> **来源：[研报客](https://pc.yanbaoke.cn)** ```markdown # 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. ## Contact Information - **Fixed Income Department**: Tel: 852 3657 6235 / 852 3900 0801 - **Email**: fis@cmbi.com.hk ```