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 The Asset G3 Bond Benchmark Review 2026 Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk We hope you found our commentaries and ideas helpful. Weseek to elevate ourefforts and value-add further in the coming year. We highly appreciate yoursupport to us in Sell-Side Analysts of the polls of “The Asset G3 Bond BenchmarkReview 2026”.Thankyou for your support! This morning, the new GRNCH 29 was unchanged from RO at 98.548. Thenew SDEXPR 29 down 0.2-0.3pt from RO at par. Asia IG space was 1-3bpstighter.We saw some selling in the front-end T2/KR banks and MEITUAs.Nan Fung Investment launched tender offer for NANFUN 3.875 10/03/27and NANFUN 5 09/05/28 at 99.4 and 100.9, respectively, and concurrent10yr USD bond issue. NANFUNs were unchanged. Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk WYNMAC:GGR market share increased to 12.5% in 1Q26. See below. VNKRLE:China Vanke entered into the loan framework agreement withShenzhen Metro. Shenzhen Metro agreed to provide a loan to Vanke in anaggregate principal amount of up to RMB2.5bn to repay debts andVankehas used RMB2.36bn. VNKRLE 27-29 were 1.3-1.5pts higher this morning. Trading desk comments交易台市场观点 Yesterday,the new HSBC 6.75 Perp was 0.2pt higher from top-up demandfrom PB digesting the selling from institutions, and closed at par amid abroadly weaker macro backdrop, The sell-off of UST continued ahead of theCPI print and was further dragged down by weakness in Gilts. Asia IG flowswere mixed as a strong all-in-yield bid for quality names offset sellingpressure in beta names like Taiwan lifers which tightened 2-5bps. We sawdivergent two-way interests in China IG, with RM driving TMT names likeMEITUA/LENOVO 2-5bps tighter. KUAISH 31-36 were 1-4bps wider. Mediareported Kuaishou plans to spin off its King AI at USD20bn valuation.ZHOSHK 28 was 3bps tighter. Onshore accounts were better sellers of SOEnames like HAOHUA which closed 1-2bps wider. In Korea, while the front-endand belly remained resiliently well-bid,the long-end(35s/36s)ofLGENSO/PKX widened 1-3bps, as rate volatility prompted cash-raising andrebalancing from localaccounts.We saw better selling across JapaneseAT1s and insurance subs and European AT1s. BACR 7.625 Perp/HSBC6.95 Perp/HSBC Perp/LLOYDS 6.75 Perp were 0.7-0.8pt lower. The MiddleEastspace traded in line with the move in rates.ARAMCOs closedunchanged to 1.0pt lower. In Asia HY/higher beta space,GLPSP Perps rose 0.5-0.7pt, while GLPSP28 down 0.3pt. NWDEVL 6.25 Perp down 3.3pts, and the rest of NWDEVLswere unchanged to 0.6pt lower. NWD Chairman Henry Cheng’s sister AmyCheng sold USD6mn principal of perps and bought USD6mn principal of bonds issued by NWD over 6-7 May’26.We saw better selling inMTRC Perps/HYSAN Perps, which were 0.1-0.2pt lower at close.Chinese properties GRNCH 28 up 0.1pt. Greentown priced USD300mn 3NC2 at 7.55%,tightened from IPG at 8.05%. See our FV estimate in our dailyyesterday. VNKRLE 27-29 were 0.6-0.9pt higher.Last night, Vanke announced the signing of loan framework agreement with Shenzhen Metro for up to RMB2.5bn,and Vanke has used RMB2.36bn. In SEA, PTTGC Perps were 0.1-0.3pt lower. See our comments on PTTGC’s1Q26 resultsyesterday. ACPM 3.9 Perp down 0.8pt, despite ACEN 1Q26 EBITDA rose 20% yoy to PHP6.7bn(cUSD109.7mn).LGFVs remained largely stable amid moderate two-way flows across the credit curve amongHF and RM, as investor focused on fine-tuning positions. Last Trading Day’s Top Movers Marco News Recap宏观新闻回顾 Macro–S&P (-0.16%), Dow (+0.11%) and Nasdaq (-0.71%) were mixed on Tuesday. US Apr’26 CPI was +3.8%yoy, higher than the market expectation of +3.7%.UST yield was higher on Tuesday. 2/5/10/30 year yield wasat 4.00%/4.12%/4.46%/5.03%. Desk Analyst Comments分析员市场观点 WYNMAC: GGR market share increased to 12.5% in 1Q26 At current valuations,we consider the risk-return profiles of WYNMACs not as attractive as those ofMPELs/STCITYs/SJMHOL 31.We view WYNMAC ’27 and ‘29 as yield pick-up plays, trading at premium ofc30-40bps over bonds of its US parent.Wynn Macau (WYNMAC) recorded 14.2% yoy increase in 1Q26operating revenue to USD989.2mn, and 10.9% yoy increase in adj. property EBITDAR to USD279.4mn. Theimproved performance at Wynn Palace offset the lower casino and hotel revenues at Wynn Macau.Weestimated WYNMAC’s GGR market share was 12.5% in 1Q26, increased from 12.1% in 4Q25. By property, Wynn Palace’s 1Q26 revenue rose 23.0% yoy to USD659.3mn, while adj. property EBITDAR grewby 25.9% yoy to USD203.8mn. The growth was driven by higher VIP win rate of 3.11% (1Q25: 2.61%, vsexpected range of 3.1-3.4%) and mass table gameswin rate of 26.6% (1Q25: 24.8%). Hotel revenue alsoincreased by 2.8% on higher occupancy rate of99.1% (1Q25: 98.3%) and higher REVPAR ofUSD228 (1Q25:USD218).The improved results at Wynn Palace was offset by the softened performance at Wynn Macau.In1Q26, Wynn Macau’s