> **来源：[研报客](https://pc.yanbaoke.cn)** ```markdown # CMBI Fixed Income Daily Market Update Summary ## Core Content Overview This document provides a detailed summary of the fixed income market dynamics in Asia and highlights key corporate developments and macroeconomic news affecting the credit landscape. It also includes insights from the trading desk and analyst comments, focusing on valuations, yields, and investment opportunities. ## Market Summary - **Asia IG Space**: The space remained unchanged, with a tightening of 2bps. - **JP Financial and FUBHKL 36**: Experienced better selling, while FRNs with spreads >100bps were unchanged due to cash-parking activities. - **AT1s, Insurance Subs, and Higher-Yielding Papers**: Light two-way flows were observed, with some papers showing slight gains. - **SOFTBK 35**: Edged 0.5pt higher. - **CNH HY LGFVs**: Remained largely unchanged, with better buying activity noted. - **HONGQI**: Prices were unchanged, with a neutral outlook due to current valuations reflecting the favorable aluminum price environment. - **GLPCHI**: FY25 net loss narrowed by 60% yoy to RMB3.6bn, with gains of 0.1-0.4pt in the morning. ## Trading Desk Comments - **Asia IG**: Closed unchanged to 5bps wider last Friday, with better selling in 10yr papers across BABA, TENCNT, KUAISH, MEITUA, and TW lifers NSINTW, SHIKON. - **JP Space**: FRNs were unchanged, with PBs buying front-end SMBCAC and NTT. - **KR Space**: HYUELEs widened 5bps, and other KR industrials POSCO, HYNMTR, SAMAER widened 2-5bps. - **SOFTBK**: Led the higher-yielding space, rising 0.3-2.2pts due to short covering and RM buying. - **European AT1s**: Edged 0.3pt higher with long-duration buyers returning to quality names. - **SE Asia Space**: GENTMK Perps gained 0.4-0.5pt, while VEDLNs were unchanged to 0.2pt higher. - **Vedanta Resources**: Planned to redeem VEDLN 11.25 12/03/31 (USD290.627mn) and VEDLN 9.85 04/24/33 (USD130mn) on 7 Aug'26. - **Greater China Space**: VNKRLE 27-29 gained 1.0-1.6pts, REGH 6.5 Perp rose 1.8pts, and LASUDE closed 0.2-0.6pt higher. - **Lai Sun Development**: Completed settlement of USD493mn LASUDE 26 by issuing USD333.88mn LASUDE 8 07/28/29, with USD16.03mn extended to 28 Jul'29. - **CNH LGFVs**: Higher-yielding names (over 7%) gradually compressed towards inside 7%, while CNH ZHHFGR 6 Perp closed 0.1pt higher. ## Key Macro News - **US Markets**: S&P (+0.70%), Dow (+0.53%), and Nasdaq (+1.00%) rose last Friday. - **US Jul'26 Chicago PMI**: At 57.6, exceeding market expectations of 56.0. - **UST Yields**: Increased, with 2/5/10/30 year yields at 4.28%/4.45%/4.75%/5.27%. ## Analyst Comments ### HONGQI: Private Placement Underscores Strong Funding Access - **Private Placement Details**: Hongqiao Holdings (002379.CH) raised up to RMB12bn (cUSD1.8bn) via private placement for wind and photovoltaic projects, and working capital. - **Funding Allocation**: 47% for wind power, 19% for photovoltaic, 19% for aluminum deep processing, and 15% for repayment and working capital. - **Equity Dilution**: Expected to dilute HONGQI's equity interest in Hongqiao Holdings by no more than 10%, from 88.99% to 80.9%. - **Market Performance**: HONGQI's equity issuance in Apr'26 and Nov'25 showed strong capital market access. - **Onshore Performance**: RMB12.3bn raised in 2025 and RMB2bn YTD at a weighted average coupon of 2.6%. - **Offshore Performance**: USD600mn bonds and USD300mn CBs issued in 2025. - **Operating Performance**: Positive profit alert in Jul'26 with c39% yoy growth in net profit to cRMB18.8bn. - **Credit Profile**: Ongoing net debt reduction and improving liquidity support credit resilience. - **Preferred Security**: CWAHK 5.875 10/22/30 is preferred for its more attractive risk-return profile. ### Table 1: HONGQI and Chinese HY Peers | Security Name | ISIN | Amt o/s (USDmn) | Ask Px | YTM | Mod Dur | Issue Rating (M/S/F) | |-------------------|------------------|----------------|--------|-------|---------|---------------------| | BTSDF 9 1/8 07/24/28 | XS2971969287 | 300 | 105.3 | 6.2% | 0.9 | Ba3/BB/- | | CWAHK 5.875 10/22/30 | XS3201944314 | 300 | 95.5 | 7.1% | 3.6 | Ba1/BB+/- | | FOSUNI 8 1⁄2 05/19/28 | XS2922957746 | 500 | 101.9 | 7.3% | 1.6 | -/BB-/- | | FOSUNI 6.8 09/09/29 | XS3175828113 | 400 | 98.1 | 7.5% | 2.7 | -/BB-/- | | HONGQI 7.05 01/10/28 | XS2968971676 | 330 | 101.8 | 5.7% | 1.3 | -/-/BB+ | | HONGQI 6.925 11/29/28 | XS3084116055 | 270 | 102.6 | 5.7% | 2.1 | -/BB/BB+ | ## New Issues (Pipeline) - **Korean Air Lines**: USD3yr, T+90, Aa3/-/-. ## Market News Highlights - **Onshore Primary Issuances**: 61 credit bonds issued last Friday totaling RMB35bn, with 2,166 issued in Jul'26 for RMB2,232bn, a 4.2% yoy increase. - **Macau Gaming Revenue**: Down 8.4% yoy in Jul'26 to MOP20.3bn (cUSD2.5bn). - **BHP Group**: Workers at Port Hedland plan 48-hour strikes, increasing pressure for better pay. - **HSBC**: Selling Egypt retail banking business to Emirates NBD, expected to generate a pre-tax gain of cUSD0.3bn. - **Kyushu Electric Power**: 1QFY27 net sales rose 6.9% yoy to JPY532.7bn (cUSD3.3bn). - **LG Chem**: 1H26 sales rose 7.9% yoy to KRW26.4tn (cUSD18.4bn). - **Marubeni**: 1QFY27 revenue jumped 21% yoy to JPY2.6tn (cUSD16.6bn). - **Sinochem**: Selling 14% stake in Pirelli for USD1.1bn, cutting stake to 20.1%. - **SoftBank Group**: Injecting JPY200bn (cUSD1.3bn) into 7-Eleven's parent company. - **Vedanta Resources**: Redeeming VEDLN 11.25 12/03/31 and VEDLN 9.85 04/24/33 on 7 Aug'26. - **China Vanke**: Provided credit enhancement for onshore medium-term notes by pledging RMB1.2bn (cUSD177.5mn) in accounts receivable. - **Fitch Upgrade**: Upgraded China Vanke to CC from RD following distressed debt exchange. - **Westpac**: Sold RAMS mortgage portfolio, increasing CET 1 ratio by c23bps. ## Disclaimer and Important Disclosures - **Risks**: Investing in securities carries risks, and the report is not a substitute for independent investment advice. - **Conflicts of Interest**: CMBIGM may have investment banking relationships with issuers and may act as a market maker or principal. - **Distribution Restrictions**: The report is intended for specific investors and may not be distributed to others without consent. - **Legal Responsibility**: CMBISG accepts legal responsibility for Singapore-based recipients only to the extent required by law. - **United States**: CMBIGM is not a registered broker-dealer, and the report is for major US institutional investors only. ```