> **来源：[研报客](https://pc.yanbaoke.cn)** ```markdown # CMBI Credit Commentary Summary ## 📈 Core Content Overview This document provides a detailed summary of the fixed income market movements and key macroeconomic news from the previous trading day, along with analyst comments and important disclosures. ## 📊 Market Update ### New Issues Performance - **SHINCA Float 29**: Traded 1-3bps wider than the reference rate (RO) at SOFR+82. - **KOHNPW 31**: Remained unchanged from T+43. - **TENCNT 36s/46s**: Widened 1-3bps from RO at T+50 and T+60, respectively. - **CNH TENCNT 36/56**: Edged 0.1-0.3pt higher from ROs at par, despite profit-taking by AMs. ### Secondary Market Movements - **IG Bonds (10-30yr)**: MEITUA, KUAISH, HKTGHD, LINREI, MIZUHO, and Taiwanese lifers widened 2-5bps. - **Long-end Bonds**: BABA and TENCNT closed c10bps wider due to heavy selling pressure. - **WESCHI 28-29**: Leaked 0.4-0.5pt. - **VNKRLE 27/29**: VNKRLE 27 lost 3.1pts, VNKRLE 29 was 0.2pt lower. - **LASUDE 26**: Rose another 1.4pts, as media reported that Lai Sun Development's proposed sale of its entire 50% stake in CCB Tower to JD.com has received all approvals. ### Top Performers | Bond | Price | Change | |--------------|-------|--------| | VLLPM 7 1/4 07/20/27 | 54.4 | +4.0 | | VLLPM 9 3/8 07/29/29 | 40.3 | +1.8 | | LASUDE 5 07/28/26 | 88.7 | +1.4 | | CFAMCI 5 1/2 04/27/47 | 98.3 | +0.7 | | IDASAL 5.8 05/15/50 | 92.3 | +0.4 | ### Top Underperformers | Bond | Price | Change | |--------------|-------|--------| | VNKRLE 3.975 11/09/27 | 45.4 | -3.1 | | BABA 5 5/8 11/26/54 | 98.7 | -1.5 | | TENCNT 3.94 04/22/61 | 74.0 | -1.4 | | BABA 4.4 12/06/57 | 81.0 | -1.2 | | TENCNT 4.525 04/11/49 | 85.7 | -1.2 | ## 📰 Macro News Recap - **U.S. Stock Indices**: S&P 500 (-1.62%), Dow (-1.87%), Nasdaq (-1.98%) were lower on Wednesday. - **U.S. CPI Data**: May 2026 CPI was +0.5% month-on-month and +4.2% year-on-year, matching market expectations. - **Core CPI**: May 2026 Core CPI was +0.2% mom, below the expected +0.3% mom. - **UST Yields**: 2/5/10/30 year UST yields were at 4.13%, 4.27%, 4.55%, and 5.03%, respectively. ## 🧠 Desk Analyst Comments ### WESCHI - **Potential Asset Monetization**: Weschi may monetize assets to Anhui Conch to support liquidity, especially amid Africa-related challenges. - **Bond Profile**: - WESCHI 9.9 12/04/28: Ask px 92.1, YTW 13.8% - WESCHI 10.5 11/11/29: Ask px 91.0, YTW 13.9% - **Recent Performance**: Concerns over African market instability (Ebola outbreak, DRC issues) have weighed on performance. - **Positive Outlook**: Near-term upside from asset disposal execution could improve liquidity and bond performance. ### Offshore Asia New Issues - **No New Issues Priced Today**: No offshore Asia new issues were priced on the day. - **Pipeline**: PT Danantara Investment Management is planning a USD-denominated 5yr/10yr issue with a coupon of 5.7%/6.3%, rated Baa2/BBB/BBB. ## 📢 News and Market Color - **Onshore Primary Issuances**: 121 credit bonds issued with RMB125bn, totaling RMB832bn for the month-to-date, up 54.7% yoy. - **SK Hynix**: Aims for U.S. listing as early as August 2026. - **QBE Insurance**: Priced EUR500mn (cUSD577mn) fixed-rate resetting subordinated notes (QBEAU 4.293 06/17/37). - **San Miguel Global Power**: Accepted USD425.02mn of SMCGL 5.45 Perp, USD258.528mn remains outstanding. - **SoftBank Group**: Discussions with potential lenders for a USD6bn margin loan are at a standstill. - **China Vanke**: Bondholders agreed to extend full payment of two onshore bonds totaling RMB4bn (cUSD590.1mm). ## ⚠️ Important Disclosures - **Risks**: All securities transactions involve risk. This report is not suitable for all investors. - **No Individual Advice**: CMBIGM does not provide tailored investment advice. - **No Liability**: CMBIGM and its affiliates are not liable for any losses incurred from reliance on this report. - **Use of Information**: The report is intended for CMBIGM clients and should not be reproduced or distributed without consent. - **Conflicts of Interest**: CMBIGM may have investment banking relationships with referenced companies, which could affect objectivity. ## 📜 Disclaimer - **United Kingdom**: This report is only for persons within Article 19(5) of the Financial Services and Markets Act 2000 or High Net Worth Companies, etc., as defined in the Order. - **United States**: Not for distribution to non-major U.S. institutional investors. U.S. recipients must use a registered broker-dealer for transactions. - **Singapore**: Distributed by CMBISG, an Exempt Financial Adviser. Legal responsibility is limited to the extent required by law for non-accredited investors. ## 📧 Contact Information - **Fixed Income Department** Tel: 852 3657 6235 / 852 3900 0801 Email: fis@cmbi.com.hk - **Analysts** - 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 ```