> **来源：[研报客](https://pc.yanbaoke.cn)** # 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**.