20260608-招银国际-Fixed_Income_Daily_Market_Update_7页_819kb

报告摘要

CMBI Credit Commentary Summary

Core Content Overview

This document provides a comprehensive market update and analysis on fixed income markets in Asia, the Middle East, and other regions, with a focus on USD and Dim Sum bond issuances, credit spreads, and market movements. It also includes key macroeconomic news and analyst comments.

Market Update

Asian IG Space

The Asian Investment Grade (IG) space was 1-5bps wider this morning with quiet flows.
GARUDA 31 lost 1.3pts.
SOFTBK 35-36s were 0.6-0.9pt lower.
VNKRLE 27/EHICAR 26 gained 0.2pt.
GLPSP 4.6 Perp was 0.2pt higher.

Chinese/HK Market

Long-end BABA and MEITUA widened 3-5bps and 1-3bps, respectively.
XIAOMI 30-31s traded 3-4bps wider.
HAOHUA 29-30s showed mixed two-way flows, closing unchanged.
ROADKG 28-30s lost 1.9-2.3pts.
Road King Infrastructure is likely to face more delays in its debt restructuring due to opposing bondholders not accepting the RSA and pushing for winding up of New Select/RKE.
NWDEVL/VDNWDL Perps were 0.2pt lower to 0.3pt higher.
NWD deferred distribution on NWDEVL 10.131 Perp and NWDEVL 5.25 Perp to next payment dates.
LNGFOR 27-32 were unchanged to 0.3pt higher.
KR credits closed largely unchanged, with small profit-taking on HYUELE 29-33s.

SE Asian Space

OCBCSP 35-36s tightened 1-2bps.
EXIMBK curve traded 1-3bps wider.
SMCGL Perps were unchanged to 0.2pt lower.

AU Market

NAB/ANZ/WSTP IG credits widened 1-3bps due to Chinese RM selling.

Japanese and European AT1s

Long-end issues closed unchanged to 0.3pt lower.

LGFV Space

Better selling was observed across the USD credit curve.
Non-LGFV CNH papers retraced by 0.3-0.4pt due to profit-taking flows from AMs.

Bond Issuance Data

Gross USD Bonds Issuance

Asia Pacific gross USD bonds issuance decreased 2.7% yoy in 5M26 to USD166.7bn.
China gross USD bonds issuance fell 46.0% yoy in May'26 to USD4.8bn.
Middle East gross USD bonds issuance decreased 11.3% yoy in May'26 to USD15.6bn.
Asia ex-JP, AU & NZ gross USD bonds issuance increased 2.9% yoy in May'26 to USD15.9bn.

Dim Sum Bonds Issuance

Asia Pacific Dim Sum bonds issuance increased 230.8% yoy in May'26 to RMB101.9bn.
Cumulative 5M26 Dim Sum bonds issuance was RMB447.5bn, a 27.9% yoy increase.
Asia ex-JP, AU & NZ Dim Sum bonds issuance was RMB100.6bn in May'26, a 729.4% yoy increase.
Cumulative 5M26 Dim Sum bonds issuance was RMB443.4bn, a 54.2% yoy decrease.

Key Issuers and Events

FRESHK: Far East Horizon fully converted USD250mn FRESHK 0 06/15/26 into ordinary shares. FRESHKs were unchanged in spreads.
HYUELE: SK Hynix will produce memory chips for Nvidia's new CPUs.
JD.com: Plans to open up to nine brick-and-mortar home and home appliance stores in Hong Kong over the next three years.
JFCPM: Jollibee Foods is considering moving a potential spin-off and international business listing to Hong Kong from the US.
LIFUNG: S&P affirmed Li & Fung's rating at BB on the New Advent acquisition; outlook remains stable.
NWDEVL: NWD deferred distribution on its USD Perps.
PCGIHD: PCGI completed early redemption of all outstanding USD225mn PCGIHD 4.5 08/23/26.
STCITY: Studio City completed early redemption of USD153.58m of outstanding STCITY 7 02/15/27 on 5 Jun'26.
WYNMAC: Wynn Macau cut the conversion price of its USD600mn WYNMAC 4.5 03/07/29 (CB) due to the payment of a 2025 dividend.
VEDLN: India government plans to sell up to 2% stake in Hindustan Zinc to raise up to INR50bn (cUSD522mn).
DIBUH: Dubai Islamic Bank considers issuing USD AT1 sukuk in coming weeks.
CFAMCI: A senior executive at China CITIC Financial Asset Management was arrested amid an anti-graft campaign.

Macro News Recap

S&P, Dow, Nasdaq all declined on last Friday: S&P (-2.64%), Dow (-1.35%), Nasdaq (-4.18%).
US May'26 Nonfarm Payrolls increased by +172k, higher than the market expectation of +85k.
Unemployment rate was 4.3%, in line with expectations.
UST yields increased on last Friday, with 2-year yield at 4.17%, 5-year at 4.29%, 10-year at 4.55%, and 30-year at 5.01%.

Market Movements

Top Performers

CSCHCN 4 1/2 08/19/27: 20.6, +1.4pt
LASUDE 5 07/28/26: 85.3, +0.5pt
PMBROV 11 1/2 02/18/30: 86.2, +0.4pt
IPTBZU 6.45 10/09/30: 101.0, +0.4pt
YUEXIU 3.8 01/20/31: 90.8, +0.3pt

Top Underperformers

ROADKG 5 1/8 01/26/30: 17.5, -2.3pt
ROADKG 5.9 09/05/28: 17.6, -2.2pt
ROADKG 5.2 07/12/29: 17.6, -2.0pt
ROADKG 6 03/04/29: 17.5, -1.9pt
VLLPM 7 1/4 07/20/27: 50.6, -1.5pt

Key Drivers and Trends

LGFV bonds: Sharp decline in USD and Dim Sum issuance due to rising offshore funding costs and tightened NDRC scrutiny.
Dim Sum bonds: Significant growth in issuance, especially in Asia ex-JP, AU & NZ, driven by increased activity from China, the US, and Hong Kong.
Onshore primary issuances: 69 credit bonds issued last Friday with RMB72bn, and 411 credit bonds issued month-to-date with RMB439bn, representing an 84.4% yoy increase.
Regulatory impact: Tightened NDRC scrutiny and the Southbound Bond Connect restrictions have contributed to lower Dim Sum LGFV issuance.

Contact Information

Glenn Ko, CFA: (852) 3657 6235 | glennko@cmbi.com.hk
Cyrena Ng, CPA: (852) 3900 0801 | cyrenang@cmbi.com.hk
Yujing Zhang: (852) 3900 0830 | zhangyujing@cmbi.com.hk

Important Disclosures

This report is for informational purposes only and does not constitute investment advice.
The information is based on publicly available data and may not be accurate or complete.
CMBIGM is not a registered broker-dealer in the United States and does not provide investment advice to U.S. investors.
In Singapore, CMBISG is an Exempt Financial Adviser and regulated by MAS.
The report may contain conflicts of interest, and CMBIGM assumes no responsibility for any reliance on the information provided.

Disclaimer

The report is provided only to specific categories of investors in the UK, US, and Singapore, as outlined in the document.
Unauthorized reproduction, distribution, or use of the report is prohibited without prior written consent.

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