固定收益部市场日报

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!In CNH space, the new CGB 27-35s (lotus bonds) were unchanged from ROat par this morning. The new SWIPRO 28-35s were unchanged.In USDspace,the new KOHNPW Float 30 tightened 4bps from RO.SHIKON/NSINTW 34-35s tightened 4-5bps. VLLPM 29 was up 0.8pt.Chinese properties:1H25 contracted sales declined 19.0% yoy. See below.SMCGL:SMCGL received USD30.277mn of SMCGL 7 Perp (o/s amtUSD193.392mn)and USD192.914mn of SMCGL 5.7 Perp(o/s amtUSD493.337mn) validly offered for the exchange. The FPG of the new Perpis at 8.95%, in line with our FV estimation. See our comments on11 Jul’25.SMCGL 8.125 Perp up 0.1pt this morning while other SMCGL Perps wereunchanged.Trading desk comments交易台市场观点Yesterday, KXIAHC priced 5NC2 and 8NC3 bonds at par to yield 6.25% and6.625% (IPT at 6.375% and 6.75% area respectively). KOHNPW priced a 5yrfloating rated bond at SOFR+79 (IPT at SOFR+115 area). Meanwhile in KR,therecentnewNACF/NHSECSHYUELE/HYNMTR27-35stightenedHAOHUA/TENCNT/MEITUA 28-30s tightened 1-3bps. In financials, AU/JPpaperswereunderbetterSMBCAC/SUMIFL/SUMIBK/NTT 28-40s were unchanged to 4bps tighter.SUMIBK/MIZUHO Float 30-31s were 1-3bps tighter. In insurance, NSINTW34 tightened 3bps amid mixed flows, SHIKON 35 closed unchanged. See ourcomments on Taiwan lifers on16 Jul ’25. MYLIFE /NIPLIF 51-55s andFUKOKUPerp were 0.1-0.3pt lower.In AT1s,HSBC 7.05/INTNED7.25/SOCGEN 6.75 Perps were 0.1-0.4pt lower. In HK, AIA/HKAA/MTRC 30-35s were 1-2bps tighter. The long end of HKAA/MTRC 51-62s were 0.5-1.3pts higher (2-8bps tighter in spreads). REGHPerp/LASUDE 26 lowered0.4-0.6pt. CKPH/CKINF Perps were down 0.2-0.3pt. NWDEVL Perps/27-31swere unchanged to 0.2pt lower. Last evening, media reported NWD is inpreliminarytalks to divest 11 Skies airport mall for up to HKD17bn(cUSD2.2bn). In Chinese properties, VNKRLE 27-29s were 0.2pt lower.Media reported Vanke is seeking to extend some of its onshore bank loansby as much as 10 years. On the other hand, ROADKG 28-30s were 0.1-0.4pthigher. In SE Asia, ADSEZ 27-31s were unchanged to 0.2pt higher followingCMBI Credit CommentaryFixed Income Daily Market Update固定收益部市场日报 28-30stightened1-4bps.2-3bps.InChineseIGs,buying.ANZ/CBAAU/WSTPand (852) 3657 6235glennko@cmbi.com.hk(852) 3900 0801JerryWang(852)3761 8919CMBI Fixed Incomefis@cmbi.com.hk 2Adani Port announced tender offers on ADSEZ 4.2 08/04/27, ADSEZ 4 07/30/27 and ADSEZ 4.375 07/03/29.VLLPM 27-29s declined 0.3-0.7pt.In LGFVs, WFURCD priced a 3yr USD bond at par to yield 6.5%. There were two way interests on CNH namessuch as ZOUCAO 6.9 28s/CDTFDG 7.3 27s and USD names such as TAIANH 6.9 28s/JMUDIV 6.9 27s. In SOEperps, CHPWCN Perp was down 0.1pt.LastTradingDay’sTop MoversTop PerformersPriceChangeTop UnderperformersPriceChangeGARUDA 6 1/2 12/28/3178.82.6CHGDNU 4.8 09/11/4886.8-0.8MTRC 5 1/4 04/01/5597.91.3VLLPM 9 3/8 07/29/2965.4-0.7HKAA 2 5/8 02/04/5162.91.2REGH 6 1/2 PERP22.0-0.6HKAA 3 1/4 01/12/5270.70.8LASUDE 5 07/28/2651.3-0.4BABA 4 12/06/3787.70.6SOCGEN 6 3/4 PERP98.6-0.4MarcoNews Recap宏观新闻回顾Macro–S&P (+0.32%), Dow (+0.53%) and Nasdaq(+0.25%) were higher on Wednesday. US Jun’25 PPI wasunchanged mom, lower than the market expectation of +0.2% mom. Media reported that Trump softens tone onChina to secure a summit with Xi and a trade deal. Trump eyes tariff rate of 10% or 15% for morethan 150countries as he moves forward with his trade agenda.UST yield was lower onWednesday, 2/5/10/30 yield at3.88%/3.99%/4.46%/5.01%.Desk Analyst Comments分析员市场观点Chinese properties:1H25 contracted sales declined 19.0% yoyIn Jun’25, 31 developers under our radar reported contracted sales totaled RMB192.5bn, decreased 26.6% yoyfrom RMB262.1bn in Jun’24. 16 out of 31 developers reported yoy increase in contracted sales in Jun’25, upfrom 5 developers in May’25. We view the yoydecrease was partly due to the high base in Jun’24,aftera seriesof supportive measures launched in mid-May’24. Meanwhile, we viewthe mom recoverysigns ofstabilization,thanks tothe policy stimulus to support the economy such as cutting the 7-day reverse repo rate to 1.4% from1.5% as well as the RRR by 0.5 pct pts.In 1H25, the cumulative contracted sales of 31 developers dropped 19.0% yoy to RMB908.6bn.4 out of 31developers reported yoy increases in contracted sales in 1H25. CHINSC (RMB6.4bn), CHJMAO (RMB53.3bn)and YUEXIU (RMB61.5bn) were the better performers with 34%, 20% and 11% yoy increase in contractedsales, respectively. The bottom performers were FUTLAN/FTLNHD (RMB10.3bn), GEMDAL (RMB17.2bn) andCIFIHG (RMB10.2bn) that their contracted sales dropped 56%, 53%, 50% yoy in 1H25, respectively.As per NBS, the