固定收益日报

PLEASE READ THE AUTHORCERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGEThenew CHEVBK Float 05/22/28 tightened 2bps from RO (SOFR+54) thismorning. NIPLIF/MYLIFE 55s were up 0.1-0.2pt. CSIPRO 28 down 0.2pt.HYSAN Perps were unchanged to 0.6pt lower. The new SDGOLD 4.6 28was unchanged around RO at par (IPT at 5.2%).Chinese properties:Yoy contracted sales extended decline in 4M25. Seebelow.UPLLIN:Toredeem UPLLIN 5.25 Perp of USD400mn on 26 May’25, beforethe first coupon reset date on 27 May’25. UPLLIN 28-30s were unchangedthis morning.Trading desk comments交易台市场观点Yesterday,Yesterday,in HK, CSIPRO 10.5 28 and CSIPRO 5.45 25 rose1.7pts and 0.3pts respectively. NWDEVL Perps dropped another 0.7-4.3pts,closed 3.0-12.7pts lower WTD. NWDEVL 27-31s declined another 0.2-1.3pts,closed 1.8-3.3pts lower WTD. See our comments on14 May ’25. On IGprimary, the new issues ICBCAS 28s/KORWAT 27s were unchanged to 2bpstighter from ROs. The recent new CITNAT/SHNHAN 28-30s tightened 3-5bps.In Chinese/HK IGs, TENCNT/BABA 27-35s were unchanged to 2bps tighter.HKAA/MTRC 30-55s were 2-5bps tighter on strong buying interests. The longend of CNOOC/SINOCH 44-50s were 0.8-1.5pts higher (unchanged to 7bpstighter). In financials, there were better selling flows in duration acrossinsurance hybrids and AT1s. NIPLIF/MYLIFE 53-55s were down 0.1-0.3pt.HSBC/SOCGEN Perps were unchanged to 0.3pt lower under better sellingfrom Prop desks/HFs. In Chinese properties, VNKRLE 27-29s were upanother 0.5-0.7pt, closed 6.8pts higher WTD. See our comments on 15May ’25. FTLNHD 25-26swere also up 0.5-0.6pt. Elsewhere, RAKUTN 27-29s/8.125 Perp were 0.2-0.5pt lower. In SE Asia, UPLLIN 28/30/Perp wereunchanged to 0.5pt higher. Last night, UPL Corp announced to call UPLLIN5.25 Perp of USD400mn on 26 May’25, asexpected. See our comments on15 May ’25. The long end of INDON/PERTIJ 43-54s were 0.3-0.7pt lower (1-6bps wider). MEDCIJ 28-30s were 0.2-0.6pt lower.In LGFVs, the flows were skewed to better selling from FMs/AMs. CPDEV26/28 were 0.1-0.2pt lower. CCUDIH 25-28s were unchanged to 0.2pt higher.CCUDIH announcedit has repurchased another USD26mn of CCUDIH 506/14/25 and cut the o/ssize to USD163.85mn. In SOE perps, China HuadianCorp announced to call HUADIA 3.375 Perp on 23 Jun '25, the first call date.HUADIA Perp closed unchanged.CMBI Credit CommentaryFixed Income Daily Market Update固定收益部市场日报 (852) 3657 6235(852) 3900 0801JerryWang(852)3761 8919CMBI Fixed Incomefis@cmbi.com.hk MarcoNews Recap宏观新闻回顾Macro–S&P (+0.41%), Dow (+0.65%) and Nasdaq (-0.18%) were mixed onThursday. US Apr’25 PPI was-0.5% mom, lower than the market expectation of +0.2%. US Apr’25 retail sales was +0.1% mom, better than themarket expectation of +0.0%. UST yield retreated onThursday, 2/5/10/30 yield at 3.96%/4.07%/4.45%/4.91%.Desk Analyst Comments分析员市场观点Chinese properties: Yoy contracted sales extended decline in 4M25.In Apr’25, 31 developers under our radar reported contracted sales totaled RMB145.3bn, decreased24.9% yoyfrom RMB193.6bn in Apr’24. 7 out of 31 developers reported yoy increase in contracted sales in Apr’25, downfrom 9 developers in Mar’25.In 4M25, the cumulative contracted sales of 31 developers dropped 18.2% yoy to RMB545.1bn. 6 out of 32developers reported yoy increases in contracted sales in 4M25. YUEXIU (RMB41.1bn), SINOCE (RMB8.1bn)and CHJMAO (RMB25.3bn) were the better performers with 37%, 14%, 5% yoy increase in contracted sales,respectively.The bottom performers were FUTLAN/FTLNHD (RMB6.9bn), GEMDAL (RMB10.9bn) andJINGRU (RMB0.3bn) that their contracted sales dropped 56%, 52%, 51% yoy in 4M25, respectively.We saw slightly improvement in market sediment in Feb’25 when the yoy decline in contracted sales narrowed.However,the yoy decline widened again in Mar’25 and Apr’25.That said, we expect the impact of policystimulus to support the economy such as cutting the 7-day reverse repo rate to 1.4% from 1.5% as well as theRRR by 0.5 pct pt will gradually reflect in the property market.Our house view is that PBOC will cut LPRsslightly in 2Q25, with a total reduction of 20bps in the full year. 2 Offshore Asia New Issues (Priced)Issuer/GuarantorSize (USD mn)ChinaEverbright Bank Hong Kong BranchFirst Abu Dhabi Bank PJSCShangdong Gold GroupOffshore Asia New Issues (Pipeline)Issuer/GuarantorCurrencyNo Offshore Asia New Issues Pipeline TodayNews and market colorRegarding onshore primary issuances, there were 45 credit bonds issued yesterday with an amount ofRMB117bn. As for month-to-date, 471 credit bonds were issued with a total amount of RMB575bn raised,representing a 70.3% yoy increase[BABA]Alibaba Groupadjusted EBITDA rises 5.6% yoy in FY25 to RMB202.3bn (cUSD28bn), andconsolidated revenue increases by 6% yoy to RMB996.4bn (cUSD138.2bn) [CCUDIH]Changchun Urban Development & Investment repurchases USD26mn of CCUDIH 5 06/14/25,the outstanding amount isUSD163.85mn[EHICAR]eHi Car to host investor conference call on 27 May’25[FUTLAN/FTLNHD]Seazen Holdings plans NDRs nex