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 •Asia IG spreads widened 1-2bps this morning. We saw some Chineseaccounts selling infront-end FRESHK/SMBCAC 31. ICICIs were 2-3bpswider amid a new 5yr USD senior bond issue pipeline. Flows in higher-yielding space were mixed and two-way, with small better buying in EuropeanAT1s, while small better selling in JP insurance subs. EHICAR 26rose 2.5pts.CKINF Perps were 0.2-0.5pt higher. Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk Jerry Wang王世超(852) 3761 8919jerrywang@cmbi.com.hk •CATLIF:Robust 7M26 earnings and capital buffers offset market sensitivityin Jul’26. Maintain buy on FUBON 35 and NSINTW 41. Taiwan lifers wereunchanged this morning. See below. •LNGFOR:Longfor warned its profit attributable to owners to fall up to 44%yoyto RMB1.8-2.0bn(cUSD266.9-296.5mn)in 1H26 from RMB3.2bn(cUSD477.4mn) in 1H25 amid weak real estate market. LNGFORs wereunchanged this morning. Tradingdesk comments交易台市场观点 Last Friday, Asia IG was tilted towards better selling, particularly in front-endpaper on all-in yields. We saw better selling in 3-7yr financial across JPnames NOMURA/MUFG, KR names NHSECS/DAESEC and SE Asia namesEXIMBK/SBIIN, as well as TMT HYUELE/TAISEM/ NTT/KUAISH, and thesebonds traded 1-3bps wider. On the other hand, we saw AMs showed betterdeployment demand for bank T2s OCBCSP/ANZ/BNKEA/ DAHSIN, whilePBs showed decent demand for 3-5yr FRNs across financials and corporatesnames. In higher-yielding space, flows were two-way with slightly better buying in therecent new BNP 7.125 Perp, while London accounts were better offered.Asian high-beta perps, JP and European AT1s and insurance subs werebroadly stable and closed up to 0.3pt higher following a firmer overnightsession after the softer US PPI print. Flows were skewed towards AMs/PBsbuying, mainly in the front end. CN/HK names WESCHI 28-29 led the spaceand gained 0.4-1.5pts. NWDEVL/VDNWDL complexes closed unchanged to0.6pt higher.In CNHspace, the new CNH CHGRIDs rallied with onshoreCHGRID yields, and rose 0.4/1.3/2.0pts across ‘31/’36/’46, respectively, 0.2-0.4pt further higher before stabilizing and retraced slightly into close on profit-taking.We saw investors looking for names with a local bid but no onshoreissuessuch as TMT,as well as broadening their scope to regionalSOEs/LGFVs like SDGOLD/HEFIND, or overseas names like INDON, giventhelimited available of outstanding CNH bonds with direct onshorecomparable.High-yieldingCNH LGFVs remained sought after by RMs andtactical investors, with the highest-yielding names compressed inside 7%yields. Demand also spilled over into selected USD LGFVs yielding >=6%,while USD papers yielding <=5% or below remained under pressure amidtheUSD-rates backdrop. CMBI Fixed Incomefis@cmbi.com.hk ❖Last Trading Day’s Top Movers Marco News Recap宏观新闻回顾 Macro–S&P (-0.17%), Dow (-0.20%) and Nasdaq (-0.28%) were lower on last Friday.UST yield washigheronlastFriday. 2/5/10/30 year yield was at 4.17%/4.36%/4.68%/5.25%. Desk Analyst Comments分析员市场观点 CATLIF: Robust 7M26 earnings and capital buffers offset market sensitivity in Jul’26 Cathay Life reported after-tax netprofit of TWD5.4bn in Jul’26, increased 26% yoy, supported by steady CSMrelease and recurring income. For 7M26, after-tax net profit reached TWD51.7bn, more than doubled fromTWD23.0bn in 7M25. Adjusting for FVOCI equity disposal gains, adj. net profit reached cTWD140bn in 7M26,implying adj. net profit of cTWD10bn in Jul’26, indicated that underlying profitability remained solid. CathayLife’s Jul’26 earnings yoy growth moderated from the Jun’26 level, highlighted the sensitivity of profit to equitymarket performance. Global equity and bond markets broadly declined in Jul’26 amid concerns over AI-relatedcapex and elevated technology valuations. The TWSE Index declined 5.9% during Jul’26, albeit remaining upc49% in 7M26. In addition, Cathay Life continued to build its FX buffer, with FX volatility reserves increased byTWD5bn during Jul’26 to a record-high at TWD135bn as of Jul’26.The equity-to-asset ratio remained above11% in both Jul’26 and Jun’26, comfortably above the regulatory minimum requirement of 3%. We continue to view Cathay Life’s credit profile as supported by solid earnings capacity and a strengthenedcapital position. Its growing CSM balance should underpin medium-term earnings visibility, while the higher FXvolatility reserve improves resilience against currency movement.That said, earnings quality remains partlysensitive to market conditions, particularly equity performance and valuation gains. FX pressure was morecontained in 7M26 with the TWD depreciated c3% against the USD, compared with c10% appreciation in 7M25.Overall, we view solid capital buffers and steady CSM release continue to support its credit profile, thoughearnings volatility could re-emerge if equity markets weaken, or TWD sharp appreciation resume. Out of the4 Taiwan lifers, we pair up CATLIF and FUBON for fair a