> **来源：[研报客](https://pc.yanbaoke.cn)** # CMBI Credit Commentary Summary ## Core Content Overview This document provides a comprehensive market update and analysis from the Fixed Income Department of CMBI, covering recent bond price movements, new issue activity, and macroeconomic developments. It also includes analyst comments, news recap, and important disclosures for investors. ## Market Update - **MGMCHI 33s**: Rose 0.6pt from RO at par. - **BNKEA 32**: Traded up to 15bps tighter from RO at $T + 140$. - **WSTP 4.15 28 and WSTP 31s**: Tightened 3-5bps from ROs. - **WSTP Float 28s**: Largely unchanged. - **AT1s**: Better buying from PBs, better selling from prop desks. ## Trading Desk Comments - **GLPSPs**: Led the space and rose 1.2-1.8pts ahead of FY25 results on 8 May'26. - **PTTGC/TOPTB Perps**: 0.7-1.1pts firmer. - **PTT Global Chemical**: Adjusted EBITDA increased by 176% yoy to THB14.9bn (cUSD455mn). - **BBLTB subordinated papers**: Tightened 2-5bps. - **GENTMK Perps**: Edged 0.5-0.7pt higher. - **VEDLN 28-33s**: Up by 0.1-1.2pts. - **Chinese TMT space**: MEITUA tightened 5-8bps, AACTEC/LENOVO/XIAOMI traded 2-3bps tighter. - **ZHOSHK 28**: 0.3pt firmer. - **TW lifers**: Closed 5-7bps tighter, led by CATLIF and NSINTW. - **HK BNKEA T2s**: Largely unchanged amid minor selling on BNKEA 34s. - **LINREI 36**: Tightened 2bps. - **NWDEVVL/VDNWDL complex**: 0.1pt lower to 0.4pt higher. - **FAEACO 12.814 Perp**: 0.2pt higher. - **Macau gaming complex**: Traded up to 0.5pt higher. - **Studio City**: Announced new senior notes and launched concurrent cash tender offer and call for STDCTY 7 02/15/27. - **Chinese properties**: VNKRLE 27' and 29' gained 0.3-0.8pt, LNGFOR 27-32 closed 0.1-0.3pt higher. - **KR IG space**: Traded 1-5bps tighter amid mixed flows. - **LGENSO longer duration issues**: Better buying, while profit taking occurred in HYUELE 28/DAESEC 29/KOROIL 28. - **JP new issues**: NIPLIF/MIZUHO tightened 2-4bps, SOFTBKs rose 0.1-0.7pts, RESLIF 6.875 Perp gained 0.3pt. - **Resolution Life**: FY25 net income jumped 47% yoy due to robust premium income growth. - **AT1 space**: NOMURA 7 Perp was 0.2pt higher, STANLN 7 Perp gained 0.5pt. - **Middle East**: SECO 29-36/BSFRs/FABUH 34-35 closed 0.1-0.3pt higher. - **First Abu Dhabi Bank**: Priced new USD700mn issue at $T + 85$. - **LGFV space**: QDJZWD 27-28s were unchanged to 0.2pt higher, HUASST 7 10/24/27 and GXCMIN 4.1 09/29/27 lost 0.4pt. ## Key New Issues and Pipeline ### Priced New Issues | Issuer/Guarantor | Size (USD mn) | Tenor | Coupon | Priced | Issue Rating (M/S/F) | |------------------|--------------|-------|--------|--------|-----------------------| | Bank of East Asia | 800 | 6NC5 | 5.375% | T+140 | Baa2/BBB/- | | First Abu Dhabi Bank | 700 | 5yr | 4.859% | T+85 | Aa3/-/AA- | | MGM China | 750 | 7NC3 | 6.25% | 6.25% | B1/B+/BB- | | Westpac Banking Corp | 500 | 2yr | SOFR+44 | SOFR+44 | Aa2/AA-/- | | Westpac Banking Corp | 1000 | 5yr | 4.45% | T+47 | Aa2/AA-/- | | Westpac Banking Corp | 1250 | 5yr | SOFR+71 | SOFR+71 | Aa2/AA-/- | ### Pipeline New Issues | Issuer/Guarantor | Currency | Size (USD mn) | Tenor | Pricing | Issue Rating (M/S/F) | |------------------|----------|--------------|-------|---------|-----------------------| | Golomt Bank | USD | - | 3yr | 8.5% | -/B+/B+ | | PT Sarana Multi Infrastruktur (Persero) | USD | 300 | 5yr | 5.45% | Baa2/-/BBB | | Studio City | USD | - | 5NC2 | 6.5% | Ba2/B+/- | ## Onshore Primary Issuances - **Yesterday**: 61 credit bonds issued with a total amount of RMB37bn. - **Month-to-date**: 61 credit bonds issued, raising RMB37bn, representing a 27.5% yoy decrease. ## Company News Highlights - **CK Hutchison Holdings**: Planning to sell more telecommunications assets to exit the sector due to rising competition and increasing costs. - **Seazen Holdings**: Plans to raise up to RMB2.4bn (cUSD347mn) via bonds in multiple tranches. - **Orient Securities**: Agreed on a price per share to acquire Shanghai Securities, creating a brokerage with RMB583bn (cUSD85bn) in assets. - **SK Telecom**: 1Q26 EBITDA fell 3.3% yoy to KRW1.4tn (cUSD976mn). - **SK On**: Re-evaluating a plan to supply USD10bn worth of batteries to Nissan Motor's Canton factory in Mississippi. - **Sinochem Holdings**: Syngenta Group is targeting a Hong Kong Stock Exchange listing in Sep or Oct'26. ## Important Disclosures - **Conflict of Interest**: CMBI may have investment banking relationships with the issuers covered in this report. - **Author Certification**: The author certifies that the views expressed accurately reflect their personal views and that there are no conflicts of interest. - **Investment Risk**: There are risks involved in transacting in any securities, and past performance does not indicate future results. - **Distribution Restrictions**: This report is intended solely for major US institutional investors and may not be distributed to others without prior consent. - **Legal Responsibility**: CMBISG (Singapore) accepts legal responsibility for the contents of the report only to the extent required by law for non-accredited investors. ## Disclaimer - **UK Recipients**: This report is provided only to persons falling within Article 19(5) or Article 49(2) (a) to (d) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005. - **US Recipients**: CMBI is not a registered broker-dealer in the US. The report is for major US institutional investors only. - **Singapore Recipients**: The report is distributed by CMBISG, an Exempt Financial Adviser, and is subject to Singapore regulations. ## 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