固定收益信用评论

CMBI Credit Commentary Fixed Income Daily Market Update固定收益部市场日报 This morning, the new EIBKOR/KORELE/KTGC/MUFG/MITHCC/SMBCACoveralltraded 2bps wider to 2bps tighter from ROs. Asia IG space wasunchanged to 2bps wider amid light flows. We saw better selling in AT1s andUSD LGFV issues,versus better buying in higher-grade CNH papers.SOFTBK 31-36 lost 0.6-0.8pt. LASUDE 26/FAEACO Perp up 0.2-0.3pthigher. Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk Jerry Wang王世超(852) 3761 8919jerrywang@cmbi.com.hk Chinese properties:Yoy decline in contracted sales narrowed to 15.0% in1H26. See below. Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk INDON:S&P affirmed Indonesia rating at BBB on government efforts tocentralize management and reduce leakages in the resource and mineralsectors could eventually increase revenue and export earnings, particularly ifpolicyimplementation improves;outlook stable.INDYIJ/MEDCIJ wereunchanged to 0.1pt lower this morning. Trading desk comments交易台市场观点 Yesterday,Chinese 10yr benchmarks BABA/TENCNT/KUAISH/MEITUAtraded 1-2bps wider. Media reported Meituan has axed nearly 2,000 jobsover the past two months as it seeks to recover from a price war in China,while Xiaomi has been cutting jobs across its businesses over the past fewmonths amid rising component costsand softer EV demand. Front-end,lower-spread FRNs and 2-4yr AMC papers were 2bps wider amid ongoingselling pressure. ZHOSHK 28 was 0.2pt weaker. In KR space, HYNMTR bellybonds tightened 1-2bps, while the rest of the space closed 1-2bps wider. InJP space, MUFG/SMBCAC/MITHCC/NOMURA/NTT and short-dated bankFRNs closed flat to 2bps wider ahead of abundant JP new issue pipelines. In higher-yielding space, FAEACO 12.814 Perp led the space and rose 1.3pts.There were market chatters that Far East Consortiumwill soon emerge witha bondholder-friendly LME for the perp, and expects to monetise HKD1bn(cUSD128mn) Malaysian assets via a REIT listing. The NWDEVL/VDNWDLcomplex were up to 1.0pt weaker.VNKRLE 27-29 lost 0.3-0.4pt. ChinaVanke expected its 1H26 netloss to widen to RMB12-15bn (cUSD1.8-2.2bn)in 1H26 from RMB12.0bn (cUSD1.8bn) in 1H25, partly because of additionalasset impairment provisions and losses in certain operating businesses andfinancial investments.European and Japanese AT1s and insurance subswere0.1pt softer in amid light flows.In SE Asian space,GENTMK/TOPTB/PTTGC Perps were down 0.1-0.2pt. In LGFV space, ZHHFGRs lost0.3-0.4pt amid better selling from cross-border AMs. In rest of the LFGVspace, we saw RMs and PBs selling lower-yielding IG USD bonds. Chineseaccounts buying c5%-yielding papers, and PBs and HFs buying higher-yielding (especially CNH) issues. The rest of the CNH space continued to bewell bid by AMs. CMBI Fixed Incomefis@cmbi.com.hk Last Trading Day’s Top Movers Marco News Recap宏观新闻回顾 Macro–S&P (-0.79%), Dow (-0.26%) and Nasdaq (-1.55%) were lower on Monday.UST yield were higher onMonday. 2/5/10/30 year yield was at 4.26%/4.37%/4.62%/5.10%. Desk Analyst Comments分析员市场观点 Chinese properties:Yoy decline in contracted sales narrowed to 15.0% in 1H26 In Jun’26, the 30 developers under our radar reported aggregate contracted sales of RMB173.2bn, down 10.0%yoy from RMB192.5bn in Jun’25.8 out of 30 developers recorded yoy increase in contracted sales in Jun’26,compared to 5 out of 30 in May’26. In 1H26, the cumulative contracted sales of the 30 developers down 15.0% yoy to RMB772.1bn. SOEs suchas CHIOLI (RMB134.4bn), CHJMAO (RMB57.5bn), and GRNLGR (RMB35.9bn) were the better performerswithcontracted sales growth of 12%,8%,7%yoy,respectively.Thebottom performers wereREDSUN/HONGSL (RMB943mn), SUNAC (RMB9.0bn), and LNGFOR (RMB11.0bn) with contracted salesdown 67%, 62%, and 55% yoy, respectively. The yoy decline in contracted sales moderated to 15.0% in 1H26 from 16.3% in 5M26, partly driven by a lowbase effect and a modest rebound in housing sales following supportive measures rolled out in Mar’26. Thesemeasures include allowing first-time homebuyers and young families in eligible cities to use their housingprovident fund balances for home purchases, subject to local policy frameworks.In addition, CMBI EconomicResearch expects the PBOC to cut the LPR by 10bps by end-3Q26, which should provide incremental supportto the still-weak housing market. That said, we expect the recovery pace of the nationwide housing market toremain sluggish, with divergence across city tiers. We believe higher-tier cities will recover earlier than lower-tier cities, supported by relatively stronger fiscal capacity to implement supportive policies. Offshore Asia New Issues (Priced) News and market color Regardingonshore primary issuances, there were 73 credit bonds issued yesterday with an amount ofRMB59bn. As for month-to-date, 716 credit bonds were issued with a total amount of RMB723bn raised,representing a 14.5% yoy decrease[ADGREG]Adani Green 1QFY27 energy sales volume rose 30% yoy to 13.7bn units on capacity addition