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 Flows were light in Asia IG space this morning while JP out onholiday. TWlifers were largely unchanged. Media reported TW lifers are proposing anaccounting change to moderate soaring hedging costs caused by currencyswings. LASUDE 26/ACPM 4.85 Perp was 0.7pt lower. WUXIND 26 was Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk Chinese properties:10M25 contracted sales declined 21.3% yoy. Seebelow. Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk FAEACO:Far East Consortium anticipated a loss attributable toshareholders of up to HKD990mn (cUSD127.2mn) for 1HFY26, comparedwith a loss of HKD770mn (cUSD98.9mn) in 1HFY25 due to decreasedproperty sales and impairment losses. FAEACO Perp was 0.8pt lower this Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk Trading desk comments交易台市场观点 The tone in Asia IG space was generally weaker last Friday, we saw flowtoward better selling and the space was 1-5bps wider. Recent new issuesBBLTB30s/35s and SMBCAC 35s traded heavy amid fast money and globalmoney selling. Chinese IG was unchanged to 5bps wider. We saw sellingflows in BABA/MEITUA/TENCNT. In Chinese HYs, GWFOOD 30 was 0.5pthigher. BTSDF 28 was 0.1pt lower. FOSUNI 27-29 were 0.1-0.3pt lower. Inproperties, AGILE Perp was 1.5pts higher. FTLNHD 27/FUTLAN 28 were0.2-0.7pt higher. NWDEVL 10.131 Perp was 0.5pt higher, while NWDEVL28-30 were 0.4-0.6pt lower. VNKRLE 27-29 were 0.5-0.6pt lower.TW liferspace was 2-4bps wider, with sellers on NSINTW and AM buying SHIKON.KR space was unchanged to 5bps wider. We saw better selling on HYUELE29-33s and buyers for front-end HYNMTRs.JP space were traded heavy,while FRNs with spread larger than 100bps still hold up well. SOFTBK 61-65 Marco News Recap宏观新闻回顾 Macro–S&P (+0.98%), Dow (+1.08%) and Nasdaq(+0.88%) were higher on last Friday. S&P Nov’25 GlobalManufacturing PMI was 51.9, lower than the market expectation of 52.0; Services PMI was 55.0, higher than themarketexpectation of 54.6.UST yield was lower on last Friday.2/5/10/30 year yield was at Desk Analyst Comments分析员市场观点 Chinese properties: 10M25contracted sales declined 21.3% yoy In Oct’25, 31 developers under our radar reported contracted sales totaled RMB149.9bn, decreased 39.2% yoyfrom RMB246.3bn in Oct’24.In Oct’25, 3 out of 31 developers reported yoy increase in contracted sales, In10M25, the cumulative contracted sales of 31 developers dropped 21.3% yoy to RMB1,823.6bn. Only 3developers out of 31 developers reported yoy increase in contracted sales; CHJMAO, GRNLGR and YUEXIUposted 24%, 5%, and 1% yoy increase in contracted sales to RMB92.7bn, RMB56.0bn and RMB92.1bn,respectively. The bottom performers were GEMDAL (RMB26.1bn), FUTLAN/FTLNHD (RMB16.5bn), and The Oct’25 yoy decline and10M25 yoy decline in contracted sales were the highest yoy decline in 2025. Thesereflect the hobbling pace of recovery.As per NBS, new home prices in 64 out of 70 cities reported a mom As per media report, China is considering additional measures to support the property market. These includeproviding new homebuyers mortgage subsidies for the first time nationwide, raising income tax rebates formortgage borrowers and lowering home transaction costs. We expect a new round of demand-driven stimulusmay come in Dec’25 or 1Q26. That said, we maintain our view that the recovery of the property market hingeson homebuyers’ confidence which, in turn, hinges on household income expectation and trend of the property News and marketcolor Regarding onshore primary issuances, there were 123 credit bonds issued last Friday with an amount ofRMB121bn. As for month-to-date, 1,572 credit bonds were issued with a total amount of RMB1,681bn Macaugovernment expects 3.5% rise in 2026 gaming revenue [ADEIN]Adani Enterprises unit signed an agreement to explore copper projects in northern Chile withstate-run miner Codelco [ADGREG]TotalEnergies is preparing to sell up to 6% stake in Adani Green Energy [ANTOIL]Anton Oilfield appointed financial advisor; to hold NDR this week [BHP]BHP confirmed it is no longer considering a combination with Anglo American [BHRTIN]Bharti Telecomis set to launch a second bond sale in two months with plans to raise about [CHJMAO]Fitch changed the outlook of China Jinmao to stable from negative on expected cash-flowrecovery; BBB-rating affirmed; Media reported that China Jinmao plans to issue 3yr dim sum bond [CKHH]CK Hutchison plans to list retail arm AS Watson in 2026 [ROADKG]Road King ad hoc bondholder group filed petition to liquidate entity holding developer’s [SHCMBK]Moody's downgraded Shanghai Commercial Bank to A3 from A2; outlook revised to stable [SJMHOL]Media reported SJM satellite Casino Fortuna to shut on 10 Dec’25[SOFTBK]SoftBank to pour USD3bn to overhaul EV plant for OpenAI data center gear production[YLLGSP]Yanlord repurchased USD32mn YLLGSP 5 1/8 05/20/26, the outstanding amount reduced toUSD312.94mn Fixed Inco