20260515-招银国际-Fixed_Income_Daily_Market_Update_8页_956kb

CMBI Credit Commentary Summary

Core Content Overview

This document is a Fixed Income Daily Market Update from CMBI, covering market activity, bond issuance data, and relevant news impacting the fixed income market. It includes analysis of USD and Dim Sum bonds, as well as insights from the trading desk and macroeconomic developments.

Key Market Activity

• NANFUN 5.75 05/21/36 hovered around RO at 99.154.
• CNH ZZSOAO 6.18 05/19/29 remained around par.
• 10yr JP and Yankee AT1s and insurance subs traded 0.3-0.5pt lower amid better selling.
• LGENSO widened 1-2bps.
• NWDEVL/VDNWDL complex led the market and rose 0.9pt.
• NANFUN 27 widened 2bps, while NANFUN 28 tightened 4bps.
• BNKEA 32 traded 3bps tighter.
• ZHELEC 4.65 12/29/26 lowered by 0.8pt.
• VNKRLE 27' and 29' edged 0.5-0.6pt higher.
• IHFLIN 27-30 traded 0.1-0.3pt lower.
• Yankee and Japanese AT1s and insurance subs bounced back 0.1pt.

Top Movers

Gross USD Bonds Issuance

• Asia Pacific gross USD bonds issuance decreased 6.2% yoy in 4M26 to USD139.3bn.
• Japan was the largest issuer in 4M26 with USD45.2bn, followed by South Korea (USD23.4bn) and Australia (USD23.2bn).
• IGs accounted for 85.1% of the total issuance in 4M26.
• Financials (65.9%), sovereigns (7.0%), and metals & mining (5.2%) were the top sectors.
• In April 2026, Asia Pacific USD bonds issuance increased 82.6% yoy to USD41.8bn, with financials (42.9%), metals & mining (26.4%), and LGFVs (20.8%) as the top sectors.
• China USD bonds issuance dropped 53.8% yoy in April 2026 to USD3.0bn, and cumulatively 54.9% yoy decrease to USD15.9bn in 4M26.
• Dim Sum bonds issuance in April 2026 reached RMB55.3bn, a 15.2% yoy increase.
• Asia ex-JP, AU & NZ Dim Sum bonds issuance increased 55.0% yoy in April 2026.
• LGFVs saw a sharp decline in USD and Dim Sum bonds issuance: USD0.6bn and RMB4.3bn in April 2026, respectively.
• LGFV Dim Sum bonds issuance in 4M26 reached RMB16.6bn, a 51.4% yoy decrease.
• The decline was attributed to rising offshore funding costs and tightened NDRC scrutiny.

Offshore Asia New Issues (Priced)

Offshore Asia New Issues (Pipeline)

• No new offshore Asia New Issues were in the pipeline as of the latest update.

News and Market Color

• ADGREG: Adani Group agreed to pay USD18mn to settle SEC allegations.
• BABA/JD/LENOVO: US cleared Alibaba, JD.com, and Lenovo to purchase Nvidia H200 chips.
• FOSUNI: Fosun International's healthcare arm will pay USD240m for Alzheimer's treatment rights.
• GLMTMO: Golomt Bank accepted USD200mn of the tendered GLMTMO 11 05/20/27.
• HYUNHI: HD Hyundai Heavy signed a deal for USD498.6mn LNGCs.
• PCORPM: Petron secured PHP15bn (cUSD244mn) revolving credit facility.
• RAKUTN: Rakuten Group's 1Q26 EBITDA rose 36.2% yoy to JPY108.8bn (cUSD689.4mn).
• SMCGL: San Miguel Global Power's 1Q26 revenue increased 26.2% yoy to PHP53.6bn (cUSD872mn).
• SMCPM: San Miguel Group plans to raise PHP30bn (cUSD488mn) via preferred share issuance.
• VEDLN: S&P upgraded Vedanta Resources to BB from B+, citing improved cost structure from backward integration.

Macro News Recap

• S&P, Dow, and Nasdaq rose on Thursday, with gains of +0.77%, +0.75%, and +0.88%, respectively.
• US initial jobless claims increased to +211k, higher than the expected +205k.
• US retail sales (April 2026) rose +0.5% mom, while core retail sales increased +0.7% mom, matching market expectations.
• UST yields for 2/5/10/30 years were at 4.00%, 4.13%, 4.47%, and 5.02%, respectively.

Important Disclosures

• CMBIGM provides general market insights and does not offer individualized investment advice.
• Past performance is not indicative of future results.
• Investors are advised to consult with professional financial advisors.
• The report is intended solely for major US institutional investors and not for public distribution.
• No liability is assumed for any losses or damages arising from reliance on the report.
• Conflicts of interest may exist due to investment banking relationships with covered issuers.

Author Certification

• The author certifies that the views expressed reflect personal opinions and that compensation is not tied to the report's content.
• The author has not traded or dealt in the stocks covered in the last 30 days.
• The author will not trade in the stocks covered for 3 business days after the report's issue date.
• The author is not an officer of any Hong Kong listed companies and has no financial interest in them.

Contact Information

• Fixed Income Department
  Tel: 852 3657 6235 / 852 3900 0801
  Email: fis@cmbi.com.hk

• Analysts

  • Glenn Ko, CFA: 852 3657 6235 / glennko@cmbi.com.hk
  • Cyrena Ng, CPA: 852 3900 0801 / cyrenang@cmbi.com.hk
  • Yujing Zhang: 852 3900 0830 / zhangyujing@cmbi.com.hk