Report Industry Investment Rating - No relevant information provided Core Viewpoints - The new TOHOKU 31 tightened 5bps from RO at T+70, while the new NTT Float 31 and OCBCSP 36 hovered around ROs. The secondary Chinese IG space overall closed unchanged. There were balanced flows on TMT names, better buying in CCAMCL FRNs and front - end ORIEAS, and better selling on FRESHK 27 - 29s. EHICAR 26 dropped 0.5pt, while EHICAR 27 closed unchanged. In HK, sentiment on HK property gradually recovered, with some bonds gaining and others losing. In Chinese properties, some bonds gained and some lost. In KR space, new issues widened, and long - end bonds traded wider. JP insurance subs and Yankee AT1s remained stable. In SE Asian space, MEDCIJ 27 was down, and some bonds rose. In the Middle East, PBs were selling long - end KSA/ARAMCO, and global RMs were buying 2 - 5yr FABUHs. The LGFV space closed largely unchanged [2] - The new SUMITR Float 29s tightened 10bps from RO at SOFR+71, and SUMITR Float 31s tightened 17 - 18bps from RO at SOFR+89. Fixed - rate SUMITR new issues had different performances, and Asia IG space were 2 - 4bps wider. INCLEN/INGPHL/RPVIN had solid 3QFY26 earnings and were on track to FY26 guidance. YLLGSP's FY25 results stabilized with narrowing losses, a rebound in gross margin, and a healthy gearing ratio, and YLLGSP 26 was unchanged [3] - ReNew Energy (RNW)'s credit profile is underpinned by robust operating cash inflows and scalable advantages. INCLEN 4.5 04/18/27 is preferred within the ReNew Energy complex, and a buy is maintained on it despite less compelling valuation. RNW benefits from diversification and resilient cash flow generation, with revenue and adj. EBITDA increasing and loss before tax narrowing in 3QFY26 and 9MFY26. It is on track to meet FY26 guidance, and is pivoting to a more solar - heavy portfolio, which is credit positive. Leverage is expected to decline, and it early redeemed a bond and has refinancing risk for some outstanding bonds [7][10][13][14] Summary by Directory Trading Desk Comments - New issuance: TOHOKU 31 tightened 5bps from RO at T+70; NTT Float 31 and OCBCSP 36 hovered around ROs [2] - Secondary Chinese IG space: Overall closed unchanged, with balanced flows on TMT names, better buying in CCAMCL FRNs and front - end ORIEAS, and better selling on FRESHK 27 - 29s [2] - EHICAR: EHICAR 26 dropped 0.5pt, EHICAR 27 closed unchanged [2] - HK property: Sentiment gradually recovered, NWDEVL/VDNWDL Perps gained 0.1 - 1.3pts, HYSAN 4.85 Perp edged 0.6pt higher, MTRC 5.625 Perp/LASUDE 26 were 0.1pt higher, FAEACO 12.814 Perp lost 0.4pt [2] - Chinese properties: FUTLAN 28/FTLNHD 26 - 27 gained up to 0.6pt, new FTLNHD 29 was priced at 97.095 and YTM 13%, VNKRLE 27 - 29 lost 0.5pt, LNGFOR 27 - 32 were 0.1pt lower to 0.3pt higher [2] - KR space: New issues DAESEC 29 - 31 widened 1bp, long - end EIBKOR/LGENSO/POHANG traded 1 - 3bps wider [2] - JP insurance subs and Yankee AT1s: Remained stable with flows largely from retail accounts [2] - SE Asian space: MEDCIJ 27 was down by 0.3pt, rest of MEDCIJ 26 - 30s were unchanged to 0.1pt higher, ACPM Perps rose 0.9 - 1.3pts, ACNRGY 5.1 Perp gained 1.4pts [2] - Middle East: PBs were selling long - end KSA/ARAMCO, global RMs were buying 2 - 5yr FABUHs [2] - LGFV space: Closed largely unchanged amid moderate two - way flows [2] Analyst Comments - INCLEN/INGPHL/RPVIN: Had solid 3QFY26 earnings and were on track to FY26 guidance [3][7] - YLLGSP: FY25 results stabilized with narrowing losses, gross margin rebounded to 27.4% in FY25 from 9.4% in FY24, and gearing ratio was 43.6%. YLLGSP 26 was unchanged [3] - ReNew Energy (RNW): Credit profile is underpinned by robust operating cash inflows and scalable advantages. INCLEN 4.5 04/18/27 is preferred. In 3QFY26, revenue rose 36% yoy to INR25.1bn, adj. EBITDA increased 54% yoy to INR21.4bn, and loss before tax narrowed by 83% yoy to INR505mn. In 9MFY26, revenue rose 48% yoy to INR100.4bn, adj. EBITDA increased 31% yoy to INR74.8bn, and profit before tax up 83% yoy to INR12.8bn. It is on track to meet FY26 guidance, is pivoting to a more solar - heavy portfolio, and leverage is expected to decline. It early redeemed USD525mn RNW 7.95 07/28/26 and has refinancing risk for some outstanding bonds [7][10][13][14] Macro News Recap - S&P (-0.54%), Dow (+0.03%) and Nasdaq (-1.18%) were mixed on Thursday. US latest initial jobless claims were +212k, lower than the market expectation of +217k. UST yield was lower on Thursday, with 2/5/10/30 year yield at 3.42%/3.57%/4.02%/4.67% [6] Offshore Asia New Issues Priced | Issuer/Guarantor | Size (USD mn) | Tenor | Coupon | Priced | Issue Rating (M/S/F) | | --- | --- | --- | --- | --- | --- | | Emirate of Abu Dhabi | 1250/1750 | 5yr/10yr | 3.75%/4.25% | T+20/T+25 | -/AA/AA | | New Metro Global | 355 | 3yr | 11.8% | 13.0% | -/B - /- | | Qatar Islamic Bank | 750/500/750 | 5yr/3yr/3yr | 4.402%/3.95%/SOFR+71 | T+80/T+53/SOFR+71 | -/-/A | | Sumitomo Mitsui Trust | 500/750/500 | 5yr/5yr/10yr | 4.20%/SOFR+89/4.8% | T+65/SOFR+89/T+80 | A1/A/- | [20] Pipeline - No Offshore Asia New Issues Pipeline Today [21] News and Market Color - Onshore primary issuances: 76 credit bonds were issued yesterday with an amount of RMB53bn. Month - to - date, 1,041 credit bonds were issued with a total amount of RMB795bn raised, representing a 27.2% yoy decrease [22] - ARAMCO: Canceled some liquefied petroleum gas deliveries after damage to a delivery system at its Juaymah facility [22] - CKHH: Agreed to sell 100% of UK Power Networks Holdings to France's Engie for cUSD14.2bn [22] - CTFSHK: 1HFY26 adjusted EBITDA rose 0.97% yoy to HKD3.6bn (cUSD459mn) [22] - DALWAN: Sold Changzhou Xinbei Wanda Plaza Investment [22] - FOSUNI: Fosun pharma business to issue corporate bonds for up to RMB6bn (cUSD872.7mn) [22] - KDB: Will review the privatisation of Korean shipping firm HMM after the shipper's relocation to Busan is completed [22] - IIFOIN: Plans to raise USD500 - 750mn via external commercial borrowings and USD social bonds in Mar'26 [22] - NIO: Certain Chinese investors will infuse RMB2.3bn (cUSD329mn) in its subsidiary, GeniTech, by subscribing to its shares [22] - PTTGC: Estimated its capex for the 2026 - 2030 period totaled USD553mn [29] - TAISEM: Net revenue up 32% in FY25 to TWD3.8tn (cUSD121.6bn) [29]