固定收益每日市场更新

Fixed Income Daily Market Update固定收益部市场日报 In the new issuance space, fixed-rate MIZUHO 29-31s tightened 7-13bpsfrom ROs, and floating MIZUHO 29-31s tightened 10-17bps. Long-endMIZUHO 36-46s were unchanged from ROs. The new fixed-rate MUFG 30-47s hovered around initial pricing, while MUFG Float 32 tightened 7bps from Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk Gross USD bonds issuance:Asia Pacific Gross USD bonds issuancedropped 63.8% yoy in Mar’26 facing sharp UST volatility. See below. MEDCIJ:Medco Energi priced USD200mn tap of MEDCIJ 8.625 05/19/30at 103.072 to yield 7.489%. MEDCIJ 26-30s were 0.1pt lower to 0.1pt higher Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk Trading desk comments交易台市场观点 Yesterday,we saw a strong rebound in our space following the US-Iranceasefire news. Yankee AT1s and their Japanese counterparts bouncedback by up to 2.1pts, driven by active short covering during the Londonsession. We saw Asian PBs buying bonds across the curve, while RMs/AMsfocused mainly on the front end and belly of the yield curve. SOCGEN 7.125Perp rose 2.1pts. Meanwhile, insurance subs were generally up to 1.0ptfirmer.JP IG space tightened 3-8bps on both fixed-rate papers and FRNs.SOFTBK 65 edged 2.0pt higher.Asian FRNs and Chinese IG names traded2-5bps tighter. We saw profit-taking on KUAISH and NSINTW 34s. TW liferstightened 5-10bps. TheMacau gaming complex SJMHOL/MGMCHI/MPEL/SANLTD/STCITY/WYNMAC were 0.1-1.7pts firmer. See our comments on3M26 Macau gaming GGRyesterday. FAEACO 12.814 Perp recovered 1.0pt.WESCHI 28-29 rose 0.8-1.6pts. West China Cement announced that it wouldbuy 100% stake in a South African cement maker for USD150mn. In Chineseproperties, VNKRLE 27’ and 29’ edged 0.8-1.4pts higher. Media reported thatVanke was considering a restructuring for an onshore bond (o/s amt RMB2bn)due 23 Apr’26 with an upfront repayment of 40% and an one-year extensionforthe remaining.In KR space,buyers reloaded risk through buying Last Trading Day’s Top Movers Marco News Recap宏观新闻回顾 Macro–S&P (+2.51%), Dow (+2.85%) and Nasdaq (+2.80%) werehigher on Wednesday. The US Crude OilInventories was +3.081mn, higher than the market expectation of-1mn. UST yield was lower on Wednesday.2/5/10/30 year yield was at 3.79%/3.92%/4.29%/4.89%. Desk Analyst Comments分析员市场观点 Asia Pacific gross USD bonds issuance:Dropped 63.8% yoy in Mar’26 facing sharp UST volatility Gross USD issuance of Asia Pacific dropped 63.8% yoy in Mar’26 In Mar’26, the gross issuance of USD bonds from Asia Pacific dropped 63.8% yoy to USD24.5bn.Australia(USD10.5bn), Japan (USD4.2bn) and South Korea (USD3.7bn) were among the largest issuers. 93.3% of thegross issuance amount were IGs.By sector, financials (70.9%), metals & mining (10.2%) and consumerdiscretionary (6.5%) were among the largestissuers.Cumulatively, the gross issuance of USD bonds in AsiaPacific decreased 23.1% yoy to USD96.6bn in 3M26. Japan (USD25.1bn), South Korea (USD18.7bn) andAustralia (USD16.5bn) were among the largest issuers. 88.3% of the gross issuance amount wereIGs. Gross USD issuance of Asia ex-JP, AU & NZ fell 76.7% in Mar’26 In Mar’26, the gross issuance of USD bonds from Asia ex-JP, AU & NZ dropped 76.7% yoy to USD9.8bn. SouthKorea (USD3.7bn), China (USD3.3bn) and Singapore (USD1.0bn) were among the largest issuers. 92.0% ofthe gross issuance amount were IGs.By sector, financials (64.2%), consumer discretionary (16.3%) andLGFVs (10.7%) wereamong the largest issuers.Cumulatively, the gross issuance of USD bonds in Asia ex-JP, AU & NZ decreased by 32.2% yoy to USD52.0bn in 3M26. South Korea (USD18.7bn), China (USD12.7bn) Gross USD issuance of China fell 83.2% yoy in Mar’26 In Mar’26, the gross issuance of USD bonds from China totaled USD3.3bn, dropped 83.2% yoy. IGs, HYs, andunrated contributed 90.2%, 6.1% and 3.7% of the gross issuance amount, respectively.By sector, financials(58.7%), LGFVs (32.1%) and industrials (9.2%) were among the largest issuers. Cumulatively, gross issuanceofUSD bonds from China totaled USD12.7bn in 3M26, representing a 55.7% yoy increase. IGs, HYs, andunrated contributed 71.5%, 18.5% and 10.0% of the gross issuance amount, respectively. Financials (58.6%), Gross USD issuance ofMiddle East dropped 47.5% yoy in Mar’26 In Mar’26, the gross issuance of USD bonds from the Middle East decreased by 47.5% yoy to USD2.9bn,against the backdrop of the war and ongoing geopolitical uncertainties in the region. Indeed, the yoy decline inthe Middle East was less severe than those in Asia Pacific.Qatar (USD1.8bn), Turkey (USD0.6bn) and theUAE (USD0.6bn) were the only issuersin Mar’26. 65.6% of the gross issuance amount were IGs, and 34.4%were NR.All issuance were from the financial sector. Cumulatively, the gross issuance of USD bonds in the Dim Sum bonds issuance surged 158.2% in Mar’26 On the contrary, the gross issuance of Dim Sum bonds was RMB114.9bn, surged 158.2% yoy in Mar’