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, we saw two-way flows in Asian T2 credits but their spreadswere largely unchanged. ACENPM 4 Perp/ACPM 4.85 Perp were 0.6-0.7ptlower. NWDEVL 29-30 were down 0.3-0.5pt. CNH issues edged 0.1-0.3pt Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk MEITUA:Sequential operating lossnarrowed in 1Q26, driven by a notableloss reduction in on-demand delivery. Chinese TMTs were unchanged inspreads this morning amid small better buying. See below. Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk GLPSP:Media reported GLP seeks to raise up to USD3bn from an IPO inHong Kong by 4Q26. GLPSP 28/GLPCHI 29/GLPSP Perps were 0.6-1.3pts Trading desk comments交易台市场观点 Yesterday,EHICAR 27-29 lost 0.3-1.6pts, while EHICAR 26 was 0.1pthigher amid better yoy 1Q26 results and 5% decline in net debt from thelevel as of Dec’25. On the other hand, WESCHI 28-29 were 0.7-0.9pt firmer.MEITUA curve tightened 2-4bps amid Chinese RM buying. See commentson Meituan 1Q26 results below. FRESHK curve tightened 1-5bps. In theAMC space, we saw better buying on GRWALL 30 versus better selling onORIEAS,but their spreads closed largely unchanged.TW lifers wereunchanged amid small selling. In HK, the NWDEVL/VDNWDL complexeswere 0.1pt lower to 0.2pt higher. FAEACO 12.814 Perp leaked 0.2pt. InChinese properties, VNKRLE 27’ and 29’ were unchanged to 0.2pt higher.LNGFOR 27-32 lost 0.1-0.4pt. In JP space, SOFTBKs traded 0.1pt lower to1.0pt higher. SoftBank will invest up to USD87.5bn to develop 5GW datacenter in France. NIPLIF 31-33s were 2-4bps tighter. On the other hand,TERUMOs widened 5bps following the reported 3 deaths overseas related Last Trading Day’s Top Movers Marco News Recap宏观新闻回顾 Macro–S&P (+0.26%), Dow (+0.09%)and Nasdaq (+0.42%) were higher on Monday. US May’26 S&P GlobalManufacturing PMI was 55.1, lower than the market expectation of 55.3. US May’26 ISM Manufacturing PMI was54.0, higher than the market expectation of 53.3. US May’26 ISM Manufacturing Priceswas 82.1, lower than themarketexpectation of 85.3.UST yield were higher on Monday.2/5/10/30 year yield was at Desk Analyst Comments分析员市场观点 MEITUA:Sequential operating loss narrowed in 1Q26, driven by a notable loss reduction in on-demand For the Chinese TMT credits, we prefer BBB over A given the formers’ more balanced risk-return profiles.Within the BBB subset, we continue to prefer MEITUAs and XIAOMIs in view their more solid credit and liquidityprofiles, despite their weakened operating performance.We also prefer bonds with tenors of 3-5-year givenour expectation of high UST volatility, especially in the long-end of the curve.Hence, we maintain buy onMEITUA 3.05 10/28/30 and MEITUA 4 1/2 05/05/31. In this subset, we also like XIAOMI 3.375 04/29/30 and While intense competitionin China's food delivery market has weighed on Meituan’s profitability since 2Q25,the competitive landscape appears to be moderating taking cues from sequential narrowed operating loss in1Q26, driven byregulatory intervention to curb excessive subsidies. We view Meituan’s overall credit profile In 1Q26, Meituan’s revenue increased 5.6% yoy to RMB91.0bn, driven by both core local commerce and newinitiatives. The revenuefrom core local commerce broadly flat yoy at RMB64.1bn, while the segment swung to an operating loss of RMB2.0bn from a profit of RMB13.5bn in 1Q25. On a qoq basis, the segment loss narrowedfrom RMB10.0bn in 4Q25, attributable to a notable loss reductionin on-demand delivery. The new initiativesrevenue increased 21.3% yoy to RMB27.0bn in 1Q26, with segment operating loss narrowed on both yoy andqoq basis to RMB2.1bn, from RMB2.3bn in 1Q25 and RMB4.6bn in 4Q25.This was supported by expansion Overall, Meituan’s operating loss was RMB6.5bn in 1Q26, compared to operating profit of RMB10.6bn in 1Q25.Adj. EBITDA turned negative at RMB3.0bn from positive RMB12.3bn in 1Q25. Meituan’s operating cash outflowwas RMB7.0bn in 1Q26, comparable to RMB6.6bn in 4Q25 and improved substantially from RMB22.1bn in3Q25.That said, its liquidity position remained solid with a sizeable net cash position of RMB67.6bn as ofMar’26, despite a decline from RMB80.2bn as of Dec’25.Over the past 5 years, Meituan had a net cash Offshore Asia New Issues (Pipeline) News and market color Regardingonshoreprimary issuances, there were 56 credit bonds issued yesterday with an amount of [HNYUZI]Zhongyuan Zhicheng changes consent fee for consent solicitation on USD500mn HNYUZI 5.9 [LASUDE]Lai Sun Development agreed to sell its stake in a superyacht servicesprovider for up toEUR49.1m (cUSD57.2mn) for general working c