20260821-招银国际-Fixed_Income_Daily_Market_Update_5页_596kb

报告摘要

CMBI Credit Commentary Summary

Core Content Overview

This document provides a detailed market update and analysis for the fixed income market in Asia, with a focus on China's property sector, offshore credit markets, and macroeconomic developments. It includes insights on bond price movements, new issues, and analyst comments, along with important disclosures and legal disclaimers.

Key Market Movements

Asian IG and HY Bonds

Asian IG space remained unchanged, with a widening of 2bps.
HYUSEC'29 tightened by approximately 8bps.
New MITSCO'31 widened by c2bps.
HDFCB'29/31 tightened by c5/7bps, respectively.
CNH LGFV space saw better buying flows, with the new CNH LCTIGP 3.5 29 rising c0.2pt under RMs buying.
LGFV space was stable with CNH AAA-guaranteed issues yielding above 3%, further compressed due to RM demand.

Offshore Asia New Issues

No new issues priced today.
Pipeline: Union Bank of India has a USD issuance planned with a 3/5yr tenor and a rating of BBB-.

Global Market Highlights

UST yield rallied on Thursday, with 2/5/10/30 year yields at 4.19%/4.39%/4.69%/5.23%, respectively.
S&P, Dow, and Nasdaq all retreated on Thursday, with declines of -0.86%, -1.31%, -1.00%, respectively.
US initial jobless claims increased by +206k, below expectations of +210k.

Chinese Property Sector Analysis

Contracted Sales Performance

July 2026 contracted sales for 30 developers under observation fell 15.4% yoy to RMB866.7bn.
July 2026 MoM Growth showed a decline of -15.4% from 1H26.
Top Performers:
- CHIOLI (China Overseas): +13% yoy
- CHJMAO (China Jinmao): +8% yoy
- CRHZCH (China Resources Land): +6% yoy
Bottom Performers:
- REDSUN/HONGSL: -66% yoy
- SUNAC: -60% yoy
- HPDLF: -58% yoy

Key Observations

The initial boost from supportive measures is fading.
Weak buyer confidence, soft price expectations, and delivery concerns continue to constrain demand.
Measures to improve housing affordability have not yet changed purchase decisions significantly.
Policy easing is expected to be more city-specific rather than nationwide.
Beijing and Shanghai announced new supportive measures in August 2026, which may help higher-tier cities recover faster due to stronger employment and fiscal capacity.

Trading Desk Comments

Asia IG space: China IG benchmarks were 3bps wider.
KUAISH underperformed amid equity weakness.
SOEs HAOHUA/CNOOC experienced selective selling.
KR credit weakness focused on HYUELE, with 29s/31s widening 2-4bps.
Small AM buying emerged in the 33s for curve-shape plays.
DAESEC widened 1-2bps.
JP space: CHIBAB 31 opened 1bp tighter but drifted back to unchanged at close.
SUMIBK 46/47 saw long-end profit-taking amid the long-end rate rally.
BBLTB sub-curve across '34s/'36s/'40s widened 2-3bps under heavy selling flows.

Top Movers (Last Trading Day)

Top Performers	Price	Change
VLLPM 7 1/4 07/20/27	74.1	+2.4
VLLPM 9 3/8 07/29/29	57.4	+1.3
LOGPH 4.85 12/14/26	8.7	+0.9
CITLTD 4 3/4 02/04/36	93.8	+0.4
SMCGL 8 1/8 PERP	100.5	+0.3

Top Underperformers	Price	Change
MTRC 5 1/4 04/01/55	94.9	-1.0
TACHEM 5.8 07/05/64	93.8	-0.9
TACHEM 5.65 07/05/54	93.4	-0.9
RIOLN 5 7/8 03/14/65	96.7	-0.9
RIOLN 5 3/4 03/14/55	96.5	-0.9

News and Market Color

Onshore primary issuances totaled 148 credit bonds worth RMB217bn yesterday, with a 13.8% yoy increase month-to-date.
PBOC kept 1/5yr LPR unchanged at 3.0%/3.5%.
Alibaba reported 1Q27 adjusted EBITDA of RMB39.1bn, down 14% yoy.
Moody's maintained Studio City's ratings at B1 (CFR) and Ba3 (USD senior secured bond).
West China Cement will hold fixed-income investor meetings from 26 Aug'26.

Important Disclosures

CMBIGM does not provide individually tailored investment advice.
Past performance is not indicative of future results.
The value and returns of investments are uncertain and may fluctuate.
This report is for information purposes only and should not be construed as an offer or solicitation.
CMBIGM is not liable for any losses incurred from reliance on the report.
The report is subject to change without notice.
CMBIGM may issue other reports with differing information and conclusions.
The report may include investment decisions or proprietary positions inconsistent with its recommendations.

Legal Disclaimers

UK Recipients: The report is only for those falling under Article 19(5) or Article 49(2)(a)-(d) of the Order.
US Recipients: CMBIGM is not a registered broker-dealer in the US, and the report is only for major US institutional investors.
Singapore Recipients: The report is distributed by CMBISG, an Exempt Financial Adviser, and is only for Accredited Investors, Expert Investors, or Institutional Investors.