固定收益部市场日报

CMBI Credit Commentary Fixed Income Daily Market Update固定收益部市场日报 This morning,TTMTIN 26 rose 2.3pts. NWDEVL 6.25 Perp rose 1.3pts.NWDEVL 4.125 Perp/10.131 Perp down 0.5-1.0pt. VNKRLE 27-29 rose 0.2-1.1pts. FTLNHD 27/FUTLAN 28 increased 0.6-1.1pts. SOFTBK 61-65 were0.5-0.6pt higher. EHICAR 27 up0.3pt, EHICAR 26 dropped 1.2pts. HYSAN4.85 Perp was 0.5pt lower. Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk Gross USD bonds issuance Jan’26:Asia Pacific Gross USD bondsissuance increased 22.7% yoy. See below. Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk YLLGSP:Yanlord Land further repurchased USD25mn of YLLGSP 5.12505/20/26, outstanding amount reduced to USD256.931mn. YLLGSP 26 was0.1pt lower this morning. Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk Trading desk comments交易台市场观点 On Monday,flows were light amid onshore CNY holiday. MEITUAs wereunchanged. Meituan expected a net loss of up to RMB24.3bn (cUSD3.5bn)for FY25 compared to a net profit of RMB35.8bn (cUSD5.2bn) in FY24 giventhe increased investments across businesses. Meituan also expected theloss-making trend to continue into 1Q26 due to ongoing competition. In HK,NWDEVL 4.8 Perp rose 8.4pts while the rest of NWDEVLs/VDNWDLs moved-0.6ptto +1.2pts. FAEACO Perp/LASUDE 26 up 1.6-1.9pts. HYSAN 29/4.85Perpincreased 0.5-0.7pt.LIFUNG Perp was 0.6pt higher.Li&Fungvoluntarily requested the termination of Moody’s Ba2 rating following a reviewof its resources. In Chinese properties, FUTLAN28 was 1.7pts higher whileFTLNHD 26 was 0.2pt lower. LNGFOR 27-32 were unchanged to 0.8pthigher. SHUION 26 was 1.0pt lower. Shui On Land expected to record a netloss attributable to shareholders of RMB1.7-1.8bn for the FY25 due to thedecrease in the fair value of IPs and the impairment provision for unsoldinventories. VNKRLE 27-29 were 0.1-0.5pt higher. Media reported Vanke unitpaid on time Jan’26 interest on three offshore loans. Elsewhere, MONMIN 30was 0.2pt lower. Mongolian Mining expected FY25 net profit to plummet toUSD5-15mn from USD243.6mn in FY24, due to falling washed coking coalprices and a one-off loss from a bond redemption. In SEA, ACPM Perpsdropped 1.2-1.7pts. PTTEPT 59 dropped 0.7pt. TTMTIN 26 increased 2.1pts. Last Trading Day’s Top Movers Marco News Recap宏观新闻回顾 Macro–S&P (-0.28%), Dow (-0.54%) and Nasdaq (-0.31%) were lower on Thursday. The US latest initial joblessclaims were +206k, lower than the market expectation of +223k. US Feb’26 Philadelphia Fed ManufacturingIndex was 16.3, higher than the market expectation of 7.5. 5/10/30 year UST yield was lower on Thursday.2/5/10/30 year yield was at 3.47%/3.65%/4.08%/4.70%. Desk Analyst Comments分析员市场观点 Gross USD bonds issuance Jan’26:Asia Pacific Gross USD bonds issuance increased 22.7% yoy Gross USD issuance of Asia Pacific increased 22.7% yoy in Jan’26In Jan’26, the gross issuance of USD bonds in Asia Pacific increased by 22.7% yoy to USD50.3bn. Japan (USD11.0bn), South Korea (USD10.4bn) and China (USD5.7bn) were among the top issuers. 88.2% of thegross issuance amount were IGs. By sector, financials (67.0%), sovereigns (10.8%) and utilities (7.0%) wereamong the top issuers. Gross USD issuance of Asia ex-JP, AU & NZ increased 15.0% yoy in Jan’26 In Jan’26, the gross issuance of USD bonds in Asia ex-JP, AU& NZ increased by 15.0% yoy to USD30.9bn.South Korea (USD10.4bn), China (USD5.7bn) and India (USD4.2bn) were among the top issuers. 82.8% of thegross issuance amount were IGs. By sector, financials (48.8%), sovereigns (17.6%) and utilities (11.3%) wereamong the top issuers. Gross USD issuance of China increased 15.7% yoy in Jan’26 In Jan’26, Chinese USD bonds gross issuance totaled USD5.7bn, increased 15.7% yoy. IGs, HYs, and unratedcontributed 65.3%, 13.5% and 21.2% of the gross issuance amount, respectively. By sector, financials (54.6%),communications (26.5%) and real estate (11.7%) were among the top issuers. Gross USD issuance of Middle East more than doubled yoy in Jan’26 In Jan’26, the gross issuance of USD bonds in Middle East increased by110.8% yoy to USD56.5bn. SaudiArabia (USD27.0bn), Israel (USD10.0bn) and Turkey (USD7.1bn) were among the top issuers. 26.3% of thegross issuance amount were IGs. By sector, sovereigns (42.7%), financials (32.5%), and energy (8.2%) wereamong the top issuers. Dim Sum bonds issuance dropped 26.9% yoy in Jan’26In Jan’26, the gross issuance was RMB63.6bn, decreased 26.9% yoy. China (RMB28.5bn), US (RMB14.6bn) and UK (RMB6.7bn) were among the top issuers. 8.5% of the gross issuance amount were IGs. By sector,financials (76.8%), LGFVs (9.9%) and communications (5.5%) were among the top issuers. Out of this, thegross issuance of Asia ex-JP, AU & NZ Dim Sum bonds totaled RMB31.2bn, decreased 58.2% yoy. We expect the gross issuance of dim sum bond continues to increase in 2026, with improving issuer profile andexpanding investor base, such as debut issuers from the Middle East. Kuaishou Technology was one of thedebut dim sum bond issuer