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 This morning, CKHHs were unchanged post Panama took control of twoports on the Panama Canal from CK Hutchison yesterday.We see limitedimpact to CK Hutchison’s cash flow and asset base.Long-end Chinese IGKUAISH/XIAOMI/BABA widened 3-5bps. Long-end JP insurance bonds Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk Chinese properties:Jan’26 contracted sales dropped 20.2% yoy. Seebelow. Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk MONGOL:Tender offer for ‘26s at par, ‘28s at 107.5 and ‘29s at 107.75funded by new 6-yr USD bonds issue. All the ’26s tendered will be accepted,while the maximum acceptance amt for ’28s and ‘29s will be capped at thenet proceeds from new issuance minus the total o/s amount and interest of Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk Yesterdaywas another slow session amid onshore CNY and Japan holiday.Spreads remained largely unchanged to a touch wider across Asian IGcredits. In the FRN space, we saw active two-way flows across Chinese,Korean, Australian and Japanese names.In Greater China higher-yieldingspace,EHICAR 26 edged 1.0pt higher,while EHICAR 27 lost 0.2pt.NWDEVL 4.8 Perp was 6.5pts lower, while the rest of NWDEVL/VDNWDLcomplex closed 0.2pt lower to 0.6pt higher. LASUDE 26/FAEACO 12.814Perp were down by 0.3-0.4pt. In Chinese properties, VNKRLE 27’ and 29’retraced 0.5-0.6pt. FUTLAN 28/FTLNHD 26-27 were unchanged to 0.1pthigher. In SE Asian space, ACPM 4.85 Perp and ACPM 5.125 Perp leaked0.7-1.0pt. Ayala’s property arm expected its commercial segment to drivegrowth this year, compensating for softness in the residential business.VEDLN 28-33s were up to 0.3pt lower. Media reported that VRL has raisedUSD350mn in fresh borrowing from several global banks which will be usedto refinance upcoming interest payouts and maturities. ADSEZ 27-41s were Marco News Recap宏观新闻回顾 Macro–S&P (-1.04%), Dow (-1.66%) and Nasdaq (-1.13%) were lower on Monday. UST yield was lower onMonday. 2/5/10/30 year yield was at 3.43%/3.59%/4.03%/4.70%. Desk Analyst Comments分析员市场观点 Chinese properties:Jan’26 contracted sales dropped 20.2% yoy Contracted sales momentum stayed soft in Jan’26,31 developers under our radar reported contracted salestotaled RMB88.6bn, decreased 20.2% yoy from RMB111.1bn in Jan’25. Only 3 of 31 developers reported yoy CHIOLI, CHJMAO and CRHZCH were among the top performers, posted contracted sales growth of 38%, 19%and 2% yoy to RMB14.5bn, RMB7.6bn and RMB11.7bn, respectively. The bottom performers were JINGRU(RMB20mn), REDSUN/HONGSL (RMB100mn) and FUTLAN/FTLNHD (RMB714mn), with contracted sales Today, the PBOC kept the 1yr and 5yr LPR unchanged at 3.0% and 3.5%, respectively. These rates have beenunchanged for nine months following the 10bps cuts in May’25 from 3.1% and 3.6%. CMBI economic researchexpects a 10bp cut in LPR in 1Q26, followed by an additional 10bp LPR cut in 3Q26, which should provide Recalled that theMoF introduced policies in Jan’26 aimed at boosting domestic demand and privateinvestments, consistent with the policy tone set at the Central Economic Work Conference. While we expect anew round of demand-driven stimulus on property market could emerge in 1Q26, the path to a sustainedrecovery remains to be long in view of the weak homebuyers’ confidence, which in turn, hinges on household News and market color Regardingonshore primary issuances, no credit bond was issued yesterday due to CNY holiday. As formonth-to-date, 922 credit bonds were issued with a total amount of RMB713bn raised, representing a Saudi Arabia posted a budget deficit of SAR276.6bn (cUSD73.7bn) in 2025 [CKHH]Panamanian maritime authorities took control of two ports on the Panama Canal from CKHutchison (CKH) yesterday. Over the past 28 years, CKH invested cUSD1.7bn in the 2 Panaman ports vsCKH’s total assets of USD147bn as of Jun’25. We estimated the dividendincome from its 90% stakes inthe 2 Panaman ports to be cUSD1.1bn, i.e. USD40.5mn p.a. on average (CKH's 1H25 operating cash flow [BHARTI]Bharti Airtel plans to develop a high-scale non-banking financial company platform to build the [FTHDGR]Fantasia called 11 Mar’26 EGM to consider restructuring transactions [HANFGI]Media reported Hana Financial likely to withdraw from Yebyeol Non-Life Insurance bid [HYUELE]SK Hynix will expand production of AI chips to meet soaring demand from data centers [KWGPRO]KWG reached agreement in principle with AHG on keyterms of holistic restructuring proposal [LGELEC]LG Electronics seeks to double sales in Brazil, India, and Saudi Arabia by 2030 to rely less on Fixed Income DepartmentTel: 852 3657 6235/ 852 3900 0801fis@cmbi.com.hk Author CertificationCMBIGM or its affiliate(s) have investment banking relationship with the issuerscovered in this report in preceding 12 months The author who is primary responsible for the content of this research report, in whole or in part, certifies that with respe