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CMBI Credit Commentary Fixed Income Daily Market Update固定收益部市场日报 Asia IG space was 1-3bps tighter this morning. The recent new issuesMIZUHO 30-47s and SUMIBK 32-47s traded 2-5bps tighter. Chinese TMTTENCNT/BABA/KUAISH10yr papers also tightened 2-5bps.GLPCHI29/NWDEVL 4.125 Perp gained 0.5pt. NDPAPE 14 Perp lost 0.5pt. We sawtwo-way skewed towardssmall better buying on LGFV names. Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk Jerry Wang王世超(852) 3761 8919jerrywang@cmbi.com.hk Macau gaming:GGR growth slowed down to 6.8% yoy in 1H26. See below. FOSUNI:Fosun International began construction on a mixed-useredevelopmentproject in Hong Kong, which is expected to require aninvestmentof more than HKD10bn(cUSD1.3bn).FOSUNI 27-29 wereunchanged this morning. Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk Trading desk comments交易台市场观点  On Tuesday, the new MIZUHO 30-47s and the new SUMIBK 32-47s widened1-3bps from ROs.Japanese AT1s and insurance subs closed largelyunchanged. On the other hand, INTNED 7.25 Perpand ACAFP 6.7 Perpclosed 0.7-1.0pt higher, and the rest of the European AT1s and insurancesubs edged 0.3-0.4pt firmer amid prop desks and dealers buying the longend,while AMs buying the front end and belly papers.In KR space,SKONKR/NHSECS/HANFGI/HYUELE/POINTL were unchanged in spreadsamid rebalancing flows from globalAMs.In Chinese IG space,BABA35/MEITUA/XIAOMI/AACTEC and the recent new issues TENCNT 36/46tightened 1bp amid better buying. HK T2s BNKEA/NANYAN/DAHSIN closedlargely unchanged amidtwo-way flows. As for higher-yielding papers, CWAHK 30 edged 0.2pt higher. See ourcomments on China Water Affairs FY26 results in our daily onTuesday.FOSUNI 27-29 were unchanged to 0.1pt higher. Fosun International beganconstruction on a mixed-use redevelopment project in Hong Kong, which isexpected to require an investment of more than HKD10bn (cUSD1.3bn).VNKRLE 27-29 lost 0.3-0.6pt. LNGFOR 27-32 traded 0.4pt lower to 0.1pthigher. In LGFV, we saw balanced two-way flows across the space. In SEAsia, GLPSPs rose 0.2-0.6pt. The recent new issues VEDLN 32-37s were0.2-0.6pt firmer, while the rest of VEDLNs were 0.1pt lower to 0.1pthigher.See our comments on VEDLN on26 Jun’26. Vedanta Resources unitCopperTech Metals deferred US IPO amid market volatility. SMCGL Perpswere unchanged to 0.2pt lower. CMBI Fixed Incomefis@cmbi.com.hk Last Trading Day’s Top Movers Marco News Recap宏观新闻回顾 Macro–S&P (-0.22%), Dow (-0.03%) and Nasdaq (-0.66%) were lower on Wednesday. US Jun’26 S&P GlobalManufacturing PMI was 53.9, lower than the marketexpectation of 55.7. US Jun’26 ISM ManufacturingPMI/Prices was 53.3/73.0, respectively, lower than the market expectation of 53.8/77.7. US latest Crude OilInventories decreased by 3.775mn, compared to the market expectation of a decrease of 2.900mn.USTyieldwere higher on Wednesday. 2/5/10/30 year yield was at 4.17%/4.24%/4.48%/4.97%. Desk Analyst Comments分析员市场观点 Macau gaming: GGR growth slowed down to 6.8% yoy in 1H26 In Jun’26, Macau’s gross gaming revenue (GGR) decreased 12.1% yoy to MOP18.5bn, reversing the yoygrowth trend since the start of the year, with the weakness largely attributable to the FIFA World Cup divertinggambling budgets away from casino gaming and lower visitation and plays. The expanded tournament formatand higher number of matches appear to have extended viewing hours and shifted some gaming activity towardsports betting channels, resulting in softermomentum casino gaming. We believe the impact from the WorldCup to persist into Jul’26, with GGR likely remaining under pressure until the conclusion of the tournament on19 Jul’26. Cumulatively, GGR in 1H26 increased 6.8% yoy to MOP126.9bn, moderatingfrom the 10.9% yoy increaserecorded in 5M26, as the World Cup effect diluted the earlier pace of recovery. The 1H26 GGR was 84.9% ofpre-COVID level in 2019. It is also equivalent to c54% of the Macau government’s 2026 full-year GGR forecast of MOP236bn,slightly ahead of the run-rate In 2025 when c52% of the full-year GGR of MOP228bn wasgenerated in 1H25.We view the 2026 estimate as achievable, in view of the continued recovery in touristarrivals from Mainland China and the broader region, and furtherramp-up of non-gaming attractions under thenew concession framework. 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 MelcoResorts and Studio City, as well as the more appealing risk-return profiles of these bonds.We also considerWYNMAC’27and ‘29yield pick-up plays, trading at premium of c50bps over bonds of its US parent. We areneutral on MGMCHIs, SANLTDs, and SJMHOL 28 on valuation. Offshore Asia New Issues (Priced) Offshore Asia New Issues (Pipeline) News and market color Regardingonshore primary issuances,