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 HKTGHD 5.125 06/10/36 widened 1bp from RO atT+73. HYUELEs widened 1-2ps amid better selling. Chinese AMC nameslike ORIEAS traded 1-2bps tighter amid better buying. AT1s were markeddown 0.3pt. VNKRLE 27/EHICAR 29 lost 0.2-0.3pt. We saw two-way flows in Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk Macau gaming:10.9% yoy GGR growth in 5M26. See below. GLPSP:GLP expects holdco to receive USD500mn secondinstalment ofADIA investment by end-3Q26.GLPSP 4.6 Perp rose 0.7pt this morningwhile GLPSP 7.865 Perp/GLPCHI 29 down 0.2-0.4pt. Trading desk comments交易台市场观点 Yesterday,HKT priced USD650mn 10yr senior bond at T+73, tightened fromIPT at T+110. See our comment on the FV estimateyesterday. ThenewHKTGHD 5.125 06/10/36 widened 1bp from RO at T+73 this morning.GLPSP 28/GLPSP Perps/GLPCHI 29 rose another 0.5-1.2pts. GLP expectsits immediate holding company to receive the USD500mn second instalmentof investment from Abu Dhabi Investment Authority by the end of 3Q26. Forthe rest of the SE Asian space, PETMKs widened 5-7bps amid Chinese RMselling. SMCGL 5.45 Perp edged 0.1pt higher while the rest of SMCGLPerps were unchanged. San Miguel Global Power launched exchange andtender offer for any andall of the USD683.548mn SMCGL 5.45 Perp at par,and concurrent issue of NC5 USD perp with a minimum initial distributionrate of 8.75% p.a. ACPM 4.85 Perp/ACENPM 4 Perp were 0.7-1.2ptsweaker. TOPTB/PTTGC Perps were unchanged to 0.1pt lower. VEDLN 28-33sleaked 0.1-0.3pt. In China IG space, ZHOSHK lost 0.5pt. JardineMatheson sold 118mn shares of Zhongsheng Group on 27 May’26, reduced On the other hand, Japanese insurance subs held on rather well and closed unchanged amid moderate buyingdemand from RMs in selected long-end issues. In the rest of JP space, SOFTBKs traded unchanged to 0.3pthigher. The USD LGFV issues encountered better-selling while CNH issues of LGFV and non-LGFV remained Marco News Recap宏观新闻回顾 Macro–S&P (-0.74%), Dow (-1.21%) and Nasdaq (-0.89%) were lower on Wednesday. US May’26 ADPNonfarm Employment Change was +122k, higher than the marketexpectation of +118k. US Crude Oil Inventoriesdecreased by 7.974mn during the week ending 29 May’26, more than the market expectation of-2.900mn.UST Desk Analyst Comments分析员市场观点 Macaugaming: 10.9% yoy GGR growth in 5M26 In May’26, Macau’s gross gaming revenue (GGR) increased 6.7% yoy to MOP22.6bn, the highest May figuresince 2019, partly driven by 2.8% yoy increase in tourist arrival to 87.3mn during Golden Week holiday.Cumulatively, the GGR in 5M26 increased 10.9% yoy to MOP108.4bn, represented 86.2% of pre-COVID levelin 2019. We consider Macau government’s GGR forecast of MOP236bn in 2026 to be conservative taking cuesfrom the growth momentum in 2025 and YTD.In2025, GGR in Macau increased 9.1% to MOP247.4bn, forecast of MOP228bn, thanks to the 15% increase in tourist arrivals to the record high of 40.1mn. Weexpectthe Macau government to revise the 2026 GGR forecast upward. Despite our expectation of more USD bonds supply in view of the scheduled maturities and undemandingfunding costs, we still like Macau gaming bonds as lower-beta and good carry playswith improving credit stories.Our top picks in the sector areMPELs,STCITYs, andSJMHOL 31, given the growing adj. EBITDA of Melco Resorts and Studio City, as well as the more appealing risk-return profiles of these bonds.We also considerWYNMAC’27 and‘29yield pick-up plays, trading at premium of c30-50bps over bonds of its US parent. We News and market color Regardingonshore primary issuances, there were 105 credit bonds issued yesterday with an amount ofRMB117bn. As for Month-to-date, 243 credit bonds were issued with a totalamount of RMB251bn raised, [CHALUM]S&P revised the rating outlook on Aluminum Corp. of China to positive from stable because the rating will move in tandem with the improving credit profile of the group, SACP revised tobbb from bbb-;BBB rating affirmed [JD/TENCNT]JD.com, Tencent, and CATL in talks to invest in AI startup DeepSeek [LIFUNG]Fitch affirmed Li & Fung’s rating at BB following proposed New Advent Global stake acquisition; [NIPLIF]Nippon Life Insurance expects to allocate around JPY1.5tn (cUSD9.4bn) in new capital toBlackstone’s private credit strategies over the next five years [NSANY]Nissan recalled 51,598 SUVs in US due to software defect impacting dashboard display; signeda preliminary agreement with Chery International to manufacture the Chinese automaker’s models at its [SMPHPM]SM Prime delayed bond issua