20260427-招银国际-Fixed_Income_Daily_Market_Update_7页_978kb

CMBI Credit Commentary Summary

Core Content Overview

This document is a Fixed Income Daily Market Update from CMBI Credit Commentary, providing insights into the market movements, issuer-specific updates, and macroeconomic news affecting fixed income instruments. The report includes trading desk comments, desk analyst insights, and news and market color for various sectors and regions.

Key Market Movements

Asian IG Space

• Tightened 1-3bps this morning.
• YPCORP 29 lost 0.6pt.
• NWDEVL 30 leaked 0.4pt.
• SHUION 26-29 were 0.1-0.2pt lower.
• Shui On Land circulated $9.5%$ FPG for a proposed tap of SHUION 29.
• WESCHI 28 recovered 0.8pt.
• FAEACO 12.814 Perp was 0.7pt higher.

CWAHK

• Proposed to tap CWAHK 30 to fund a concurrent tender offer for CWAHK 26.
• CWAHK 30 down 0.4pt this morning.
• CWAHK 26 is expected to be fully redeemed, making CWAHK 30 its sole outstanding USD bond after the redemption.
• The maximum acceptance amount will be announced on 29 Apr'26.

HYUELE

• Profit margins surged in 1Q26 due to sustained AI infrastructure demand.
• HYUELE 2.375 01/19/31 is maintained as a buy recommendation.
• HYUELEs were 1-2bps tighter this morning.

Trading Desk Comments

• CATLIF 41 closed 1bp wider from RO at T+128.
• Existing CATLIF curve widened 1-3bps, while FUBON/SHIKON/NSINTW were unchanged.
• BTSDF 28 leaked 0.1pt.
• CWAHK 26 was 0.1pt lower, while CWAHK 30 gained 0.4pt.
• WESCHI 28-29 lost 0.5-1.0pt.
• VNKRLE 27' and 29' gained 0.1-0.4pt.
• LNGFOR 27-32 were 0.1pt lower to 0.1pt higher.
• FAEACO 12.814 Perp/LIFUNG 5.25 Perp edged 0.1pt higher.
• SE Asian space saw ACPM/ACENPM Perps drop 0.9-1.8pts.
• BBNIJ Perps were unchanged to 0.1pt higher.
• SOFTBKs were up to 0.7pt higher.
• SoftBank US data center is being bid on by Google and Microsoft.
• Middle East credits faced selling pressure, with long-end ARAMCO/KSA and FABUH 31s down 0.3-0.5pt.
• LGFV space showed decent two-way flows, with AMs selling notes to tactical bondholders.

Macro News Recap

• S&P (+0.80%), Dow (-0.16%), and Nasdaq (+1.63%) were mixed on last Friday.
• UST yields were lower, with 2/5/10/30 year yields at 3.78%/3.92%/4.31%/4.91%.

Desk Analyst Comments

CWAHK: Tender Offer and Tap

• CWAHK proposes to tap CWAHK 30 at mid-6% YTW to fund the tender offer for CWAHK 26.
• CWAHK 30 is currently trading at 6.5% YTW.
• CWAHK 26 is expected to be fully redeemed, with CWAHK 30 becoming its sole outstanding USD bond.
• Tender offer details:
  • Security name: CWAHK 4.85 05/18/26
  • ISIN: XS2320779213
  • Amount outstanding: 325mn USD
  • Tender price: 100
  • Pricing of new bond: On or about 28 Apr'26
  • Maximum acceptance amount: To be announced on or about 29 Apr'26
  • Expiration deadline: 6 May'26 4pm GMT

HYUELE: SK Hynix Performance

• SK Hynix (Baa1/BBB+) has a strong market position and solid operating cash flow.
• HYUELEs offer a more balanced risk-return profile compared to peers like MUs (Baa2/BBB) and KIOXIs (NR/BB+).
• HYUELE 2.375 01/19/31 is trading at 91.3, with a YTM of 4.4%.
• SK Hynix reported record-high quarterly revenue of KRW52.6tn in 1Q26, up 60% qoq and 198% yoy.
• Operating profit almost doubled to KRW37.6tn, with a margin of 72%, up 14pct pt qoq and 30 pct pt yoy.
• DRAM and NAND showed strong pricing and moderate shipment changes.
• SK Hynix is expected to increase capex in FY26, but its strong operating cash flow and net cash position should support it.
• The company is planning to list on a US stock exchange via ADR offering in 2026.

Offshore Asia New Issues

Priced

• No new issues priced today.

Pipeline

• Kookmin Bank: USD, 3yr/5yr, SOFR+85/T+70, Aa3/A+/-.
• Korea Expressway Corporation: USD, 5yr, T+75, Aa2/AA/-.
• Shui On Land (Tap): USD, 3yr, 9.5%, Unrated.

News and Market Color

• Onshore primary issuances: 144 credit bonds issued last Friday with RMB107bn.
• Month-to-date: 1,984 credit bonds issued, raising RMB1,998bn, up 10.2% yoy.
• China issued guidelines on gig economy workers.
• Adani Green Energy total revenue rose 15.3% yoy to INR129.3bn.
• GLP set an investor meeting for 8 May'26.
• Mongolian Mortgage repurchased USD18.1mn of MGMTGE 11.5 01/18/27.
• Melco Resorts adjusted property EBITDA up 31.5% yoy to USD786.9mn.
• Nomura Holdings net revenue rose 14.5% yoy to JPY2.2tn.
• Moody's upgraded Peak Reinsurance to A3 from Baa1.
• SoftBank led a power plant project in the US receiving JPY220bn loan.
• Studio City adjusted EBITDA up 15.9% yoy to USD285mn.
• Tongyang Life Insurance sales rose 30.7% yoy to KRW1.1tn.

Important Disclosures

• The report is for informational purposes only and does not constitute investment advice.
• Past performance is not indicative of future performance.
• Investors are advised to consult professional financial advisors.
• CMBIGM is not a registered broker-dealer in the US, and the report is intended for major US institutional investors only.
• The report is distributed by CMBISG in Singapore, and recipients should contact them for any questions or matters.
• The report is subject to change without notice and may contain conflicting information with other publications.

Author Certification

• The author certifies that the views expressed in the report accurately reflect their personal views.
• The author has no financial interest in the securities or issuers discussed.
• The author has not traded in the stocks covered in the last 30 days and will not do so for the next 3 business days.