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, the new NIPDES 31s tightened 7bps from RO at T+58. Thenew POWFIN 31 tightened 2bps from T+105. The new NHSECS 29-31traded 1-3bps wider from initial pricing at T+105 and T+110, respectively.The new POINTL 31swidened 3bps from RO at T+90. GENTMKs/SOFTBKs Cyrena Ng,CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk Jerry Wang王世超(852) 3761 8919jerrywang@cmbi.com.hk SIASP:FV of the new dim sum SIASP 31 to be mid-2% vs IPT at 2.8%. Seebelow. Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk BABA/JD/MEITUA:Average daily sales for this year's 618 shopping festivalrose toRMB25.2bn from RMB23.1bn in 2025, according to Chinese onlineretail data provider Syntun. Cumulative GMV across the entire e-commercenetwork reached RMB934bn during the event, a 4% yoy increase, though a Trading desk comments交易台市场观点 Yesterday,the Greater China IG space overall closed unchanged to 3bpswider, amid better buying in TENCNT 36s/NSINTW/FUBON, verses betterselling on FRESHK 28-29s and front-end HK bank T2s like DAHSIN. Therecent new issueWLISRC 36 lost 1.0pt. HYSANs were down 0.1-0.3pt. Onthe other hand, LASUDE gained 0.2pt. Lai Sun Development expects tocomplete the sale of its stake in Hong Kong’s CCB Tower to JD.com by thefirst week of Jul’26.In Chinese properties, CSCHCN 27 was 0.6pt firmer, In SE Asia, VLLPM 27-29 led the space and rose 3.6-4.8pts. In contrast,GLPSPslost 0.2-0.9pt.SMCGL/PTTGC Perps were 0.1-0.2pt weaker.VEDLN 28-33s traded unchanged to 0.2pt lower. We saw mixedtwo-wayflows in Malaysian bank senior papers and Thai front-end T2s, and thespreads were range bound.In the Middle East, ARAMCOs were up to 1.2ptslower. Elsewhere, CNH papers across financial and TMT names were up to CMBI Fixed Incomefis@cmbi.com.hk Marco News Recap宏观新闻回顾 Macro–S&P (-0.37%), Dow (+0.29%)and Nasdaq (-1.32%) were mixed on Monday.UST yield were higher onMonday. 2/5/10/30 year yield was at 4.24%/4.29%/4.51%/4.95%. Desk Analyst Comments分析员市场观点 SIASP:FV of the new dim sum SIASP 31 to be mid-2% vs IPT at 2.8% Singapore Airlines (SIA) proposes to issue a 5yr seniorunsecured dim sum bond (unrated). We view the FV ofthe new SIASP 31 to bemid-2% vs IPT at 2.8%, taking cues from dim sum peers such as TEMASE 1.8507/30/30 (Aaa/AAA/-, YTM of 1.9%) and CB 2.4 05/14/31 (A2/A/A, YTM of 2.3%). At the time of writing, the Net proceeds will be used for aircraft purchases and aircraft related payments, general corporate and workingcapital purposes, including refinancing of existing borrowings. SIA may redeem the bond at par one month priorto maturity, at make-whole redemption price (prevailing CGB + spread) up to the par call date, and at par on or SIA is c50.4% owned by Temasek Holdings, Singapore's state-owned sovereign wealth fund. It is one of theglobal aviation leaders covering both premium and low-cost segments under the Singapore Airlines and Scootbrands, respectively.Its core businesses span passenger airlines, cargo, and engineering. Changi Airportranked 4thglobally for international passenger traffic in2025 and is core to Singapore’s position as a leading In FY26 (ending 31 Mar’26), SIA generatedrevenue of SGD20.5bn, up 5% yoy and a record full-year result,underpinned by sustained travel demand and higher passenger yields. Passenger revenue accounted for 81%of total revenue, with cargo contributing the remaining 19%. Operating profit rose 39% yoy to SGD2.4bn, partlydriven by a 6.7% yoy decline in net fuel costs, benefiting from lower weighted average fuel prices and USDdepreciation against SGD, which more than offset the volume uplift. Excluding the SGD1.1bn one-off gain from Looking ahead to FY27, SIAplans to expand its fleet to 224 aircrafts from 218 as of Mar’26, with a capex budgetof SGD2.9bn for aircraft. We understand that aircraft capex to increase to SGD3.1-4.1bn in FY28-30, thoughthis should remain manageable given SIA’s cash flow generationand strong liquidity position.As of Mar’26,SIA had total cash and bank balances of SGD7.9bn and committed credit lines of SGD3.3bn. We view SIA’s refinancing risk as limited, supported by its internal resources and access to diversified funding channels. Totaldebt was SGD10.6bn as of Mar’26, spanning across FY27-FY36. SGD1.3bn of bonds will be matured in 2026,comprising USD500mn SIASP 3 07/20/26 in Jul’26 and SGD630mn SIASP 3.13 11/17/26 in Nov’26. News andmarket color Regardingonshore primary issuances, there were 115 credit bonds issued yesterday with an amountofRMB89bn. As for month-to-date, 1,676 credit bonds were issued with a total amount of RMB1,710bn [CRHZCH]China Resources Land raised RMB1.5bn (cUSD221.5mn) from a sale of domestic medium-term notes [FUTLAN/FTLNHD]Seazen plans up to RMB2.2bn tap of private REIT as soon as this month [HCELEC]Huachen still collecting funds for 21 Jun’26 coupon on USD627mn HCELEC 4.65 12/29/26 [JD]JD.com expects robots to replace its 700,000 delivery riders 'sooner or