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 This morning, the new HANFGI 4 7/8 06/02/31 tightened 2bps from RO atT+77. TW lifers traded 1-3bps tighter. Japanese insurance subsedged 0.3pthigher amid two-way flows from PBs. SUMIBK 6.45 Perp/ECHIAR 29 gained0.2-0.3pt. ACPM 4.85 Perp rose 0.8pt. Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk Chinese properties:Lowest yoy decline in contracted sales since Feb’25.See below. Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk GLPSP:GLP Pte informed investors that the providers of a loan to one ofits logistics funds,China Value-Add Venture I (GLP CVA 1), have agreed toadeferred payment on the facility.GLPSPs/GLPCHI rose 2.0-3.0pts Trading desk comments交易台市场观点 Yesterday,GLPSPs/GLPCHI 29 led the space and rose2.0-3.0pts. GLP Pteinformed investors that the providers of a loan to one of its logistics funds,China Value-Add Venture I (GLP CVA 1), have agreed to a deferredpaymenton the facility.The fund loan was originally for RMB10.2bn(cUSD1.5bn), but only asmall part of it was due this year. GLP did notdisclose till when the GLP CVA 1 loan payment had been deferred, whenlenders agreed to the deal, nor how much was outstanding on the facility.For the rest of the SE Asian space, SMCGL Perps/PCORPM 7.35 Perpwereunchanged to 0.1pt firmer. See our comments on SMCGL 1Q26 resultsyesterday. MEDCIJ 28-30/VEDLN 28-33s traded 0.1-0.4pt higher.TW lifersclosed largely unchanged amid better selling onCATLIF 41s while betterbuying on NSINTW.Chinese IG names LENOVO/MEITUA traded 1-3bpstighter. ZHOSHK 28 was 0.1pt firmer.WESCHI 28-29 recovered 0.3-0.4pt.EHICAR 27’ and 29’ lost 0.8-1.1pts.TheMacau gaming complexes wereunchanged to 0.4pt higher. In Chinese properties, VNKRLE 27’ and 29’ edged 0.4pt firmer. Media reported that Vanke hasproposed to repay 40% Last Trading Day’s Top Movers Marco News Recap宏观新闻回顾 Macro–S&P (+0.61%), Dow (-0.23%) and Nasdaq (+1.19%) were mixed on Tuesday. The May’26 CBConsumer Confidence was 93.1, higher than the market expectation of 91.9.USTyield bull steepened on Desk Analyst Comments分析员市场观点 Chinese properties:Lowest yoy decline in contracted sales since Feb’25 The 30 developers under our radar reported aggregate contracted sales of RMB137.0bn, down 5.7% yoy fromRMB145.3bn in Apr’26.The yoy decline in Apr’26 is the lowest since that of Feb’25.9 out of 30 developersreported yoy increase in contracted sales in Apr’26, up from 6 in Mar’26. In 4M26, cumulative contracted sales of the 30 developers fell 18.5% yoy to RMB444.1bn. SOEs such asCHJMAO (RMB31.2bn), CHIOLI (RMB75.7bn) and CRHZCH (RMB70.0bn) were the better performers,recordingcontracted sales growth of 23%,14%,2%yoy,respectively.The bottom performers wereREDSUN/HONGSL (RMB580mn), YLLGSP (RMB2.8bn) and CIFIHG (RMB3.1bn), with contracted sales down The yoy decline in contracted sales moderated to 18.5% in 4M26, from 23.1% in 1Q26, partly reflectingsupportive measures rolled out in Mar’26, such as first-time homebuyers/young families in eligible cities arepermitted to use their housing provident fund balances toward home purchases, subject to local policyframeworks. These measures are in line with the Chinese authorities’ commitment stabilizing the property The path to a sustained recovery remains weak given the soft homebuyers’ confidence, which in turn hingeson household income expectations and the home price outlook. CMBI Economic Research expects the PBOC News and market color Regardingonshoreprimary issuances, there were 142 credit bonds issued yesterday with an amount ofRMB141bn. As for month-to-date, 1,131 credit bonds were issued with a total amount of RMB1,328bn South Korea will tighten oversightof investments by domestic pension funds and banks in foreign private [CKHH]CK Hutchison eyes 2H26 dual listing for AS Watson at USD30bn valuation [CSIPRO]CSI Properties said its joint ventureobtained a loan facility of around HKD892mn (cUSD114mn) [LGCHEM]LG Chem divested assets in a US joint venture, L-H Battery, to Honda for KRW3.74tn [NWDEVL/VDNWDL]Media reported that NWD has received a HKD1bn purchase offer for commercialsite in Hong Kong [PETMK]Petronas is investigating incident at site that claimed three lives [SOFTBK]SoftBank Group appointed banks to work on the potential listings of its energy and infrastructure [VNKRLE]China Vanke reportedly proposes one-year extension for another two onshore bonds [XIAOMI]Media reported that Xiaomi is ramping up its overseas push to help offset higher componentcosts and rising domestic competition; Xiaomi 1Q26 revenue dropped 10.9% yoy to RMB99.1bn Fixed Income DepartmentTe