> **来源：[研报客](https://pc.yanbaoke.cn)** ```markdown # CMBI Credit Commentary Summary ## Core Content Overview This document is a **Fixed Income Daily Market Update** from CMBI Credit Commentary, providing a detailed analysis of market movements, news, and key developments in the fixed income market, particularly focusing on **Chinese properties** and **offshore bond issues**. It also includes macroeconomic news and analyst comments on various market participants. --- ## Key Market Movements ### Onshore Bond Market - **New TENCNT issues** widened by 1-2bps. - **10yr IG papers** showed two-way flows with spreads largely unchanged. - **PTTGC 7 1/8 Perp** and **TOPTB 6.1 Perp** declined by 0.2pt. - **HYSAN 4.85 Perp** also declined by 0.2pt. - **VLLPM 29** gained 1.2pts. ### Offshore Bond Market - **EHICAR 27** rose by 1.7pts. - **YUZHOU 7 06/30/27** gained 0.7pts. - **LNGFOR 3.85 01/13/32** gained 0.5pts. - **HSBC 6.95 PERP** gained 0.5pts. - **VLLPM 9 3/8 07/29/29** fell by -1.1pts. - **HSBC 7 PERP** and **BACR 7 5/8 PERP** declined by -1.0pt and -0.9pt, respectively. - **RILIN 6 1/4 10/19/40** dropped by -0.8pt. - **KAZAKS 5 07/01/32** declined by -0.7pt. --- ## Chinese Property Market Analysis ### Contracted Sales - **YoY decline** in contracted sales for 30 developers in May 2026 was **16.3%**, compared to **18.5%** in April 2026. - **Total cumulative contracted sales** for 5 months ending May 2026 reached **RMB598.9bn**, down from **RMB713.5bn** in the same period last year. ### Performance by Developers | Developer | YoY Growth | YTD Sales | YTD Sales Growth | |-----------|-----------|----------|------------------| | CHIOLI | 14% | 103,002 | 14% | | CHJMAO | 11% | 41,727 | 11% | | CRHZCH | 8% | 93,510 | 8% | | REDSUN | -69% | 767 | -52% | | HONGSL | -55% | 3.9bn | -52% | | LNGFOR | -54% | 9.1bn | -52% | ### Factors Influencing Sales - **Supportive measures** introduced in March 2026, such as allowing first-time homebuyers and young families to use housing provident funds, have helped moderate the decline. - **Weak homebuyer confidence** continues to be a challenge, driven by **household income expectations** and **home price outlook**. - **CMBI Economic Research** expects the **PBOC** to cut the **LPR by 10bps by end of Q3 2026**, which could support the housing market. --- ## New Issues and Refinancing Activities ### Offshore Asia New Issues (Priced) - No new issues were priced today. ### Offshore Asia New Issues (Pipeline) - No new issues are in the pipeline today. ### Key Refinancing Activities - **COGREN** is working with advisors to launch a new bond to refinance its **USD435mn COGREN 9.5 02/24/27**. - **Vedanta Resources** is planning to price **USD3.6bn** in 144A/Reg S USD bonds as early as **24 Jun 2026**. - **Lenovo Group** plans to issue **USD2bn** in **LENOVO 0 06/25/33 (CB)** to refinance existing debt, buy back shares, and for general corporate purposes. - **Adani Green Energy** plans to raise an **offshore loan of up to USD1bn**. --- ## Macro News Recap - **U.S. stock indices** (S&P, Dow, Nasdaq) fell by **-1.21%, -0.98%, -1.34%**, respectively. - **U.S. Fed** kept interest rates **unchanged** but indicated possible hikes this year. - **U.S. crude oil inventories** dropped by **8.263mn barrels**, exceeding market expectations of a **3.6mn** decline. - **UST yields** for 2/5/10/30 years were at **4.20%/4.27%/4.49%/4.93%**. - **Onshore primary issuances** totaled **170 credit bonds** with **RMB137bn** raised yesterday, marking a **39.7% yoy increase** for the month-to-date. --- ## News and Market Color - **Russian oil sanctions** may be reimposed by the U.S. as oil flows through the **Strait of Hormuz** resume. - **Food delivery platforms** (BABA, JD, MEITUA) face regulation on subsidies to curb **price wars** and **irrational competition**. - **Globe Telecom** cleared its fintech unit's **IPO filing** on the Philippine exchange. - **Continuum Green Energy** (COGREN) is preparing to refinance its **USD435mn COGREN 9.5 02/24/27**. - **Vedanta Resources** is looking to price **USD3.6bn** in 144A/Reg S USD bonds by **24 Jun 2026**. --- ## Disclaimer and Important Disclosures - **CMBIGM** has investment banking relationships with some of the issuers mentioned. - The **author certifies** that the views expressed are their personal views and not influenced by compensation. - The report is **not an offer or solicitation** to buy or sell securities. - **CMBIGM** is not a U.S. registered broker-dealer and is not subject to U.S. research regulations. - The report is **intended for institutional investors** in the U.S. and **not for retail investors**. - In **Singapore**, the report is distributed by **CMBISG**, an Exempt Financial Adviser, and is only for **Accredited Investors, Expert Investors, or Institutional Investors**. --- ## 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 ```