20260611-招银国际-Fixed_Income_Daily_Market_Update_4页_776kb

报告摘要

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