固定收益每日市场动态

CMBI Credit Commentary Fixed Income Daily Market Update固定收益部市场日报 The new WOORIB 4.125 01/27/31 tightened 2bps from RO at T+33 thismorning, while the new WOORIB Float 29 was unchanged from RO atSOFR+48.KUAISH 31-36s and TW lifers tightened 1-3bps.FUTLAN28/VLLPM 29 rose 0.6-0.9pt. ACPM 4.85 Perp/FAEACO 12.814 Perp were Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk Chinese properties:2025 contracted sales declined 21.5% yoy. See below. Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk CHIOIL:China Oil & Gas postponed USD Reg S 3NC2 bond offering amidmarket volatility. CHIOIL 26 was 0.2pt higher this morning. Trading desk comments交易台市场观点 Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk Yesterday,the new SHUION 29 rose 0.6pt from RO at 98.423. The existingSHUION 26 retraced 0.2pt. See comments on SHUION on19 Jan’26. Therecent new issues KUAISH 31-36s tightened 2bps earlier in the day butclosed unchanged. TW lifers CATLIF/FUBON/NSINTW/SHIKON closed 2-5bps wider amid a broad wave of selling flows. In Greater China, beta IGname ZHOSHK 28 closed 1bp wider. CHIOIL 26 was 0.1pt lower. China Oiland Gas postponed its USD Reg S 3NC2 bond offering because of marketvolatility. WESCHI 26-28 were 0.1-0.2pt lower. EHICAR 26 increased by0.9pt, while EHICAR 27 was down by 0.1pt. In HK, FAEACO 12.814 Perprose 1.1pts. LIFUNG 5.25 Perp dropped 2.8pts, and LIFUNG 29 was 0.4ptlower. NWDEVL Perps/VDNWDL Perps were 2.3pts lower to 0.3pt higher. InChineseproperties,LNGFOR 27-32 were 0.4pt lower to 0.3pt higher.FUTLAN 28/FTLNHD 26-27 were unchanged to 0.3pt lower. KR financial andcorporatenames faced selling pressure,HYNMTR/POHANG/SKBTAM/ Marco News Recap宏观新闻回顾 Macro–S&P (-2.06%), Dow (-1.76%) and Nasdaq (-2.39%) were lower on Tuesday. Trump Greenland tariffthreattriggered wide markets selloff. Prime Minister Sanae Takaichi's call for a election shook confidence inJapan's fiscal health. UST yield was higher on Tuesday. 2/5/10/30 year yield was at 3.60%/3.86%/4.30%/4.91%. Desk Analyst Comments分析员市场观点 Chinese properties:2025contracted sales declined 21.5% yoy InDec’25, 31 developers under our radar reported contracted sales totaled RMB186.2bn, decreased 15.3%yoy from RMB219.9bn in Dec’24. In Dec’25, 5 out of 31 developers reported yoy increase in contracted sales, In 2025, the cumulative contracted sales of 31 developers dropped 21.5% yoy to RMB1,757.6bn. Only 2 out of31 developers reported yoy increase in contracted sales; CHJMAO and GRNLGR posted 16% and 7% increasein contracted sales to RMB113.5bn and RMB69.2bn, respectively. The bottom performers were GEMDAL(RMB30.0bn), JINGRU (RMB933mn) and CIFIHG (RMB16.1bn).Their contracted sales dropped 56%, 55%, Yesterday, MoF introduced policies on domestic demand and private investment stimulation, aligning the toneset at the Central Economic Work Conference. These policies include subsidizing the interest on consumerloans, providing guarantee on small and micro enterprises’ loans as well as credit enhancement on the bondsissued by non-state-owned enterprises and private equity firms. As discussed earlier, we expect a new roundof demand-driven stimulus on property market may come in 1Q26.Nonetheless, the recovery of property News and market color Regardingonshore primary issuances, there were 93 credit bonds issued yesterday with an amount ofRMB84bn. As for month-to-date, 1,134 credit bonds were issued with a total amount of RMB934bn raised, [CHIOIL]China Oil & Gas postponed USD Reg S 3NC2 bond offering amid market volatility [FUTLAN/FTLNHD]Seazen Group agreed to sell Seazen Resources Securities for HK 62.8mn [ROADKG]Road King AHG advisors to hold call for all bond, perp holders today [VNKRLE]China Vanke won approval for revised plan to extend 21VankeMTN002 [XIANGY]Xiamen Xiangyu reported a non-registration event on dim sum bond XIANGY 3.15 07/15/28of RMB3.5bn, right of redemption triggered that allowing holders to redeem at 100% principal amount. [YXREIT]Moody’s revised outlook on Yuexiu REIT to stable from negative; affirms Ba3 ratings 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 this report in preceding 12 months securities or issuer that the author covered in this report: (1) all of the views expressed accurately reflect his or herpersonal 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 neitherthe author nor his/her associates (as defined in the code of conduct issued by The HongKong Securities and Futures Commission) (1) have dealt in or traded in the stock(s) covered in this research report within 30calendar days prior to the date of issueof this report; (2) will deal in or trade in the stock(s) covered in this resea