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Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hkCyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hkJerryWang王世超(852)3761 8919jerrywang@cmbi.com.hkCMBI Fixed Incomefis@cmbi.com.hk CNH names such as SHGZON 27s/TZXHIG 28s. In SOE perps, CTIH Perp was 0.2pt higher.LastTradingDay’s Top MoversTop PerformersPriceChangeTop UnderperformersPriceVEDLN 9.85 04/24/3394.44.1SINOCH 6.3 11/12/40106.7VEDLN 11 1/4 12/03/31100.23.3HAOHUA 3.7 09/22/50VEDLN 9.475 07/24/3094.73.2CHGDNU 4.8 09/11/48VEDLN 10 7/8 09/17/2998.62.6NWDEVL 6.15 PERPINDYIJ 8 3/4 05/07/2997.52.4NWDEVL 4.8 PERPMarcoNews Recap宏观新闻回顾Macro–S&P (+3.26%), Dow (+2.81%) and Nasdaq(+4.35%) were higher on Monday. The US and China haveagreed to put most tariffs on pause for 90 days. The US will cut tariffs imposed on Chinese imports to 30% from145% while China would cut tariffs on US imports to 10% from 125%. US to lower the de minimis tariff to 54%from 120%. UST yield was higher on Monday, 2/5/10/30 yield at 3.98%/4.09%/4.45%/4.89%.Desk Analyst Comments分析员市场观点Asia exJP USD bonds issuance: Gross issuance increased 43.7% yoy in 4M25In Apr’25, the gross issuance ofAsia exJP USD bonds (excl. supranational banks) increased by 81.7% yoy toUSD22.2bn from USD12.2bn in Apr’24. China (USD7.4bn), Malaysia (USD5.0bn) and South Korea (USD3.2bn)were amongst the largest issuers. IGs contributed 84.4% of the gross issuanceamount. Issuance from LGFVsand financials totaled USD5.5bn and USD5.2bn, accounting for 24.7% and 23.2% of total gross issuance ofthe month, respectively.In 4M25, gross issuance of Asia exJP USD bonds increased 43.8% yoy to USD70.3bn.China (USD25.9bn), South Korea (USD13.0bn), Hong Kong (USD8.2bn) were the major issuers. Financialinstitutions issued USD bonds totaled USD26.5bn, accounting for 37.7% of the gross issuance amount.For Chinese USD bonds,the gross issuance totaledUSD7.4bn in Apr’25.IGs and unrated contributed 70.2%and 29.8% of the gross issuance amount,respectively. Issuance from LGFVs and financials totaled USD5.5bnand USD1.9bn, accounting for 73.7% and 26.3% of the gross issuance amount in Apr’25, respectively.In 4M25,the gross issuance of Chinese USD bonds totaled USD25.9bn. IGs, HYs, and unrated contributed 49.4%, 6.5%and 44.1% of the gross issuance amount, respectively. Issuance from LGFVs and financials totaled USD15.1bnand USD7.8bn, accounting for 58.4% and 30.3% of gross issuance amount in 4M25, respectively.The offshore LGFV USD bonds issuance (including only issues with an issue size of at least USD100mn) wasUSD5.5bn in Apr’25, compared with USD1.4bn in Apr’24. In 4M25, the gross issuance was USD15.1bn,compared to USD4.3bn in 4M24.On the other hand, the Asia exJP Dim Sum bonds issuance in Apr’25 rose 7.7% yoy to USD3.2bn equivalentfrom USD3.0bn equivalent in Apr’24, partly reflected the lower funding costs of dim sum bondissuance, as wellas issuances from sovereign and entities from China and HK. In 4M25, the gross issuance was USD29.0bnequivalent, increased 27.4% yoy from USD22.8bn equivalent in 4M24. On LGFV Dim Sum issuance, the grossissuance in Apr’25 decreased by59.2% yoy to USD0.7bn equivalent from USD1.7bn equivalent in Apr’24. In4M25, the gross issuance was USD3.4bn equivalent, down 57.6% yoy from USD8.1bn equivalent from 4M24.  2 Source: Bloomberg.Source: Bloomberg. China Economy:Tariff shock amplifies deflationary dragApril CPI remained in negative territory, as the trade war exerted downward pressure on energy prices and theprice levels of exportoriented industries. Tourism price rebounded supported by the Qingming holiday, whileprices for other services and durablegoods remained subdued. PPI further deteriorated due to sliding globalcommodity prices and soft domestic construction activities. The tariff shock is expected to weaken externaldemand and dampen domestic demand through confidence channels, exacerbatingovercapacity. The currentstimulus package may prove insufficient amid intensifying deflationary pressures, as policy efforts in 2Q25 focuson monetary and financial market measures. Based on the assessment of economic damage and thepreliminary outcome ofU.S.China negotiations, policymakers are expected to announce the scale of fiscal andconsumption support for the second half of the year at the early July Politburo meeting. In 2H25, we expect afurther 10 bps LPR cut, along with a possible moderate increase in the broad fiscal deficit. Policy may alsostrengthen transfer payments to lowand middleincome households, the social security system, and multichild families to more effectively boost household consumption. CPI and PPI may rise from 0.2% and2.2% in2024 to 0.3% and1% in 2025.CPI stays negative on falling energy prices.China’s CPI YoY stayed flat at0.1% in Apr, slightly abovemarket expectation at0.15%. In sequential terms, CPI bounced up to 0.1% in Apr from0.4% in Mar.Foodpricerose to 0.2% MoM in Jan after dropping 0.9% in Mar, as reduced imports drove a 3.9% increase in beefprices. Pork prices also narrowed its d