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 This morning, TENCNTs were unchanged to 3bps tighter amid two-way flows.KR IG credits tightened 1-2bps. We saw two-way flows on 3-5yr JPfinancialpapers, which traded 1-3bps tighter. GENTMK 8.3 Perp edged 0.7pt higher.EHICAR 26 retraced 0.5pt. VNKRLE 27/FTLNHD 27 lost 0.3pt. Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk CATLIF:Strong May’26 earnings momentum and strengthened capital buffer.TW lifers were largely unchanged amid small better selling on NSINTW. See Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk BABA:Media reported Alibaba Group offers USD1.5bn to acquire Pupu,which is one of the few online grocery companies in China that has not beenacquired by a larger competitor. Chinese TMTs tightened 1-2bps this morning. Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk Trading desk comments交易台市场观点 Yesterday,VNKLRE 27’ and 29’ lost 0.2-1.5pts. Vanke said its bondholdersagreed to extend the full payment of two onshore bonds totaled RMB4bn(cUSD590.1mm) by one year. WESCHI 28-29 were 0.9-1.0pt weaker. Seeour comments on WESCHIyesterday. On the other hand, EHICAR 26-29straded 0.2-0.5pt higher. In Chinese IG space, the recent new issue TENCNT36s tightened 2bps amid Chinese RM buying. As for the other TMT names,KUAISH widened 2bps while the MEITUA curve tightened 1-2bps. TW liferswere2bps tighter to 2bps wider,on the back of better buying inSHIKON/FUBON offset by better selling in NSINTW. See our comments onCATLIF below. In HK, BNKEA 32-34s held flat despite better buying fromChinese RMs. The NWDEVL/VDNWDL complexes were 0.2pt lower to 0.1pthigher. HYSANs closed 0.1pt lower to 0.6pt higher. In JP, RESLIF 6.875Perp was 0.1pt weaker. SOFTBKs lost up to 0.3pt. In SE Asian space, 10yr Marco News Recap宏观新闻回顾 Macro–S&P (+1.75%), Dow (+1.86%)and Nasdaq (+2.54%) were higheron Thursday. US latest initial joblessclaims were 229k, higher than the market expectation of 220k. US May’26 PPI was +1.1% mom, higher than themarketexpectation of+0.7%.UST yield were lower on Thursday.2/5/10/30 year yield was at Desk Analyst Comments分析员市场观点 CATLIF:Strong May’26 earnings momentum and strengthened capital buffer Cathay Life reported after-tax net profit of TWD8.9bn in May’26, significantly higher than TWD0.4bn in May’25.The robust earnings were driven by a rebound in asset valuations amid record-high equity markets supportedby AI-related themes, and steady CSM release. For 5M26, after-tax net profit reached TWD34.9bn, more thandoubled from TWD16.1bn in 5M25. Adjusting for FVOCI equity disposal gains and losses, adjusted net profitwas TWD40bn in May’26 and TWD100bn for 5M26, reflecting strong earnings momentum. Moreover, Cathay We continue to view Cathay Life’s credit profile as supported by stable earnings capacity and a strengtheningcapital position, a growing CSM balance also underpins medium-term profit visibility.The build-up of FXvolatility reserves would help mitigate FX-driven earnings volatility, despite it remains exposed to currency Outof the 4 Taiwan lifers, we pair up CATLIF and FUBON for fair and relative value assessments, in view oftheir credit profiles and scale of operations.We continue to prefer FUBON 5.45 12/10/35 with a yield pick-up of20-30bpsagainst CATLIFs.We also pairup Nan Shan Life with Shin Kong Life.Among NSINTWs andSHIKON,we prefer NSINTW 5 ⅞ 03/17/41 most at current valuation in view of its more balanced risk-return News and market color Regardingonshore primary issuances, there were 159 credit bonds issued yesterday with an amountofRMB199bn. As for month-to-date, 906 credit bonds were issued with a total amount of RMB1,029bn [BABA/JD]Beijing's market regulator summons five e-commerce platforms, including Alibaba, JD.com and PDD, over false advertising [CWAHK]China Water Affairs’ 29.03%-owned Kangda is looking to issue up to USD200mn bonds forrefinancing [HYUELE]SK Hynix will consider building additional chip production facilities abroad, including in Japan, [MEITUA]China told Trip.com, Meituan to correct misleading train ticket sales practices [NBQZUC]Moody's upgraded Ningbo Yincheng by one notch to Baa2 from Baa3, reflects provenimprovements in Yinzhou district government's propensity to support Ningbo Yincheng; outlook stable [ROADKG]HSBC took over sales of ex-Road King Chair William Zen's luxury project in HK [SKM]SK Telecom to set up USD500mn AI fund with Japanese, Taiwanese telecom operators [VEDLN]Vedanta’s four demerged subsidiaries to be listed on 15 Jun’26 Author CertificationThe author who is primary responsible for the content of this research report, in whole or in part, certifies that with respect to the securities or issuer that the author covered in this report: (1) all of the viewsexpressed accurately reflect his or her personal viewsabout the subject securities or issuer; and (2) no part of his or her compensation was, is, or will be, directly or indirectly, related Be