> **来源：[研报客](https://pc.yanbaoke.cn)** ```markdown # CMBI Credit Commentary Summary ## Core Content Overview This document is a **Fixed Income Daily Market Update** from CMBI's Fixed Income Department, providing insights into the fixed income market performance and new issue activity in the Asia-Pacific region, with a focus on offshore and onshore credit instruments. ## Key Market Movements - **New Issues:** - **NIPDES 31s** tightened by 7bps from RO at T+58. - **POWFIN 31** tightened by 2bps from T+105. - **NHSECS 29-31** traded 1-3bps wider from initial pricing at T+105 and T+110, respectively. - **POINTL 31s** widened by 3bps from RO at T+90. - **GENTMKs/SOFTBKs** were down 0.1-0.3pt due to better selling. - **Top Performers and Underperformers:** - **Top Performers:** - **VLLPM 7 1/4 07/20/27:** Rose 4.8pts. - **VLLPM 9 3/8 07/29/29:** Rose 3.6pts. - **CSCHCN 4 1/2 08/19/27:** Rose 0.6pts. - **TSINGH 6 1/2 01/31/28:** Rose 0.5pts. - **TAISEM 2 1/2 10/25/31:** Rose 0.5pts. - **Top Underperformers:** - **ARAMCO 3 1/2 11/24/70:** Fell 1.2pts. - **ARAMCO 5 7/8 07/17/64:** Fell 1.1pts. - **ARAMCO 6 3/8 06/02/55:** Fell 1.0pts. - **BABA 5 5/8 11/26/54:** Fell 1.0pts. - **WLISRC 7 7/8 06/23/36:** Fell 1.0pts. ## New Issue Activity (Priced) | Issuer/Guarantor | Size (USD mn) | Tenor | Coupon | Priced | Issue Rating (M/S/F) | |------------------------|---------------|-----------|--------------|-----------|----------------------| | Denso Corp | 500 | 5yr | 4.864% | T+58 | A2/A+/ - | | First Abu Dhabi Bank | 750 | 10.5NC5.5 | 5.701% | T+140 | -/-/A | | Jinan Energy | 210 | 3yr | 4.4% | 4.4% | A3/-/- | | NH Investment & Securities | 300/300 | 3yr/5yr | 4.875%/5.0% | T+105/T+110 | A3/A-/ - | | POSCO International | 500 | 5yr | 5.125% | T+90 | Baa2/BBB/- | | Power Finance Corp | 300 | 5yr | 5.32% | T+105 | Baa3/BBB-/ - | ## New Issue Activity (Pipeline) | Issuer/Guarantor | Currency | Size (USD mn) | Tenor | Pricing | Issue Rating (M/S/F) | |------------------------|----------|--------------|--------------------|---------------------|----------------------| | Axis Bank | USD | - | 5yr/PerpNC5.5 | T+130/7.125% | Baa3/BBB/-/BB-/ - | | Nomura | USD | - | 3yr/3yr/5yr/5yr/10yr | T+105/SOFR Equiv/T+120/SOFR Equiv/T+135 | Baa1/BBB+/ - | | Sony Group | USD | - | 5yr/10yr | T+70/T+90 | A2/A+/ - | | Yi Bright International | USD | - | 3yr | 5.1% | Unrated | ## Onshore Credit Activity - **Primary Issuances:** 115 credit bonds were issued yesterday with RMB89bn raised. Month-to-date, 1,676 credit bonds were issued for RMB1,710bn, a 13.9% yoy increase. - **Notable Issuers:** - **China Resources Land** raised RMB1.5bn (cUSD221.5mn) via domestic medium-term notes. - **Seazen** plans up to RMB2.2bn tap of private REITs this month. - **Huachen** is still collecting funds for USD627mn HCELEC 4.65 12/29/26 coupon on 21 Jun'26. - **JD.com** expects robots to replace 700,000 delivery riders. ## Macro and Market Insights - **U.S. Market:** S&P (-0.37%), Dow (+0.29%), and Nasdaq (-1.32%) were mixed on Monday. - **UST Yields:** Increased across 2, 5, 10, and 30-year yields to 4.24%, 4.29%, 4.51%, and 4.95%, respectively. ## Key Issuer Insights ### Singapore Airlines (SIA) - Proposed to issue a **5yr senior unsecured dim sum bond** (unrated). - **FV of SIASP 31** is expected to be **mid-2%** vs IPT at **2.8%**. - Proceeds will be used for **aircraft purchases**, **refinancing**, and **working capital**. - **Redemption terms:** SIA may redeem the bond at par one month prior to maturity, at a make-whole redemption price, or at par after the par call date. - **Ownership:** 50.4% owned by **Temasek Holdings**, Singapore's state-owned sovereign wealth fund. - **Performance in FY26:** Revenue of SGD20.5bn (up 5% yoy), operating profit of SGD2.4bn (up 39% yoy), and EBITDA of SGD4.4bn (margin of 21.9%). - **Future Plans:** Fleet expansion to 224 aircrafts in FY27, with capex budget of SGD2.9bn for aircrafts. Capex may increase to SGD3.1-4.1bn in FY28-30. ## Author Certification and Disclaimer - The author certifies that the views expressed accurately reflect their personal views and that their compensation is not tied to the report's content. - **Important Disclosures:** - CMBIGM provides information on an "AS IS" basis and does not guarantee accuracy or completeness. - The report may include conflicts of interest due to investment banking relationships. - It is for the use of intended recipients only and may not be reproduced or distributed without consent. - **Legal Restrictions:** - In the **UK**, the report is only for persons within specific legal categories. - In the **U.S.**, it is only for "major US institutional investors" and not for individual investors. - In **Singapore**, it is distributed by CMBISG, an exempt financial adviser, and may not be provided to non-accredited investors without legal responsibility. ## Contact Information - **Fixed Income Department:** Tel: 852 3657 6235 / 852 3900 0801 | Email: fis@cmbi.com.hk - **Analysts:** - **Cyrena Ng (CPA):** (852) 3900 0801 | cyrenang@cmbi.com.hk - **Jerry Wang:** (852) 3761 8919 | jerrywang@cmbi.com.hk - **Yujing Zhang:** (852) 3900 0830 | zhangyujing@cmbi.com.hk ```