> **来源：[研报客](https://pc.yanbaoke.cn)** ```markdown # CMBI Credit Commentary Summary ## Core Content This document provides a comprehensive overview of the fixed income market, focusing on the performance of various bonds and the market outlook for Chinese real estate and other Asian issuers. It also includes macroeconomic news, new issue updates, and analyst comments. ## Market Performance Highlights ### Bond Movements - **GLPSPs/GLPCHI** led the market, rising 2.0-3.0pts yesterday and retracing 0.1-1.1pts this morning. - **SUMIBK 6.45 Perp/ECHIAR 29** gained 0.2-0.3pt. - **ACPM 4.85 Perp** rose 0.8pt. - **TW lifers** traded 1-3bps tighter. - **Japanese insurance subs** edged 0.3pt higher amid two-way flows. - **LGFV space** bonds were largely unchanged amid two-way flows. - **Quality USD papers** saw better buying from RMs. - **Tactical investors** sold more in some bonds. - **EHICAR 27' and 29'** lost 0.8-1.1pts. - **DEVPHI 2 3/8 03/11/31** fell 0.6pt. - **FORTEB 7 3/4 02/04/30** fell 0.5pt. - **VLLPM 9 3/8 07/29/29** rose 1.8pt. ### Top Movers | Top Performers | Price | Change | |-----------------------------|--------|--------| | GLPSP 7.865 PERP | 56.8 | 3.0 | | GLPSP 9 3/4 05/20/28 | 85.5 | 2.7 | | GLPCHI 7 3/4 04/30/29 | 86.1 | 2.3 | | GLPSP 4.6 PERP | 52.0 | 2.0 | | VLLPM 9 3/8 07/29/29 | 38.4 | 1.8 | | Top Underperformers | Price | Change | |-----------------------------|--------|--------| | EHICAR 12 09/26/27 | 50.9 | -1.1 | | ACPM 4.85 PERP | 76.8 | -1.0 | | EHICAR 10 10/14/29 | 45.8 | -0.8 | | DEVPHI 2 3/8 03/11/31 | 89.9 | -0.6 | | FORTEB 7 3/4 02/04/30 | 102.7 | -0.5 | ## Main Views ### Chinese Real Estate - The **contracted sales** of 30 developers in April 2026 declined by 5.7% year-over-year (YoY) to RMB137.0bn, marking the **lowest YoY decline** since February 2025. - **9 out of 30 developers** reported a YoY increase in contracted sales, up from 6 in March 2026. - In the first quarter of 2026, the cumulative YoY decline in contracted sales was **18.5%**, down from **23.1%** in the first quarter. - **SOEs** such as **China Jinmao**, **China Overseas**, and **China Resources Land** performed better, with YoY sales growth of 23%, 14%, and 2%, respectively. - **Bottom performers** included **Redsun**, **Hongsl**, and **YLLGSP**, with sales declines of 71%, 58%, and 57% YoY, respectively. - **CMBI Economic Research** expects the **PBOC** to cut the **LPR by 10bps by end-3Q26**, which could provide some support to the housing market. ### Macro News - **S&P 500** rose by 0.61%, **Dow Jones** fell by 0.23%, and **Nasdaq** rose by 1.19% on Tuesday. - **UST yield bull steepened**, with yields at 4.01% for 2-year, 4.19% for 5-year, 4.50% for 10-year, and 5.03% for 30-year. - **Chinese authorities** are implementing **city-specific measures** to stabilize the property market rather than a nationwide bailout. - **Local governments** are encouraged to convert unsold commercial housing into affordable housing. ## Key Information ### New Issues (Priced) | Issuer/Guarantor | Size (USD mn) | Tenor | Coupon | Priced | Issue Rating | |------------------------------------------|---------------|--------|----------------|-----------|----------------| | Bocom Leasing Management HK Company Limited | 750 | 3yr | SOFR+48 | SOFR+48 | A2/-/A | | Chongqing Tongnan Construction Engineering | 45.3 | 3yr | 4.9% | 4.9% | Unrated | | Hana Securities | 300 | 5yr | 4.875% | T+77 | -/A-/- | | Yiwu State-owned Capital | 350 | 3yr | 4.35% | 4.35% | Unrated | ### New Issues (Pipeline) | Issuer/Guarantor | Currency | Size (USD mn) | Tenor | Pricing | Issue Rating | |-------------------------------|----------|---------------|--------|-----------|----------------| | Shandong Finance Investment | USD | - | 3yr | 4.85% | A2/-/A | ### Onshore Primary Issuances - **142 credit bonds** were issued yesterday, totaling **RMB141bn**. - **Month-to-date**, **1,131 credit bonds** were issued, raising **RMB1,328bn**, a **0.6% YoY increase**. ### Recent News - **China Vanke** proposed to **repay 40% of the 2 onshore bonds upfront** and **extend the maturities of the balance by 1 year**. - **Xiaomi** reported a **10.9% YoY drop in 1Q26 revenue** to RMB99.1bn (cUSD14.6bn), and is **ramping up its overseas push** to offset costs and competition. - **LG Chem** sold assets in a US joint venture, **L-H Battery**, to **Honda** for KRW3.74tn (cUSD2.47bn). - **NWD** received a **HKD1bn purchase offer** for a commercial site in Hong Kong. - **SoftBank Group** appointed banks to work on potential **listings of its energy and infrastructure** as well as **robotics businesses**. - **CSI Properties** received a **HKD892mn (cUSD114mn)** loan facility from its joint venture. - **CK Hutchison** is considering a **dual listing of AS Watson** at a **USD30bn valuation** in 2026. ## Summary of Key Points - **Chinese real estate** showed signs of stabilization with the lowest YoY decline in contracted sales since February 2025. - **GLPSPs/GLPCHI** led the market with significant price increases. - **CMBI** expects the **PBOC** to cut LPR by 10bps by end-3Q26. - **UST yields** steepened, with the yield curve showing a tightening trend. - **New issues** and **pipeline** data highlight ongoing activity in offshore Asia markets. - **Market color** includes mixed macroeconomic news and developments in various sectors such as **real estate**, **technology**, and **infrastructure**. ## Disclaimer and Author Certification - The report is prepared by **CMBIGM** and is not a recommendation or advice. - The **author certifies** that the views expressed are personal and not influenced by compensation. - The **report is for internal use** only and may not be reproduced or distributed without consent. - **CMBIGM** may have conflicts of interest due to its investment banking relationships with issuers. ```