> **来源：[研报客](https://pc.yanbaoke.cn)** # CMBI Credit Commentary Summary ## Core Content Overview This document provides a comprehensive market update and analysis on fixed income markets in Asia, the Middle East, and other regions, with a focus on USD and Dim Sum bond issuances, credit spreads, and market movements. It also includes key macroeconomic news and analyst comments. --- ## Market Update ### Asian IG Space - The Asian Investment Grade (IG) space was 1-5bps wider this morning with quiet flows. - **GARUDA 31** lost 1.3pts. - **SOFTBK 35-36s** were 0.6-0.9pt lower. - **VNKRLE 27/EHICAR 26** gained 0.2pt. - **GLPSP 4.6 Perp** was 0.2pt higher. ### Chinese/HK Market - **Long-end BABA** and **MEITUA** widened 3-5bps and 1-3bps, respectively. - **XIAOMI 30-31s** traded 3-4bps wider. - **HAOHUA 29-30s** showed mixed two-way flows, closing unchanged. - **ROADKG 28-30s** lost 1.9-2.3pts. - **Road King Infrastructure** is likely to face more delays in its debt restructuring due to opposing bondholders not accepting the RSA and pushing for winding up of New Select/RKE. - **NWDEVL/VDNWDL Perps** were 0.2pt lower to 0.3pt higher. - **NWD** deferred distribution on **NWDEVL 10.131 Perp** and **NWDEVL 5.25 Perp** to next payment dates. - **LNGFOR 27-32** were unchanged to 0.3pt higher. - **KR credits** closed largely unchanged, with small profit-taking on **HYUELE 29-33s**. ### SE Asian Space - **OCBCSP 35-36s** tightened 1-2bps. - **EXIMBK curve** traded 1-3bps wider. - **SMCGL Perps** were unchanged to 0.2pt lower. ### AU Market - **NAB/ANZ/WSTP IG credits** widened 1-3bps due to Chinese RM selling. ### Japanese and European AT1s - Long-end issues closed unchanged to 0.3pt lower. ### LGFV Space - Better selling was observed across the USD credit curve. - Non-LGFV CNH papers retraced by 0.3-0.4pt due to profit-taking flows from AMs. --- ## Bond Issuance Data ### Gross USD Bonds Issuance - **Asia Pacific** gross USD bonds issuance decreased 2.7% yoy in 5M26 to USD166.7bn. - **China** gross USD bonds issuance fell 46.0% yoy in May'26 to USD4.8bn. - **Middle East** gross USD bonds issuance decreased 11.3% yoy in May'26 to USD15.6bn. - **Asia ex-JP, AU & NZ** gross USD bonds issuance increased 2.9% yoy in May'26 to USD15.9bn. ### Dim Sum Bonds Issuance - **Asia Pacific** Dim Sum bonds issuance increased 230.8% yoy in May'26 to RMB101.9bn. - **Cumulative 5M26** Dim Sum bonds issuance was RMB447.5bn, a 27.9% yoy increase. - **Asia ex-JP, AU & NZ** Dim Sum bonds issuance was RMB100.6bn in May'26, a 729.4% yoy increase. - **Cumulative 5M26** Dim Sum bonds issuance was RMB443.4bn, a 54.2% yoy decrease. --- ## Key Issuers and Events - **FRESHK**: Far East Horizon fully converted USD250mn FRESHK 0 06/15/26 into ordinary shares. FRESHKs were unchanged in spreads. - **HYUELE**: SK Hynix will produce memory chips for Nvidia's new CPUs. - **JD.com**: Plans to open up to nine brick-and-mortar home and home appliance stores in Hong Kong over the next three years. - **JFCPM**: Jollibee Foods is considering moving a potential spin-off and international business listing to Hong Kong from the US. - **LIFUNG**: S&P affirmed Li & Fung's rating at BB on the New Advent acquisition; outlook remains stable. - **NWDEVL**: NWD deferred distribution on its USD Perps. - **PCGIHD**: PCGI completed early redemption of all outstanding USD225mn PCGIHD 4.5 08/23/26. - **STCITY**: Studio City completed early redemption of USD153.58m of outstanding STCITY 7 02/15/27 on 5 Jun'26. - **WYNMAC**: Wynn Macau cut the conversion price of its USD600mn WYNMAC 4.5 03/07/29 (CB) due to the payment of a 2025 dividend. - **VEDLN**: India government plans to sell up to 2% stake in Hindustan Zinc to raise up to INR50bn (cUSD522mn). - **DIBUH**: Dubai Islamic Bank considers issuing USD AT1 sukuk in coming weeks. - **CFAMCI**: A senior executive at China CITIC Financial Asset Management was arrested amid an anti-graft campaign. --- ## Macro News Recap - **S&P, Dow, Nasdaq** all declined on last Friday: S&P (-2.64%), Dow (-1.35%), Nasdaq (-4.18%). - **US May'26 Nonfarm Payrolls** increased by +172k, higher than the market expectation of +85k. - **Unemployment rate** was 4.3%, in line with expectations. - **UST yields** increased on last Friday, with 2-year yield at 4.17%, 5-year at 4.29%, 10-year at 4.55%, and 30-year at 5.01%. --- ## Market Movements ### Top Performers - **CSCHCN 4 1/2 08/19/27**: 20.6, +1.4pt - **LASUDE 5 07/28/26**: 85.3, +0.5pt - **PMBROV 11 1/2 02/18/30**: 86.2, +0.4pt - **IPTBZU 6.45 10/09/30**: 101.0, +0.4pt - **YUEXIU 3.8 01/20/31**: 90.8, +0.3pt ### Top Underperformers - **ROADKG 5 1/8 01/26/30**: 17.5, -2.3pt - **ROADKG 5.9 09/05/28**: 17.6, -2.2pt - **ROADKG 5.2 07/12/29**: 17.6, -2.0pt - **ROADKG 6 03/04/29**: 17.5, -1.9pt - **VLLPM 7 1/4 07/20/27**: 50.6, -1.5pt --- ## Key Drivers and Trends - **LGFV bonds**: Sharp decline in USD and Dim Sum issuance due to rising offshore funding costs and tightened NDRC scrutiny. - **Dim Sum bonds**: Significant growth in issuance, especially in Asia ex-JP, AU & NZ, driven by increased activity from China, the US, and Hong Kong. - **Onshore primary issuances**: 69 credit bonds issued last Friday with RMB72bn, and 411 credit bonds issued month-to-date with RMB439bn, representing an 84.4% yoy increase. - **Regulatory impact**: Tightened NDRC scrutiny and the Southbound Bond Connect restrictions have contributed to lower Dim Sum LGFV issuance. --- ## Contact Information - **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 --- ## Important Disclosures - This report is for informational purposes only and does not constitute investment advice. - The information is based on publicly available data and may not be accurate or complete. - CMBIGM is not a registered broker-dealer in the United States and does not provide investment advice to U.S. investors. - In Singapore, CMBISG is an Exempt Financial Adviser and regulated by MAS. - The report may contain conflicts of interest, and CMBIGM assumes no responsibility for any reliance on the information provided. --- ## Disclaimer - The report is provided only to specific categories of investors in the UK, US, and Singapore, as outlined in the document. - Unauthorized reproduction, distribution, or use of the report is prohibited without prior written consent.