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 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 AssetG3 Bond Benchmark The new NANFUN 5.75 05/21/36 hovered around RO at 99.154. See ourcomments on the FVyesterday. The new CNH ZZSOAO 6.18 05/19/29 wasaround unchanged from RO at par. 10yr JP and Yankee AT1s and insurancesubs as well as MTRC Perps traded 0.3-0.5pt lower amid better selling. Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk Gross USD bonds issuance:Asia Pacific gross USD bonds issuancedecreased 6.2% yoy in 4M26. See below. ADGREG:Gautam Adani would pay USD6mn and Sagar would payUSD12mn under the proposed agreement filed in federal court to end SEC’sallegations they made false and misleading representations about AdaniGreen Energy, pending a judge’s approval. ADANEM/ADGREG/ADSEZ/ Trading desk comments交易台市场观点 Yesterday,the NWDEVL/VDNWDL complex led the space and roseup to0.9pt. NWD clarified that no investment deal has been reached with HongKong Airport Authority regarding the 11 Skies project, though discussionsare ongoing. NANFUN 27 was 2bps wider while NANFUN 28 tightened 4bps.Nan Fung priced its new 10yr USD bond at T+142 and launched concurrent tenderoffers for NANFUN 27 and NANFUN 28.See our commentsyesterday. BNKEA 32 remained firm andtraded 3bps tighter. Taiwan lifersclosed 1-2bps tighter amid light flows. The Macau gaming complex wereunchanged to 0.2pt higher. See our comments on WYNMAC 1Q26 resultson13 May’25. In Chinese IG space, MEITUA tightened 1-3bps and theFRESHK curve was squeezed to 5bps tighter amid better buying. ZHOSHK28 was up 0.2pt on RM buying. HCELEC 4.65 12/29/26 lowered by 0.8pt.Mediareport that Huachen Energy has commenced bondholderidentification for a planned second-round restructuring of its cUSD627mn In LGFV space, we continued to see better buying across higher-yielding papers in both CNH and USD issuesfrom RM. Marco News Recap宏观新闻回顾 Macro–S&P (+0.77%), Dow (+0.75%) and Nasdaq (+0.88%) were higher on Thursday. The US latest initialjobless claims were +211k, higher than the market expectationof +205k. US Apr’26 retail sales was +0.5% momand core retail sales was +0.7% mom, respectively, same as the market expectation. 2/5/10 yearUST yield washigher on Thursday. 2/5/10/30 year yield was at 4.00%/4.13%/4.47%/5.02%. Desk Analyst Comments分析员市场观点 Gross USD bonds issuance:Asia Pacific gross USD bonds issuance decreased 6.2% yoy in 4M26 Gross USD issuanceof Asia Pacific increased 82.6% yoy in Apr’26 In Apr’26, the gross issuance of USD bonds of Asia Pacific increased 82.6% yoy to USD41.8bn, representinga strong recovery from a 63.8% yoy decrease in Mar’26. Japan (USD19.3bn), Australia (USD6.6bn), and SouthKorea (USD4.7bn) were among the largest issuers. 77.9% of the gross issuance amount were IGs. By sector,financials (66.2%), metals & mining (6.5%) and consumer discretionary (5.6%) were among the largest issuers. Cumulatively, the gross issuance ofUSD bonds of Asia Pacific decreased 6.2% yoy to USD139.3bn in 4M26.Japan (USD45.2bn), South Korea (USD23.4bn) and Australia (USD23.2bn) were among the largest issuers.85.1% of the gross issuance amount were IGs. Financials (65.9%), sovereigns (7.0%) andmetals & mining Gross USD issuance of Asia ex-JP, AU & NZ increased 20.8% in Apr’26 In Apr’26, the gross issuance of USD bonds of Asia ex-JP, AU & NZ increased 20.8% yoy to USD15.9bn. SouthKorea (USD4.7bn), China (USD3.0bn) and Kazakhstan (USD2.8bn) were among the largest issuers. 65.1% ofthe gross issuance amount were IGs.By sector, financials (53.0%), consumer discretionary (14.8%) and Cumulatively, the gross issuance of USD bonds of Asia ex-JP, AU & NZ decreased by 24.2% yoy to USD68.0bnin 4M26. South Korea (USD23.4bn), China (USD15.9bn) and Indonesia (USD5.7bn) were among the largestissuers. 76.4% of the gross issuance amount were IGs. Financials (51.1%), sovereigns (14.3%) and consumer Gross USD issuance of China fell 53.8% yoy in Apr’26 In Apr’26, the gross issuance of USD bonds of China totaled USD3.0bn, dropped 53.8% yoy.IGs,HYs, andunrated contributed 59.4%, 13.2% and 27.5% of the gross issuance amount, respectively. By sector, financials(42.9%), metals & mining (26.4%) and LGFVs (20.8%) were among the largest issuers. Cumulatively, gross issuance of USD bonds of Chinatotaled USD15.9bn in 4M26, representing a 54.9% yoydecrease. IGs, HYs, and unrated contributed 68.5%, 8.5% and 23.0% of the gross issuance amount,respectively. Financials (55.1%), LGFVs (14.3%) and communications (9.4%) were among the largest issuing Gross USD issuance ofMiddle East decreased 2.2% yoy in Apr’26 In Apr’26, the gross issuance of USD bondsofthe Midd