> **来源：[研报客](https://pc.yanbaoke.cn)** # CMBI Fixed Income Market Summary ## Core Content Overview This document provides a comprehensive summary of the fixed income market dynamics for the day, including trading updates, macroeconomic news, and new issue activity in the offshore Asia market. It also highlights the performance of Chinese property developers and other key market participants. --- ## Market Update - **Overall Market Movement**: The EIBKOR/KORELE/KTGC/MUFG/MITHCC/SMBCAC traded 2bps wider to 2bps tighter from ROs. - **Asia IG Space**: Remained unchanged to 2bps wider with light trading flows. - **AT1s and USD LGFV Issues**: Experienced better selling, while higher-grade CNH papers saw better buying. - **SOFTBK 31-36**: Lost 0.6-0.8 points. - **LASUDE 26/FAEACO Perp**: Rose 0.2-0.3 points. --- ## Chinese Property Developers Performance - **Contracted Sales YoY Decline**: Narrowed to 15.0% in 1H26 from 16.3% in 5M26. - **June 2026 Data**: - **China Overseas (CHIOLI)**: Contracted sales at RMB173.2bn, down 10.0% yoy. - **SOEs (State-Owned Enterprises)** such as **CHIOLI**, **CHJMAO**, and **GRNLGR** showed better performance with sales growth of 12%, 8%, and 7% respectively. - **Bottom Performers**: - **REDSUN/HONGSL**: Down 67% yoy. - **SUNAC**: Down 62% yoy. - **LNGFOR**: Down 55% yoy. - **Market Outlook**: - Housing market recovery is expected to be sluggish, with higher-tier cities recovering faster due to stronger fiscal capacity. - CMBI Economic Research anticipates a 10bps LPR cut by the PBOC by end-3Q26, which could provide incremental support. --- ## Trading Desk Comments - **Chinese 10yr Benchmarks (BABA/TENCNT/KUAISH/MEITUA)**: Traded 1-2bps wider. - **Front-end FRNs and AMC Papers**: 2bps wider due to ongoing selling pressure. - **ZHOSHK 28**: 0.2pt weaker. - **KR Belly Bonds**: Tightened 1-2bps, while the rest of the space closed 1-2bps wider. - **JP Space**: MUFG/SMBCAC/MITHCC/NOMURA/NTT and short-dated bank FRNs closed flat to 2bps wider ahead of abundant new issue pipelines. - **Higher-Yielding Space**: - **FAEACO 12.814 Perp**: Rose 1.3pts, with market chatter about a bondholder-friendly LME and monetization of HKD1bn Malaysian assets via a REIT listing. - **NWDEVL/VDNWDL Complex**: Up to 1.0pt weaker. - **VNKRLE 27-29**: Lost 0.3-0.4pts. - **China Vanke**: Expected a 1H26 net loss widening to RMB12-15bn (cUSD1.8-2.2bn) from RMB12.0bn (cUSD1.8bn) in 1H25, due to additional asset impairment and operating losses. - **European and Japanese AT1s and Insurance Subs**: 0.1pt softer in light flows. - **SE Asian Perps**: GENTMK/TOPTB/PTTGC down 0.1-0.2pts. - **LGFV Space**: ZHHFGRs lost 0.3-0.4pts with better selling from cross-border AMs. - **CNH Space**: Well bid by AMs, with Chinese accounts buying c5%-yielding papers and PBs/HFs buying higher-yielding issues. --- ## Offshore Asia New Issues (Priced) | Issuer/Guarantor | Size (USD mn) | Tenor | Coupon | Priced | Issue Rating (M/S/F) | |-------------------------------|---------------|---------|----------------|---------------|----------------------| | Export-Import Bank of Korea | 1000 | 3yr | 4.375% | T+18 | Aa2/AA/AA- | | Korea Electric Power Corp | 400 | 3yr | SOFR+62 | SOFR+62 | Aa2/AA/- | | Jinko Power Technology | 100 | 3yr | 4.38% | 4.38% | Unrated | | KT&G Corp | 300 | 3.5yr | 4.875% | T+65 | A3/A-/BBB+ | | Mitsubishi HC Finance America | 500 | 5yr | 5.197% | T+83 | A3/A-/A- | | Mitsubishi UFJ Financial Group | 500 | 4NC3 | 4.98% | T+67 | A1/A-/A- | | SMBC Aviation Capital Finance | 650 | 3yr | 4.95% | T+70 | -/A-/BBB+ | | SMBC Aviation Capital Finance | 750 | 5yr | 5.2% | T+85 | -/A-/BBB+ | --- ## Offshore Asia New Issues (Pipeline) - **No New Issues Pipeline**: No offshore Asia new issues were announced today. --- ## Key Market Movers | Top Performers | Price | Change | |------------------------|-------|--------| | FAEACO 12.814 PERP | 79.4 | 1.3 | | TSIVMG 1.6 12/17/39 | 48.5 | 1.2 | | CRNAU 9 1/4 10/01/29 | 91.3 | 1.2 | | SSW 5 1/2 08/01/29 | 98.0 | 0.5 | | VLLPM 9 3/8 07/29/29 | 56.0 | 0.5 | | Top Underperformers | Price | Change | |------------------------|-------|--------| | NWDEVL 4.8 PERP | 59.3 | -1.0 | | TAQAUH 4 10/03/49 | 76.4 | -0.9 | | CNPCCH 5.95 04/28/41 | 107.5 | -0.9 | | MUFG 5.868 04/21/47 | 98.6 | -0.8 | | CBAAU 5.929 03/14/46 | 98.5 | -0.8 | --- ## Macro News Recap - **U.S. Indices**: S&P (-0.79%), Dow (-0.26%), Nasdaq (-1.55%) all declined. - **UST Yields**: Increased across the curve, with 2/5/10/30-year yields at 4.26%/4.37%/4.62%/5.10%. --- ## News and Market Color - **Adani Green**: Energy sales volume rose 30% yoy to 13.7bn units in 1QFY27. - **Adani Energy Solutions**: Advanced to second round of negotiations for Polaris Smart Metering. - **BHP Group**: Considering divesting a desalination plant and electricity transmission assets in Chile valued at cUSD1.5-2bn. - **Continuum Green Energy**: Commencing roadshow for proposed USD450mn 144A/Reg S 5NC2 bonds; S&P changed outlook to negative and affirmed rating. - **Aluminum Corporation of China**: Expected 1H26 net profit to jump by up to 73% yoy to RMB12.2bn (cUSD1.8bn). - **Korea Investment Holdings**: Acquisition efforts for Yebyeol Non-Life Insurance stalled. - **Indonesia**: S&P affirmed BBB rating, outlook stable due to government efforts in resource and mineral sectors. - **JD.com**: Asset unit preparing Singapore REIT IPO. - **POSCO Holdings**: Considering exiting titanium business due to Chinese competition. - **Road King Infrastructure**: Achieved over 60% accession rate for offshore debt RSA. - **SoftBank Group**: Considering stake in Seven & i Holdings (parent of 7-Eleven). - **TSMC**: Net revenue up 36% yoy to TWD2.4tn (cUSD74.9bn) in 1H26. --- ## Important Disclosures - **Risks**: Investing in securities involves risk. 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