20260618-招银国际-Fixed_Income_Daily_Market_Update_5页_761kb

报告摘要

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