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 MEITUA/KUAISH recovered to 3-5bps tighter this morning. We saw betterselling on FRESHKs, particularly on FRESHK 28. FAEACO 12.814 Perpgained 1.6pts higher. EHICAR 26 dropped 2.3pts. ACPM 4.85 Perp/HYSAN Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk VNKRLE:Media report on SZ government’s rescue plan for Vanke.VNKRLE 27’ and29’ edged 0.1-0.2pt higher after moving 8.0-8.8pts higher Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk China Economy: China’s deflationary pressure continued to ease in early2026. CPI slowed to 0.2% yoy in Jan, primarily due to a high base effect andvolatile food pricing. See comments from CMBI economic research below. Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk Trading desk comments交易台市场观点 Yesterday,the new CHIFEN 7.4 02/13/29loweredbyupto1.0ptfrom RO atpar amid light flows. TheChinese AMC space was firm overall, with betterbuying flows across the board from onshore and regional accounts. Incontrast, HK bank T2s BNKEA/NANYAN widened 5-6bps on profit-takingflows.Chinese TMTs KUAISH/MEITUA widened 2-5bps amid sellingpressure. Moody’s affirmed Meituan’s Baa1 ratings and revised outlook tonegative from stable, reflecting the rising uncertainty on the recovery ofMeituan’s food delivery business due to intense competition. Higher-betanames FRESHK 26-29s/ZHOSHK 28 closed 7-13bps wider amid incrementalselling flowsfrom Chinese real-money accounts.EHICAR 27 droppedanother 2.1pts, and EHICAR26 closed 0.3pt lower. On the other hand,Chinese/HK properties performed strong overall. VNKRLE 27’ and 29’ surged8.0-8.8pts on the media reports that the SZ government is preparing anestimated RMB80bn (cUSD11.6bn) rescue plan for Vanke. See commentsbelow. LNGFOR 27-32s/FUTLAN 28/FTLNHD 26-27 edged 0.1-0.4pt higher.Seazen Group raised HKD472.3mn (cUSD60.4mn) through a private shareplacement to help repay FTLNHD 4.5 05/02/26. LASUDE 26 rose 1.5pts. The In LGFV space, we continued to see deployment demand from institutions, lifting offers on the margin anddrivingyields tighter. Non-LGFV CNH papers remained afloat thanks to demand from cross boarder accounts. Marco News Recap宏观新闻回顾 Macro–S&P (-0.00%), Dow (-0.13%) and Nasdaq (-0.16%) were lower on Wednesday. The US Jan’26 NonfarmPayrolls were +130k, higher than the market expectation of +66k. The US Jan’26 UnemploymentRate was 4.3%,lower than the forecast of 4.4%. The US Average Hourly Earnings in Jan’26 was +0.4% mom, a touch higherthan the forecast of +0.3%. The US Crude Oil Inventories was +8.53mn, higher than the market expectation of Desk Analyst Comments分析员市场观点 VNKRLE:Vanke Bonds Surge on Shenzhen Rescue Plan VNKRLE 27'and 29'jumped 8.0-8.8pts yesterdayandedged 0.1-0.2pt higher this morning on the media reportson SZ government’s rescue plan. As per media reports, the size of rescue plan is RMB80bn, including a shareplacement of RMB20bn.Whether the size of equity injection is sufficient is under discussions.Furthermore,the new share issue for a loss-making company is also subject to a special regulatory approval. The reportedrescue plan is in line with our belief that the central government do not want another high profile default in the In late Jan’26, Vanke secured consents (40% upfront payment and 60% maturity extension for 1 year) on 2onshore bonds with original o/s amount totaling RMB5.7bn. Italso secured consents to defer the investors’ put(40% upfront payment and remaining extended for 1 year) on an onshore bond with original o/s amount ofRMB1.1bn.On 27 Jan'26, SZ Metro announced that it would provide a 3-year loan of up to RMB2.4bn(cUSD339mn) to Vanke at 1yr LPR-66bps, or 2.34%, to repay the principal and interest of its public bonds.This is the first shareholder’s loan from SZ Metro since it announced the loan cap of RMB22bn in Nov’25. As In our opinion, Vanke can turn to alternative funding channels such as long-term operating loans or CBICL-guaranteed bonds secured by IPs, funding channels successfully utilized by Seazen over the past 2 years. Asof Jun’25, the book value of Vanke’s IPs was cRMB152bn. We understand that the book value of pledged IPs were cRMB80bn (vs. cRMB74bn as of Dec’24). Hence, c48% of IPs should remain unencumbered. Assuminga LTV of 50%, Vanke can secure additional financing of cRMB36bn from its unencumbered IPs. This shouldprovide Vanke financial flexibility to deal with public bond maturities.Currently, the total o/s onshore andoffshore bonds of Vanke is cRMB27bn, including onshore bonds totaling RMB18bn and offshore bonds totaling We have hold recommendations on VNKRLEs. The total outstanding amount of Vanke's USD bonds isUSD1.3bn, and the next offshore maturity will be VNKRLE 3.975 11/09/27 (o/s USD1bn) in Nov'27. AssumingVanke will pay 40% upon maturity and defer the remaining 60% for 1 and 3 years, we estimate the NPVs for China Economy: Deflation continued to ease China’s deflationary pressure continued to ease in