固定收益每日市场更新

CMBI Credit Commentary Fixed Income Daily Market Update固定收益部市场日报 The Asset Asian G3 Bond Benchmark Review 2025 Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk We 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! Cyrena Ng, CPA吳蒨瑩(852) 39000801cyrenang@cmbi.com.hk This morning, MTRC 5 5/8 and 4 7/8 Perps retraced 0.1pt. China TMTBABA/TENCNT/MEITUA tightened 3-6bps. HAOHUA tightened 1-2bps. TWlifers NSINTW/CATLIF/SHIKON tightened 2-5bps. SAMTOT 29 widened10bps. MIZUHO/SUMIBK FRNs tightened 2-3bps. Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk Chinese properties:7M25 contracted sales declined 19.4% yoy. See below. WESCHI:West China Cement shareholders approved the sale of Xinjiangasset for cUSD230mn and all conditions precedent fulfilled. WESCHI 4.9507/0826 was 0.4pt higher this morning. Trading desk comments交易台市场观点 Yesterday,the new TEMASE 3 ¾08/20/27 tightened 2bps,and newTEMASE Float 08/20/27 tightened 5bps. The new WYNMAC 6 ¾ 02/15/34was largely unchanged.See our comment on WynnMacau on12 Aug’25.China IG space overall tightened 1-3bps. On the other hand,SINOCH 26-40s widened 10-11bps.Italy weighs plan to force Sinochem to cut 37% stakein tiremaker Pirelli.CTFSHK 4 ¼06/27/29 increased by 1.5pts,whileFAEACO Perp was down 0.1pt. Higher-yielding name HONGQI 28s wereunchangedto 0.3pt higher. WESCHI 26 was 0.1pt lower.In Chineseproperties, ROADKG 28-30s dropped 1.8-6.4pts. ROADKG announced itwas exploring a holistic restructuring, after failing to pay the coupon ofROADKG 5.2 07/12/29tobond holders within the grace period expired on 13Aug’25. CSCHCN 27 was down 1.7pts. YLLGSP 5 1/8 08/20/26 was 0.1pthigher, before announcement of stronger 1H25 results. MTRC perps rose 1pt,and BTSDF 9 1/8 07/24/28 was 0.3pt higher. TW lifers NSINTW/SHIKONtightened another 3-5bps. In KR, NHSECS 26-28s/HYUELE 26-33s widened1-10bps. Yankee AT1s were stable.Japanese insurance hybrids increasedby 1pt.SOFTBK 28-35s were 0.1-0.3pt higher.SoftBank plans to issue 35-year JPY hybrid bonds to refinance debt. RAKUTN 27-29s were 0.1-0.3ptshigher.See our comment on RAKUTN on 13 Aug’25.Australia spacetightened2-4bps.In SEA,INDYIJ 8¾05/07/29 rose 0.3pt.See ourcommentsyesterday. ADSEZ 27-41s tightened 15-28bps.Adani Ports willaccept all USD700k ADSEZ 4 07/30/27 and USD950k ADSEZ 4 3/8 07/03/29validly tendered after early tender date and at or prior to the expiration date.ADANEM 3.867 07/22/31 rose 2.1pts. VEDLN 29-33sincreased by 1-1.4pts. Last Trading Day’s Top Movers Marco News Recap宏观新闻回顾 Macro–S&P (+0.03%), Dow (-0.02%) and Nasdaq (-0.01%) were mixed on Thursday. The US Initial JoblessClaims were +224k, lower than the market expectation of +225k. The US Jul’25 PPI was +0.9% mom, higherthanthe market expectation of+0.2%mom.UST yield was higher on Thursday,2/5/10/30 yield at3.74%/3.82%/4.29%/4.88%. Desk Analyst Comments分析员市场观点 Chinese properties: 7M25contracted sales declined 19.4% yoy In Jul’25, 31 developers under our radar reported contracted sales totaled RMB115.7bn, decreased 22.9% yoyfrom RMB150.0bn in Jul’24. 7 out of 31 developers reported yoy increase in contracted sales in Jul’25, downfrom 16developers in Jun’25. In 7M25, the cumulative contracted sales of 31 developers dropped 19.4% yoy to RMB1,024.3bn. 3 out of 31developers reported yoy increases in contracted sales in 7M25. CHJMAO (RMB61.8bn), YUEXIU (RMB67.5bn)andGRNLGR (RMB38.0bn) were the better performers with 23%, 12% and 1% yoy increase in contractedsales, respectively. The bottom performers were FUTLAN/FTLNHD (RMB12.0bn), GEMDAL (RMB19.7bn) andJINGRU (RMB571mn).Their contracted sales dropped 56%, 53%, and53% yoy in 7M25, respectively. Theyoy decline in contracted sales slightly increased in 7M25 to 19.4% yoy from 19.0% yoy decline in 1H25,reflecting recovery ofthe sector to remain slow. As per latest NBS statistics for Jun’25, China's new homeprices in 70 cities declined by 0.3% mom. The Jul’25 Politburo vowed to continue carrying out urban renewalprojects in a high-quality manner, yet it didn’t repeat a vow to “stop the decline” in the property market.Ourhouse view is that PBOC will cut LPR by 10bps in 4Q25 to boost the property sector. Offshore Asia New Issues (Priced) Newsand market color Regarding onshoreprimary issuances, there were 91 credit bonds issued yesterday with an amount ofRMB56bn. As for month-to-date, 1,014 credit bonds were issued with a total amount of RMB894bn raised,representing a 1.7% yoy increase. China is considering asking central government-owned companies to buy unsold homes to clear housingglut [EVERRE]Evergrande says court to hear arguments over committee of inspection on 16 Sep’25; HongKong court freezes USD24mn in US assets linked to former Evergrande CEO [JFCPM]Jollibee Foods 1H25