固定收益部市场日报

CMBI Credit Commentary Fixed Income Daily Market Update固定收益部市场日报 This morning, the recent new TENCNTissues widened 1-2bps. We saw two-way flows in the rest of 10yr IG papers, and their spreads were largelyunchanged. PTTGC 7 1/8 Perp and TOPTB 6.1 Perp were down 0.2pt.HYSAN 4.85 Perp lost 0.2pt. VLLPM 29 gained 1.2pts. Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk Chinese properties:Yoy decline in contracted sales moderated to 16.3% in5M26. See below. Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk COGREN:Continuum Green Energy is working with advisors on launching anew bond to refinance its USD435mn COGREN 9.5 02/24/27. COGREN 9.502/24/27 was unchanged this morning. Trading desk comments交易台市场观点 Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk Yesterday,the newCHEDUC 29 widened 5bps from RO at T+190. See ourcommentsyesterday. Recentnew issues such as TENCNT 36/HKTGHD 36and old TW lifers CATLIF 39-41s widened up to 3bps amid RM selling.EHICAR 27 rose 1.7pts, while EHICAR 26/29 closed unchanged. WESCHI28-29 were unchanged to 0.1pt lower. In HK, LASUDE 26 gained 0.2pt. Seeour comments onLai Sun Development on 15 Jun’26. The NWDEVL/VDNWDLcomplexes traded 0.1pt lower to 0.4pt higher.In Chineseproperties, LNGFOR 28-32 were 0.1pt lower to 0.5pt higher. VNKRLE 27-29/FUTLAN 28/FTLNHD 27-29 were unchanged to 0.1pt lower. In KR space,HANGFI/DAESEC/NHSECS and POSCO 30-31s traded 3-4bps wider aheadofnew DAEINT/DAESEC/NHSECS USD issuance.HYNMTR31-33stightened 1-2bps amid better buying. In JP space, recent new issues MITCO36s widened 1-3bps. RESLIF 6.875 Perp/NOMURA 7 Perp leaked 0.1-0.2pt. Marco News Recap宏观新闻回顾 Macro–S&P (-1.21%), Dow (-0.98%) and Nasdaq (-1.34%) were lower on Wednesday.US Fed kept interestrates unchanged but signals possible hike this year. US crude oil inventories plunged by 8.263mn barrels lastweek, compared to the market expectation of a drop of 3.6mn. 2/5/10 yearUST yield were higher on Wednesday. Desk Analyst Comments分析员市场观点 Chinese properties:Yoy decline in contracted salesmoderated to 16.3% in 5M26 The 30 developers under our radar reported aggregate contracted sales of RMB154.8bn in May’26, down 9.5%yoy from RMB170.9bn in May’25. 5 out of 30 developers reported yoy increase in contracted sales in May’26, In 5M26, the cumulative contracted sales of the 30 developers fell 16.3% yoy to RMB598.9bn. SOEs such asCHIOLI (RMB103.0bn), CHJMAO (RMB41.7bn), and CRHZCH (RMB93.5bn) were the better performers,recordingcontracted sales growth of 14%,11%,8%yoy,respectively.The bottom performers wereREDSUN/HONGSL (RMB767mn), CIFIHG (RMB3.9bn), and LNGFOR (RMB9.1bn) with contracted sales down The yoy decline in contracted sales moderated to 16.3% in 5M26 from 18.5% in4M26, 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 recovery pace remains weak given the soft homebuyers’ confidence, which in turn hinges on householdincome expectations and the home price outlook. CMBI Economic Research expects the PBOC to cut the LPR News and market color Regardingonshore primary issuances, there were 170 credit bonds issued yesterday with an amount ofRMB137bn. As for month-to-date, 1,483 credit bonds were issued with a total amount of RMB1,591bn [ADGREG]Adani Green Energy plans to raise offshore loan of up to USD1bn [BABA/JD/MEITUA]China released directives to regulate subsidies used by food delivery platforms inan attempt to crack down on price wars and “irrational competition” [COGREN]Continuum Green Energy is working with advisors on launching a new bond to refinance its [GLOPM]Globe Telecom clears fintech unit IPO filing on Philippine exchange [LENOVO]Lenovo Group plans to issue LENOVO 0 06/25/33 (CB)of USD2bn to refinance existing debt,buy back shares, and for general corporate purposes [VEDLN]Vedanta Resources is looking to price its proposed 144A/Reg S USD bonds for up to USD3.6bnas early as 24 Jun’26 Fixed Income DepartmentTel: 852 3657 6235/ 852 3900 0801fis@cmbi.com.hk Author CertificationCMBIGM or its affiliate(s) have investment banking relationship with the issuers covered in this report in preceding 12 months. The author whois 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 views expressed 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, relatedto the specific views expressed by that author in this report.Besides, the author confirms that neither the author norhis/her associates (as defined in the code of conduct issu