> **来源：[研报客](https://pc.yanbaoke.cn)** # CMBI Credit Commentary Summary ## Core Content Overview This document provides a detailed summary of the fixed income market movements and macroeconomic updates for the China economy, along with specific insights on EHICAR and other credit instruments. It also includes news recap, analyst comments, and important disclosures. ## Market Update Summary - **EHICAR 26**: Rose 3.2pts yesterday and 1.0pt this morning. The minimum acceptance level for the exchange offer was waived, with eHi Car accepting 63.51% of the outstanding amount. A second round of exchange offer is expected. - **EHICAR 27**: Rose 0.1pt. - **FOSUNI 26-29**: Rose 0.1-2.4pts. - **Chinese IG credits**: Largely unchanged, with two-way flows observed on MEITUA and KUAISH. - **TW lifers**: Tightened 2-7bps. - **HK IG names**: LINREI/HKE traded 1-2bps tighter. - **ROADKG Perps**: Down 0.8-1.1pts. Oaktree and PAG are in talks with Road King Infrastructure regarding restructuring. - **SOFTBK 29-61s**: Down 0.6-1.2pts. SoftBank plans to issue USD and EUR-denominated bonds in six tranches to support AI investments. - **LGFV space**: New GZFINH 4.05 04/15/29 lost 0.2pt from RO at par. The rest of the LGFV space was stable. - **Other market highlights**: - **FUTLAN 28/FTLNHD 26-29**: Closed 0.2pt lower to 0.7pt higher. - **LNGFOR 27-32**: Unchanged to 0.5pt higher. - **OCBCSP 35-36s**: Traded 1-3bps tighter. - **HSBC 6.75 Perp/HSBC 7 Perp**: Down 0.2-0.4pts. ## China Economy Analysis - **Credit Demand**: Weak endogenous credit demand persists. The central bank (PBOC) is expected to cut the LPR by 10bps and RRR by 50bps by the end of Q3 2026. - **Macro Data**: - **Social Financing (SF)**: Growth eased to 7.9% YoY in March 2026 from 8.2% in Jan-Feb. - **M1/M2 Growth**: M2 growth eased to 8.5% in March, while M1 moderated to 5.1%. - **New RMB Loans**: Declined 17.9% YoY to RMB3trn in March, with household loans being the largest drag. - **Corporate Borrowing**: Aggregate corporate borrowing dropped 6.3% YoY to RMB2.7trn, but short-term loans increased. - **Credit Conditions**: Liquidity remains accommodative, but credit demand from the real economy has weakened. The PBOC is likely to focus on lowering financing costs and improving credit pass-through rather than maintaining liquidity. ## Key Insights and Analyst Comments - **EHICAR**: The current valuations have priced in too much downside, even though eHi's deleveraging has been slower than expected. Analysts maintain a "buy" view on EHICARs. - **LME Tender Offer**: eHi may pursue a consensual LME for EHICAR 12 09/26/27 as that maturity approaches next year. - **New Issues**: - **Beijing Capital Development**: Priced a 3yr bond with a coupon of 6.3% at 6.3%. - **Incheon International Airport Corporation**: A 3yr USD bond with a pricing of T+85 is in the pipeline. ## Market Color and News Highlights - **Onshore Primary Issuances**: 99 credit bonds were issued yesterday with RMB59bn raised. Month-to-date, 739 credit bonds were issued for RMB736bn, representing a 15.1% YoY increase. - **CATL**: Considering a possible USD5bn share sale. - **Saudi Arabia**: Restored full capacity on the East-West pipeline after recent attacks. - **Globe Telecom**: Launched a tender offer for GLOPM 4.2 Perp at par. - **Nissan Motor**: Planning to exit low-performing models, cutting its global lineup by ~20%. - **SoftBank**: Developing large-scale physical AI projects in Japan by 2030 and plans to issue USD and EUR bonds in six tranches. ## Important Disclosures - The report contains general market commentary and is not tailored to individual investors. - CMBIGM may have investment banking relationships with the issuers mentioned. - The information is based on publicly available data and is not guaranteed for accuracy or completeness. - The report is intended solely for major US institutional investors and should not be distributed to others. - In Singapore, the report is distributed by CMBISG, an Exempt Financial Adviser, and may not be provided to non-accredited investors without prior consent. ## Contact Information - **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 - **Fixed Income Department**: fis@cmbi.com.hk