20260803-招银国际-Fixed_Income_Daily_Market_Update_5页_464kb

报告摘要

CMBI Fixed Income Daily Market Update Summary

Core Content Overview

This document provides a detailed summary of the fixed income market activity and key company updates in Asia and related markets for the day. It includes market movements, analyst comments, macroeconomic news, and new issue pipelines.

Market Update

Asia IG Space: Remained unchanged, with a tightening of 2bps.
JP Financial and FUBHKL 36: Experienced better selling, while FRNs with spreads >100bps were unchanged due to cash-parking activities.
AT1s, Insurance Subs, and Higher-Yielding Papers: Showed light two-way flows from PBs.
SOFTBK 35: Rose by 0.5pt.
CNH HY LGFVs: Remained largely unchanged, with better buying observed.
GLPCHI: FY25 net loss narrowed by 60% yoy to RMB3.6bn (cUSD528mn), driven by eased valuation losses and profit returns from major subsidiaries. GLPCHI/GLPSP gained 0.1-0.4pt.

Trading Desk Comments

Asia IG: Closed unchanged to 5bps wider. Better selling occurred in 10yr papers across BABA, TENCNT, KUAISH, MEITUA, and TW lifers NSINTW, SHIKON. Better buying was seen in FUBON 41.
JP Space: FRNs were unchanged, with PBs buying front-end SMBCAC/NTT.
KR Space: HYUELEs widened 5bps. POSCO, HYNMTR, and SAMAER widened 2-5bps due to lighter selling pressure.
Higher-Yielding Space: SOFTBKs led the market, rising 0.3-2.2pts due to short covering and RM buying. JP insurance subs were 0.3pt firmer. European AT1s edged 0.3pt higher with two-way flows. SE Asia GENTMK Perps gained 0.4-0.5pt. VEDLNs were unchanged to 0.2pt higher.
Greater China: VNKRLE 27-29 rose 1.0-1.6pts. REGH 6.5 Perp increased by 1.8pts. LASUDE closed 0.2-0.6pt higher. HONGQIs were unchanged to 0.1pt lower.
CNH LGFVs: Higher-yielding names saw compression towards inside 7%, while CNH ZHHFGR 6 Perp closed 0.1pt higher.

Top Movers

Top Performers	Price	Change
SOFTBK 8 1/2 04/22/36	100.5	2.2
SOFTBK 8 1/4 10/22/31	100.9	2.0
SOFTBK 7 5/8 04/29/61	94.9	1.9
REGH 6 1/2 PERP	33.2	1.8
SOFTBK 8 1/4 10/29/65	96.7	1.7

Top Underperformers	Price	Change
CKINF 4.85 PERP	81.3	-1.0
CKINF 4.2 PERP	70.7	-0.8
TOPTB 5 3/8 11/20/48	89.0	-0.8
MTRC 5 1/4 04/01/55	94.7	-0.8
HAOHUA 5 1/2 03/14/48	95.9	-0.7

Macro News Recap

S&P, Dow, Nasdaq: All closed higher on last Friday.
US Jul'26 Chicago PMI: At 57.6, higher than the market expectation of 56.0.
UST Yields: Increased, with 2/5/10/30 year yields at 4.28%/4.45%/4.75%/5.27%.

Desk Analyst Comments

HONGQI: Private Placement Underscores Strong Funding Access

Private Placement: China Hongqiao's subsidiary proposed to raise up to RMB12bn (cUSD1.8bn) for wind and photovoltaic projects, repayment of bank loans, and working capital.
Funding Sources: Any shortfall will be covered by alternative sources.
Equity Dilution: Expected to dilute HONGQI's equity interest in Hongqiao Holdings by no more than 10%.
Operating Performance: HONGQI issued a positive profit alert, indicating a 39% yoy net profit growth in 1H26.
Credit Profile: Ongoing net debt reduction and improved liquidity support its creditworthiness.
Valuation View: Current valuations have largely priced in the favorable aluminum price environment, leading to a neutral stance.
Preferred Security: CWAHK 5.875 10/22/30 is highlighted for its better risk-return profile.

Table 1: HONGQI and Chinese HY Peers

Security Name	ISIN	Amt o/s (USDmn)	Ask px	YTM	Mod Dur	Issue Rating (M/S/F)
BTSDF 9 1/8 07/24/28	XS2971969287	300	105.3	6.2%	0.9	Ba3/BB/-
CWAHK 5.875 10/22/30	XS3201944314	300	95.5	7.1%	3.6	Ba1/BB+/-
FOSUNI 8 1⁄2 05/19/28	XS2922957746	500	101.9	7.3%	1.6	-/BB-/-
FOSUNI 6.8 09/09/29	XS3175828113	400	98.1	7.5%	2.7	-/BB-/-
HONGQI 7.05 01/10/28	XS2968971676	330	101.8	5.7%	1.3	-/-/BB+
HONGQI 6.925 11/29/28	XS3084116055	270	102.6	5.7%	2.1	-/BB/BB+

Offshore Asia New Issues

Priced Today: No new issues were priced.
Pipeline: Korean Air Lines has a USD-denominated 3-year issue with a T+90 pricing, rated Aa3/-/-.

News and Market Color

Onshore Primary Issuances: 61 credit bonds issued last Friday totaling RMB35bn. In Jul'26, 2,166 credit bonds were issued for RMB2,232bn, a 4.2% yoy increase.
Macau Gaming Revenue: Down 8.4% yoy to MOP20.3bn (cUSD2.5bn) in Jul'26.
BHP Group: Workers at Port Hedland plan 48-hour strikes to pressure for better pay.
HSBC: Sold Egypt retail banking business to Emirates NBD, expected to generate USD0.3bn pre-tax gain.
Kyushu Electric Power: 1QFY27 net sales rose 6.9% yoy to JPY532.7bn (cUSD3.3bn).
LG Chem: 1H26 sales rose 7.9% yoy to KRW26.4tn (cUSD18.4bn).
Marubeni: 1QFY27 revenue jumped 21% yoy to JPY2.6tn (cUSD16.6bn).
Sinochem: Sold 14% stake in Pirelli for USD1.1bn, reducing stake to 20.1%.
SoftBank Group: Injecting JPY200bn (cUSD1.3bn) into 7-Eleven's parent company as part of a strategic partnership.
Vedanta Resources: Redeeming up to USD290.627mn VEDLN 11 1/4 12/03/31 and USD130mn VEDLN 9.85 04/24/33 on 7 Aug'26.
China Vanke: Provided credit enhancement by pledging RMB1.2bn (cUSD177.5mn) of accounts receivable. Fitch upgraded China Vanke to CC from RD.
Westpac: Completed sale of RAMS mortgage portfolio, increasing CET1 ratio by 23bps.

Important Disclosures

Investment Risks: All securities transactions involve risks. The information may not be suitable for all investors.
No Tailored Advice: CMBIGM does not provide individually tailored investment advice.
No Liability: CMBIGM and its affiliates are not liable for any losses or damages arising from reliance on the report.
Information Accuracy: Information is based on publicly available data and may be subject to change.
Conflict of Interest: CMBIGM may have investment banking relationships with issuers, which could affect objectivity.

Disclaimer

UK Recipients: The report is provided only to persons within specific categories of the Financial Services and Markets Act 2000.
US Recipients: CMBIGM is not a registered broker-dealer in the US. Report is for "major US institutional investors" only.
Singapore Recipients: Distributed by CMBISG, an Exempt Financial Adviser. Legal responsibility applies only to Accredited Investors, Expert Investors, or Institutional Investors.

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