固定收益每日市场更新

PLEASE READ THE AUTHORCERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGEThe Asset Asian G3 Bond Benchmark Review 2025We hope you found our commentaries and ideashelpful. We seek toelevate our efforts and value-add further in the coming year. We highlyappreciate your support to us in Sell-Side Analysts of the polls of “TheAsset Asian G3 Bond Benchmark Review 2025”.Thank you for yoursupport!Chinese IG benchmarks were unchanged to 2bps tighter this morning.GLPSP Perps were another 0.7-0.8pt lower. VLLPM 29declined 1.0pt. TheCNH LGFVs remained better bid.Macaugaming:GGR growth accelerated in May’25. See below.TOPTB:Thai Oil repurchased and cancelled USD27.23mn TOPTB 4.87501/23/43, USD46.5mn TOPTB 5.375 11/20/48, and USD66.5mn TOPTB 3.510/17/49, totaled USD140.2mn. TOPTB 48-49s down 0.2-0.3pt this morning.Trading desk comments交易台市场观点Yesterday, in HK, NWDEVL Perps/27-31s were down 0.1-2.2pts and closed4.5-27.0pts lower from last Thu closes. NWSZF 28-29s rebounded 0.4-0.8pt,closed 1.6-2.1pts lower from last Thu closes. HYSAN 7.2 Perp lowered 0.9ptdespite some opportunistic buying from PBs. HYSAN 4.85/NANFUN 5 FFLPerps were better sold by PBs and closed 0.3-0.4pt lower. In HK bank papers,DAHSIN/NANYAN31-34s were 1-2bps wider.BNKEA 32-34s closedunchanged in spread, BNKEA5.825/NANYAN 6.5 Perp were 0.1-0.2pthigher. Meanwhile HKINTL priced a 5yr bond at T+12 (IPT at T+50). CKHH27-34s were unchanged to 2bps tighter following media report that Blackrockand MSC held talks with China's authorities for market regulation on CKHutchison'sport deal.In KR,HYNMTR 28-35s were 1-3bps tighter,HYUELE/LGENSO27-35s were 1-3bps wider.In Chinese IG corps,MEITUA/LENOVO/BABA/ XIAOMI 27-31s widened 1-3bps. In financials, thefront end of CCAMCL/ORIEAS 26-30s closed unchanged to 2bps wider.KBANK 31s tightened 5bps. BBLTB 34-40s were 2-5bps tighter despite profittaking from PBs/AMs. In JP, MIZUHO 31-35s/SUMITR 35s and SMBCAC 26-33s were better sold by PBs/Chinese accounts and closed unchanged to3bps wider. In Chinese properties, DALWAN 26s were up 0.4pt. LNGFOR27-32s were down 0.3pt. GRNCH 28s were 0.2pt lower. Outside properties,FOSUNI 25-28s/HONGQI 28s were unchanged to 0.2pt lower on the back ofselling from AMs/HFs. In SE Asia, Adani complex bonds were down 0.4-0.8ptdespiteAdani Enterprises denied any breach of US sanctions on Iran.Seeour comments on3 Jun ’25. GLPSP Perps were 0.7-1.1pts lower.CMBI Credit CommentaryFixed Income Daily Market Update固定收益部市场日报 (852) 3657 6235glennko@cmbi.com.hk(852) 3900 0801JerryWang(852)3761 8919CMBIFixed Incomefis@cmbi.com.hk 2The sentiment in LGFVs was firm as onshore China returned from long weekend. The CNH LGFVs such asCDHXIG 7.7 26s/TZXHIG 6.9 28s continued to compress thanks to robust demands from both cross-border andoffshore Chinese accounts. There were also two way interests on USD LGFVs such as CDTFDG 7 27s/CHDOHU7.6 28s. In SOE perps, CHCSOI Perp was up 0.1pt, CHCOMU Perp was down 0.1pt.LastTradingDay’s Top MoversTop PerformersPriceChangeTop UnderperformersPriceChangeNWSZF 4 1/4 06/27/2982.50.8NWDEVL 6.15 PERP31.7-2.2FWDGHD 8.6245 PERP99.30.4NWDEVL 4 1/2 05/19/3046.6-1.8DALWAN 11 02/13/2697.10.4NWDEVL 5 7/8 06/16/2763.9-1.8NWSZF 6 3/8 08/22/2892.80.4NWDEVL 4 1/8 07/18/2947.7-1.8MITHCC 5.658 02/28/33101.10.3NWDEVL3 3/4 01/14/3146.1-1.5MarcoNews Recap宏观新闻回顾Macro–S&P (+0.58%), Dow (+0.51%) and Nasdaq(+0.81%) were higher on Tuesday.US Apr’25 JOLTS jobopenings was 7.391mn, higher than the market expectation of 7.110mn. Short-term UST yield was higher onMonday, 2/5/10/30 yield at 3.96%/4.04%/4.46%/4.98%.Desk Analyst Comments分析员市场观点Macaugaming: Cumulative GGR growth accelerated in May’25Table 1: Macaumonthly GGRMOP mn202320242025CumulativeGGR 2025Cumulative GGR2025 growth rate% of 2019GGRJan11,58019,33718,25418,254-5.6%73.2%Feb10,32418,48619,74437,9980.5%75.5%Mar12,73819,50319,65957,6570.6%75.7%Apr14,72218,54518,85876,5150.8%76.7%May15,56520,18821,19397,7081.7%77.7%Source: Macau DSEC.In May’25, the gross gaming revenue (GGR) in Macau rose 5.0% yoy to MOP21.2bn, compared with the 1.7% yoygrowth in GGR in Apr’25. The increase was driven by 40.5% yoy increase in visitors during the Labor Day Holidayduring May’25 compared to May’24. The 5M25 cumulative GGR increased by 1.7% yoy to MOP97.7bn, representedc78% of pre-pandemic level in 2019.The GGR growth YTD has been understandably moderating after the 334%and 24% rebound in 2023 and2024, respectively. Yesterday, the Macau government lowered the estimate of GGRin 2025, that the GGR to increase by 0.5% to MOP228bn (cUSD28bn) from the previous estimate of 5.8%(MOP240bn, or cUSD30bn) made in Nov’24. While the long holidays in May and Oct are the keys to assess if thegrowth target is achievable, we view the revised target factored in the slower than expected growth in 5M25 despitethe long holiday in May.From a credit perspective, we are not too concerned on the moderating GGR growth and expect that the performanceof Macau gaming bonds will continue to be