> **来源：[研报客](https://pc.yanbaoke.cn)** ```markdown # CMBI Credit Commentary - Fixed Income Daily Market Update Summary ## 📌 Core Content Overview This report provides a summary of the fixed income market activity and macroeconomic updates from the Fixed Income Department of CMBI. The focus areas include Asia's investment-grade (IG) bonds, Macau gaming sector, new issues, and macroeconomic data from the US and other regions. --- ## 📈 Market Movements ### 🇨🇳 China IG Space - **TENCNT/BABA/KUAISH 10yr papers** tightened 2-5bps. - **BABA 35/MEITUA/XIAOMI/AACTEC** tightened 1bp amid better buying. - **HK T2s BNKEA/NANYAN/DAHSIN** closed largely unchanged. ### 🇯🇵 Japan IG Space - **MIZUHO 30-47s** and **SUMIBK 32-47s** widened 1-3bps from ROs. - **Japanese AT1s** and **insurance subs** closed largely unchanged. ### 🇪🇺 European IG Space - **INTNED 7.25 Perp** and **ACAFP 6.7 Perp** closed 0.7-1.0pt higher. - The rest of the European AT1s and insurance subs edged 0.3-0.4pt firmer. ### 🇰🇷 Korea IG Space - **SKONKR/NHSECS/HANFGI/HYUELE/POINTL** were unchanged in spreads. ### 🇹🇼 Taiwan IG Space - **GLPCHI 29** and **NWDEVL 4.125 Perp** gained 0.5pt. - **NDPAPE 14 Perp** lost 0.5pt. ### 🇻🇳 Vietnam IG Space - **VEDLN 32-37s** were 0.2-0.6pt firmer. - The rest of **VEDLNs** were 0.1pt lower to 0.1pt higher. ### 🇱🇰 Sri Lanka IG Space - **LGFV names** saw two-way skewed flows, with small better buying. ### 🇸🇬 Singapore IG Space - **GLPSPs** rose 0.2-0.6pt. --- ## 🏢 Key News and Developments ### 🇨🇳 Macau Gaming Sector - **GGR growth** slowed to 6.8% yoy in 1H26, attributed to the **FIFA World Cup** diverting gambling budgets and lower visitation. - **1H26 GGR** reached MOP126.9bn, which is **84.9%** of the 2019 level. - **2026 full-year GGR forecast** is MOP236bn, and the current run-rate is slightly ahead of the 2025 pace. ### 🇨🇳 Onshore Primary Issuances - **63 credit bonds** issued yesterday with RMB72bn raised. - **Month-to-date** issuance reached RMB72bn, showing a **2.1% yoy increase**. ### 🇨🇳 Regulatory and Market Activity - **China tightened regulations** on high-cost offshore bonds. - **XIAOMI** cut smartphone shipment target by **30%** due to rising costs and component shortages. ### 🇯🇵 Japan - **Rakuten** received **JPY150bn in subsidies** for its satellite business. - **SoftBank** restarted talks for a **USD10bn loan** backed by OpenAI stock. ### 🇮🇳 India - **Adani Ports** sold **49% stake** in Vizhinjam port to MSC arm TiL for **USD1.4bn**. ### 🇸🇬 Singapore - **VEDLN** unit **CopperTech Metals** deferred its **US IPO** due to market volatility. ### 🇬🇧 UK - **Barclays** acquired **Canary Wharf HQ Building** for **GBP750mn (cUSD993mn)**. ### 🇹🇼 Taiwan - **Seazen Holdings** issued a **RMB2.1bn tap** of private REIT. ### 🇲🇴 Macau - **Fosun International** began construction on a **mixed-use redevelopment project** in Hong Kong, expected to require **HKD10bn (cUSD1.28bn)** investment. - **MGMCHIs, SANLTDs, and SJMHOL 28** are viewed as **neutral** due to valuation concerns. --- ## 📊 Top Movers (Last Trading Day) | **Top Performers** | **Price** | **Change** | |---------------------------|-----------|------------| | INTNED 7 1/4 PERP | 105.8 | +1.0 | | VLLPM 7 1/4 07/20/27 | 69.1 | +0.8 | | ACAFP 6.7 PERP | 100.8 | +0.7 | | VEDLN 7 3/4 07/13/37 | 99.6 | +0.6 | | NWDEVL 4 1/8 PERP | 82.2 | +0.6 | | **Top Underperformers** | **Price** | **Change** | |---------------------------|-----------|------------| | BABA 5 5/8 11/26/54 | 99.2 | -1.5 | | MTRC 5 1/4 04/01/55 | 98.7 | -1.4 | | PETMK 5.848 04/03/55 | 103.4 | -1.3 | | SUMIBK 6.184 07/13/43 | 105.9 | -1.3 | | TAISEM 4 1/2 04/22/52 | 92.6 | -1.3 | --- ## 📊 Macau Gaming Bond Picks | **Security Name** | **ISIN** | **Amt o/s (USD mn)** | **Ask Px** | **YTM** | **Mod Dur** | |--------------------------|------------------|----------------------|------------|---------|-------------| | MPEL 5 3/8 12/04/29 | USG5975LAE68 | 1,150 | 97.6 | 6.1% | 3.1 | | MPEL 7 5/8 04/17/32 | USG5975LAK29 | 750 | 102.6 | 7.1% | 2.4 | | MPEL 6 1/2 09/24/33 | USG5975LAL02 | 500 | 98.3 | 6.8% | 5.6 | | SJMHOL 6 1⁄2 01/15/31 | XS3267117995 | 540 | 95.0 | 7.8% | 3.7 | | STCITY 6 1/2 01/15/28 | USG85381AF13 | 500 | 100.0 | 6.5% | 0.1 | | STCITY 5 01/15/29 | USG85381AG95 | 1,100 | 96.0 | 6.8% | 2.3 | | WYNMAC 5 1/2 10/01/27 | USG98149AD29 | 750 | 99.9 | 5.6% | 1.2 | | WYNMAC 5 1/8 12/15/29 | USG98149AE02 | 1,000 | 97.8 | 5.8% | 3.1 | --- ## 📝 New Issues (Priced) | **Issuer/Guarantor** | **Size (USD mn)** | **Tenor** | **Coupon** | **Issue Rating (M/S/F)** | |----------------------|------------------|-----------|------------------|--------------------------| | Lotte Rental | 90 | 3yr | SOFR+110 | Baa3/BBB-/- | | Panasonic Holdings | 500 | 10yr | 5.362% | Baa1/A-/- | --- ## 📝 New Issues (Pipeline) | **Issuer/Guarantor** | **Currency** | **Size (USD mn)** | **Tenor** | **Pricing** | **Issue Rating (M/S/F)** | |----------------------|--------------|------------------|-----------|-------------|--------------------------| | IIFL Finance | USD | 300 (capped) | 4yr | 7.85% | Ba3/B+/B+ | --- ## 📝 Important Disclosures - The report is for **informational purposes only** and **not an offer or solicitation** to buy/sell securities. - **CMBIGM** does not provide **individual investment advice**. - The report may contain **conflicts of interest**, as CMBIGM may have **investment banking relationships** with the mentioned companies. - **No liability** is accepted for any reliance on the information in this report. - **Reproduction or distribution** of the report is **prohibited** without prior written consent. --- ## 📝 Disclaimer - **UK Recipients**: Only for **Article 19(5)** or **Article 49(2)** individuals. - **US Recipients**: Only for **major US institutional investors**, and must be executed through a **US-registered broker-dealer**. - **Singapore Recipients**: Distributed by **CMBISG**, an **Exempt Financial Adviser** in Singapore, and subject to **legal responsibility** for non-accredited investors. --- ```