20260710-招银国际-Fixed_Income_Daily_Market_Update_5页_889kb

报告摘要

CMBI Credit Commentary - Fixed Income Daily Market Update Summary

Core Content Overview

This document is a Fixed Income Daily Market Update from CMBI Credit Commentary, providing insights into the current market conditions, key credit movements, and macroeconomic updates affecting the offshore Asia fixed income market.

Key Market Movements

Asia IG Space: Spreads remained unchanged, widening by 1bp.
KR Credits: Better buying was observed in DAESEC and JP FRNs, with ZHOSHK 28/LASUDE 26 moving up by 0.5pt.
VEDLN: Vedanta Resources plans to fully redeem USD300mn and USD1.2bn VEDLN bonds on 17 Jul'26.
HYUELE: HYUELE 2.375 01/19/31 was maintained as a buy recommendation, trading at a YTM of 4.8% and Z-Spread of 76bps.
LNGFOR: LNGFOR 32 fell by 0.9pt, while LNGFOR 27-29 rose by 0.1pt.
AT1s: HSBC Perps showed firmness of 0.1-0.2pt.
Other Credits: ROADKGs increased by 0.7pt, SOFTBKs edged up by 0.7pt, and GLPSPs rose by 0.1-0.4pt.

Top Movers

Top Performers	Price	Change
PMBROV 11 1/2 02/18/30	88.3	+0.8
ARAMCO 6 3/8 06/02/55	100.6	+0.8
ROADKG 6.7 03/30/28	17.4	+0.7
ROADKG 6 03/04/29	17.3	+0.7
SOFTBK 8 1/2 04/22/36	103.6	+0.7

Top Underperformers	Price	Change
LNGFOR 3.85 01/13/32	74.2	-0.9
ACPM 3.9 PERP	59.0	-0.5
ACPM 4.85 PERP	75.5	-0.4
SSW 5 1/2 08/01/29	97.6	-0.3

Macro News Recap

US Markets: S&P (+0.81%), Dow (+0.27%), and Nasdaq (+1.30%) all rose.
Jobless Claims: US Initial Jobless Claims increased by 215k, below market expectations of 218k.
Home Sales: US Existing Home Sales were 4.09mn, lower than the expected 4.19mn.
UST Yields: 2-year yield at 4.16%, 5-year at 4.27%, 10-year at 4.54%, and 30-year at 5.05%.

Desk Analyst Comments

HYUELE: The record-breaking USD26.5bn Nasdaq listing enhances liquidity and supports AI capex. The analyst recommends buying HYUELEs due to strong market position, solid operating cash flow, and more balanced risk-return profiles compared to peers.
SK Hynix: The company has a net cash position of KRW35tn as of Mar'26 and is expected to have a larger cushion post the ADR offering. The analyst views this as a positive credit event, though a rating upgrade remains contingent on financial metrics.
Other News:
- China issued 111 credit bonds worth RMB147bn, with a 0.9% yoy decrease in month-to-date issuance.
- Indonesia may increase coal output by 25% in 2026.
- China plans to allow top AI firms, including Alibaba, to purchase H200 chips from Nvidia.
- Fitch downgraded Champion Path's rating to B.
- SoftBank Group repurchased EUR40.4mn of SOFTBK bonds.
- Far East Consortium plans to monetize HKD1bn Malaysian assets via REIT listing.
- Mirae Asset Group received approval to acquire Korbit.

Offshore Asia New Issues

Priced Today: No new offshore issues were priced.
Pipeline: No new offshore issues in the pipeline.

Important Disclosures

The report is for informational purposes only and does not constitute investment advice.
CMBIGM does not guarantee the accuracy or completeness of the information provided.
The report may contain forward-looking statements that are subject to change.
The report is intended for distribution to major US institutional investors only.
CMBIGM may have conflicts of interest due to its market-making activities and relationships with issuers.

Disclaimer

UK Recipients: This report is provided only to persons falling within Article 19(5) or Article 49(2) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005.
US Recipients: CMBIGM is not a registered broker-dealer in the US. The report is for major US institutional investors only.
Singapore Recipients: This report is distributed by CMBISG, an Exempt Financial Adviser, and is subject to Singapore regulations.