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 Asian IG space was overall 2-3bps tighter this morning. The recent KUAISH31-36s and SKBTAM 29 were 1-2bps wider. SOFTBK 65/EHICAR 26 weredown by 0.6-0.7pt. PMBROV 30 edged 0.6pt higher. Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk SHUION:The IPT of new SHUION29 at 10.625% looks fair. SHUION 26was 2.2pts higher this morning. See below. Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk CHIOIL:China Oil and Gas launched a tender offer for CHIOIL 4.7 06/30/26of USD361mn at par and mandatedconcurrent USD bond issuance. Offerwill expire on 26 Jan’26 4pm GMT. CHIOIL 4.7 06/30/26 was unchanged Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk Trading desk comments交易台市场观点 Last Friday,the new SNBAB 6.15 Perp was down by 0.4pt from RO at par.See our commentslast Friday. The new KUAISH 31-36s opened heavy asthe market digested flipper flows and initially widened 3-5bps from RO atT+50 and T+70, respectively. The 5yr tranche eventually closed at RO level,while the 10yr tranche remained under pressure and closed 4bps wider. Seecomments on15 Jan’26.MEITUA curve traded softly amidChinese accountsselling, particularly on MEITUA 32-35s, which widened 1-2bps. In contrast,FRESHK curve outperformed and tightened 5-8 bps, led by AM accountschasing the recent 29 issue and repricing the entire curve tighter. TW liferswere1-2bps wider.We saw better selling on NSINTW/SHIKON,andbalanced two-way flows on FUBON. SHUION 5.5 06/29/26 was unchanged.Shui On Land launched tender offer for USD400mn SHUION 26,andcirculated 10.625% IPT for new USD bond. See comments below. TheNWDEVL/VDNWDLcomplex was up by 0.2-1.0pt.FAEACO 12.814Perp/LASUDE 26 gained 0.5-0.6pt. Lai Sun’s substantial shareholders YuCheuk Yi and Yu Siu Yuk have jointly acquired 60.66mn shares of the Marco News Recap宏观新闻回顾 Macro–S&P (-0.06%), Dow (-0.17%)and Nasdaq (-0.06%) were lower on last Friday. UST yield was higher onlast Friday. 2/5/10/30 year yield was at 3.59%/3.82%/4.24%/4.83%. Desk Analyst Comments分析员市场观点 SHUION:The IPT of new SHUION 29 at 10.625% looks fair Shui On Land (SOL) proposes to issue 3NC1.5 Reg S USD senior unsecured bond (unrated), The issuer willbe Shui On Development with a guaranteed from SOL. We view the IPT of newSHUION 29 at 10.625% looks The net proceeds from the new bond will be used to fund the concurrent tender offerfor SHUION 5.5 06/29/26of USD400mn. The tender price is 100.25, SOL will accept valid tenders in an aggregate principal amount ofup to the new issuance size. SOL may prioritize to accept the amount tendered from holders who subscribe the Despite broader sector headwinds, SOL is one of the few Chinese property developers that continues to honoroffshore obligations, supported by onshore funding access andasset disposals.Since Aug’24, SOL hasredeemed two USD bonds totaled USD990mn, financed by onshore bank borrowings and proceeds from assetsales. The proposed new issue and concurrent tender offer should lengthen SOL’s maturity profile and furtherreduce near-term refinancing pressure. We are neutral on SHUION 5.5 06/29/26 on valuation.In Chinese News and market color Regardingonshore primary issuances, there were 89 credit bonds issued onlast Friday with an amountof RMB63bn. As for month-to-date, 948 credit bonds were issued with a total amount of RMB755bn [DALWAN]Fitch upgraded DWCM and Wanda Commercial Properties (Hong Kong) to CC from RD,reflecting its post-restructuring profile [EHICAR]Media reported eHi Car is planning a LME in 1H26 for EHICAR 7 09/21/26 of USD269mn,seeking RMB300-500mn syndicated loans for upfront payment [INCLEN/INGPHL/RNW/RPVIN]ReNew Energy Global to hold investor meetings/calls tomarket USD [SANLTD]Sands Macao launched ‘Pearl Gaming Room’ with focus onmass-market bet sizes [VNKRLE]Media reported Vanke reassured bondholders it can make 40% upfront payment as part of Fixed Income DepartmentTel: 852 3657 6235/ 852 3900 0801fis@cmbi.com.hk Author CertificationCMBIGM or its affiliate(s) have investment banking relationship with the issuers covered in thisreport in preceding 12monthsThe author who is primary responsible for the content of this research report, in whole or inpart, certifies that with respect to the securities or issuer that the author covered in this report: (1) all of the views expressed accurately reflect his or her personal viewsabout the subject securities or issuer; and (2) no part of his or her compensation was, is, or will be, directly or indirectly, relatedto the specific views expressed by that author in this report. Besides, the author confirms that neither the author nor his/her associates (as defined in the code of conduct issued by TheHongKongSecurities and Futures Commission) (1) have dealt in or traded in the stock(s) covered in this research report within 30 calendar days prior to the date of issue of this report; (2) will deal in or trade in the stock(s) covered in this resea