bn.
EBITDA: Grew by 77% yoy to KRW10,769bn.
Net Profit: Surged by 323% yoy to KRW8,108bn.
Operating Cash Flow: Increased by 69% yoy to KRW9,075bn.
Capital Expenditure (Capex): Rose by 103% yoy to KRW6,284bn.
Profit Margins:
- Gross profit margin: +18 pct pt to 57%
- Operating profit margin: +19 pct pt to 42%
- EBITDA margin: +12 pct pt to 61%
- Net profit margin: +31 pct pt to 46%
Cash and Equivalent: Increased by 39% yoy to KRW14,311bn.
Net Debt: Declined by 53% yoy to KRW9,023bn.
Net Debt/Equity: Reduced to 11% from 35%.
Net Debt/LTM EBITDA: 0.22x (down from 1.62x).
Upcoming USD Bond Maturities:
- HYUELE Float 11/17/25: USD300mn due in Nov'25
- Two USD bonds totaling USD1.75bn due in Jan'26

Macro News Recap

Equity Markets: S&P 500 (+2.03%), Dow Jones (+1.23%), Nasdaq (+2.74%) all rose on Thursday.
US Durable Goods Orders: +9.2% mom, exceeding market expectations.
US Existing Homes Sales: -5.9% mom, below market expectations.
US Jobless Claims: +222k, matching market expectations.
UST Yields: Retreated, with 2/5/10/30 yields at 3.77%/3.91%/4.32%/4.77%.

News and Market Color

Onshore Primary Issuances: 175 credit bonds issued, totaling RMB163bn, with a 9.5% yoy increase in month-to-date issuance.
China-US Trade: China stated no ongoing trade talks with the US and urged cancellation of unilateral tariffs.
Adani Energy Solutions: Revenue up 43% yoy to INR237.7bn (cUSD2.8bn).
AVIC Industry: Onshore bondholders rejected delisting of bonds.
China Resources Land: Cancelled RMB1bn 10-year bond issuance.
Delhi International Airport: Upgraded to BB by S&P.
MIND ID Arms: Set to partner with Zhejiang Huayou Cobalt for EV battery project.
InfraBuild Australia: Moody's revised outlook to stable from negative.
POSCO Holdings: 1Q25 EBITDA up 1.4% yoy to KRW1.6tn.
Medco Energi: Halved stock buyback cap to USD25mn.
Nissan Motor: FY25 global production and sales fell by 10.1% and 4.3% yoy, respectively.
SoftBank: Set up USD3.6bn bitcoin acquisition JV.
Sunac China: To complete debt restructuring by end of 2025 or early 2026.

Important Disclosures

The report is for informational purposes only and not investment advice.
CMBI does not guarantee accuracy, completeness, or timeliness of the information.
The information is based on publicly available data and may be subject to change.
CMBI may have conflicts of interest and may trade in securities of companies mentioned.
The report is intended solely for major US institutional investors and may not be distributed to others without consent.
In Singapore, the report is distributed by CMBISG, an exempt financial adviser, and may not be provided to non-accredited investors without legal responsibility.

Author Certification

The author certifies that the views expressed reflect personal opinions and not influenced by compensation.
The author and associates have not traded in the securities covered in the last 30 days and will not trade within 3 business days after the report's release.
The author does not serve as an officer of any Hong Kong-listed companies covered.
No financial interests in the companies mentioned.