> **来源：[研报客](https://pc.yanbaoke.cn)** ```markdown # CMBI Credit Commentary Summary ## 📈 Core Market Overview - **TME '31** widened 1bp from RO at T+60. - **TME '36** widened 2bps from RO at T+95. - **BMRIIJ 7.35 Perp** rose 0.5pt from RO at par. - **Asia IG** space was quiet with light flows. - **Profit taking** occurred on front-end names. - **China TMTs** were 1-2bps wider. - **LGFV** remained under better buying flows. - **Rates** eased 2-3bps from overnight highs. - **China/HK IG** faced selling pressure on 10yr benchmarks (BABA, TENCNT, KUAISH, MEITUA, HKTGHD, LINREI 36), which widened 2-3bps. - **TW lifers** drifted 1-2bps wider on two-way flow in CATLIF/FUBON. - **Japan** saw **SUMIBK** hold firm despite two-way flows in '29 fixed-rate and FRN tranches, alongside continued buying in **NORBK** and secondary bank FRNs. - **Southeast Asia** had mixed performance for new **BBLTB** tranches, with '31s 2bps wider and '36s 4bps tighter from RO at T+105/T+130, respectively. However, selling occurred on its sub curve across '36s/40s. - **Korea credits** were broadly unchanged, with **KDB '29/'31** paper hovering around reoffer. ## 💰 Higher-Yielding Space - **AT1s, insurance subs, and high-beta perps** recovered by 0.1-3pt as the macro tone stabilized. - **SUMIBK 6.95 Perp** and **BNP 7.125 Perp** led the move. - **Flows** were skewed toward better buying from PBs, with some potential short covering in the 6-10yr bucket. - **Chinese AMs** continued to seek front-end, high-coupon paper. - **China/HK names** **WESCHI 28-29** rose 0.3-0.5pt. - **EHICAR 26/NWDEVL Perp** down 0.3-0.4pt. - **LGFV strength persisted**, with higher-yielding CNH paper compressed by another 20bps. - **Quality Shandong names** reached the mid-5% yield area. - **Very long-end names** compressed toward the mid-6% area, supported by robust RM and HF demand. - **AMs** continued to look for onshore AAA-guaranteed paper around the 3% yield handle. - **Flows** were heavily skewed toward buying, with existing holders reluctant to release risk. - **Offer-side liquidity** was thin and often gappy. ## 📊 Top Movers of Last Trading Day | Top Performers | Price | Change | |---------------------------|-------|--------| | VLLPM 7 1/4 07/20/27 | 79.5 | +0.9 | | ARAMCO 4 3/8 04/16/49 | 76.5 | +0.6 | | ARAMCO 5 7/8 07/17/64 | 89.5 | +0.6 | | NUFAU 5 01/27/30 | 94.7 | +0.5 | | WESCHI 10 1/2 11/11/29 | 89.5 | +0.5 | | Top Underperformers | Price | Change | |-----------------------------|-------|--------| | TRAFIG 5 7/8 PERP | 99.6 | -0.4 | | BZSOCI 6 04/13/29 | 95.4 | -0.4 | | EHICAR 7 09/21/26 | 76.5 | -0.4 | | INTNED 5 3/4 PERP | 99.9 | -0.3 | | NWDEVL 4.8 PERP | 57.3 | -0.3 | ## 📊 Macro News Recap - **S&P (+1.06%)**, **Dow (+1.18%)**, and **Nasdaq (+1.14%)** were higher on Thursday. - **US Aug'26 S&P Global Services PMI** was 56.5, lower than the market expectation of 56.8. - **US Aug'26 ISM Non-Manufacturing Prices/PMI** were 72.6/55.4, respectively, higher than the market expectation of 70.0/54.1. - **UST yield** was lower yesterday, with 2/5/10/30 year yields at 4.34%/4.52%/4.77%/5.25%. ## 📋 Desk Analyst Comments ### 📋 INCLEN/INGPHL/RPVIN - **1QFY27 earnings momentum** supports stronger cash generation. - **Maintain buy** on **INCLEN 4.5 04/18/27** due to diversified income sources and generation mix, despite structural subordination risk. ### 📋 ReNew Energy (ReNew) - **Credit profile** is supported by resilient operating cash generation, a growing renewables portfolio, and its scaled market position as India's second-largest renewable operator by installed capacity after Adani Green. - **INCLEN 4.5 04/18/27** is preferred within the ReNew complex. - **1QFY27 results** showed strong performance: - **Revenue** up 14.3% yoy to INR44.6bn. - **Adj. EBITDA** up 11.7% yoy to INR30.4bn. - **Profit before tax** up 7.9% yoy to INR8.343bn. - **Operating cash flow** up 81.6% yoy to INR21.6bn. - **Capex** remained manageable at INR26.4bn. - **Cash and bank balances** increased 10.5% qoq to INR76.8bn. - **ReNew** targets 1.6-2.4GW of construction completion in FY27, which should support further EBITDA expansion. - **Proposed take-private** by the consortium of founder Sumant Sinha and CPP Investments at USD7.02/share is potentially supportive over the medium term. - **Post-privatization**, ReNew will remain subject to bond reporting obligations, though disclosure may be less frequent and less extensive than under current listing requirements. ### 📋 1QFY27 Financial Highlights | Metric | 1QFY26 (INR mn) | 1QFY27 (INR mn) | Change | |------------------------|-----------------|-----------------|----------| | Revenue | 38,998 | 44,581 | +14.3% | | Adj. EBITDA | 27,220 | 30,392 | +11.7% | | Profit before tax | 7,731 | 8,343 | +7.9% | | Operating cash flow | 11,876 | 21,570 | +81.6% | | Capex | 25,248 | 26,387 | +4.5% | | Cashflow to equity (CFe)| 15,325 | 12,838 | -16.2% | | Plant Load Factor | 1QFY26 (%) | 1QFY27 (%) | Change | |-------------------------|------------|------------|----------| | Wind | 32.8 | 32.0 | -0.8 ppts | | Solar | 24.6 | 22.4 | -2.2 ppts | | Cash and Bank Balances | Mar'26 (INR mn) | Jun'26 (INR mn) | Change | |------------------------|----------------|-----------------|----------| | Cash and bank balances | 69,551 | 76,832 | +10.5% | | Total Debt | Mar'26 (INR mn) | Jun'26 (INR mn) | Change | |------------------------|----------------|-----------------|----------| | Total debt | 785,246 | 806,952 | +2.8% | | Net debt | 715,695 | 730,120 | +2.0% | | Net debt/adj. LTM EBITDA | 7.3x | 7.2x | - | ## 📝 Offshore Asia New Issues (Priced) | Issuer/Guarantor | Size (USD mn) | Tenor | Coupon | Priced | Issue Rating(M/S/F) | |------------------------------|---------------|-----------|----------|--------|----------------------| | Bank Mandiri Persero Tbk | 750 | PerpNC5 | 7.35% | 7.35% | Ba2/-/- | | Jinan Lixia Holdings Group | 300 | 3yr | 4.9% | 4.9% | -/-/BBB | | Tencent Music Entertainment | 500 | 5yr | 5.05% | T+60 | A2/A/- | | Tencent Music Entertainment | 500 | 10yr | 5.65% | T+95 | A2/A/- | ## 📝 Offshore Asia New Issues (Pipeline) - **No offshore Asia new issues pipeline** today. ## 📰 News and Market Color - **Onshore primary issuances**: 77 credit bonds issued yesterday, totaling RMB161bn. Month-to-date: 281 credit bonds issued, RMB330bn raised, a 314.9% yoy increase. - **EHICAR**: Media reported eHi may fully redeem USD97.1mn EHICAR 7 09/21/26 at maturity. - **LNGFOR**: Media reported Longfor prepared sufficient funds to repay RMB1.3bn bank loan due later Sep'26. - **NSINTW**: Nan Shan Life 1H26 insurance revenue up 3% yoy to TWD62.7bn, but operating profit down 41.7% yoy to TWD38.5bn. - **WESCHI**: S&P expected West China Cement to increasingly benefit from expanding overseas operations, which may offset weakness in the China market. - **ZYAMCL**: Fitch affirmed Zhongyuan AMC BBB rating and revised the outlook to positive. ## 📞 Contact Information - **Fixed Income Department** - Tel: 852 3900 0801 / 852 3761 8919 - Email: fis@cmbi.com.hk ## 📝 Author Certification - The author certifies that the views expressed accurately reflect personal views and that no part of compensation was related to the report's content. - No trading in the covered stocks within 30 days before the report's issue date. - No trading in the covered stocks within 3 business days after the report's issue date. - No financial interests in the covered companies. ## 📌 Important Disclosures - **Investment Risks**: There are risks in transacting in any securities. Past performance does not guarantee future results. - **No Investment Advice**: This report is not investment advice and is based on publicly available information. - **Disclaimer**: CMBIGM is not liable for any loss, damage, or expense incurred from relying on this report. - **Use and Distribution**: This report is for intended recipients only and may not be reproduced, reprinted, sold, redistributed, or published without prior written consent. - **Legal Responsibility**: CMBISG accepts legal responsibility for Singapore recipients who are not Accredited Investors, Expert Investors, or Institutional Investors. ## 📌 Regulatory Disclaimer - **UK**: This report is only for persons falling within Article 19(5) or Article 49(2) of the Financial Services and Markets Act 2000. - **US**: CMBIGM is not a registered broker-dealer in the US. Report is for "major US institutional investors" only. - **Singapore**: CMBISG is an Exempt Financial Adviser and regulated by MAS. Report may be distributed to non-accredited investors only to the extent required by law. ```