20250626-招银国际-Fixed_Income_Daily_Market_Update_5页

报告摘要

Asia G3 Bonds: The new NOMURA 7 Perp rose 0.1pt, while the new NOMURA 30/35 bid/ask spreads widened unchanged. Asia IG spreads widened 1-5bps, with the WSTP Float 30 widening 2bps. LGFVs were firm, remaining attractive to RMs and PBs, especially in CNH and USD papers.
Chinese Credit & Hybrid: In IGs, BABA/XIAOMI spreads widened slightly. Financials: BCLMHK Float 28-30s and CDBFLC 27-30s widened 1bp each. Insurance hybrids saw MYLIFE/NIPLIF 51-55s rise. AT1s: BACR, HSBC and UBS Perps rose due to PB buying.
Onshore Primary: 117 credit bonds issued yesterday with RMB113bn raised; month-to-date total RMB1,810bn raised, a 16% YoY increase.

West China Cement (WESCHI): Announced RMB1.65bn (cUSD230mn) sale of Xinjiang assets to repay its WESCHI 4.95 Oct 26 2026 (due Jul 2025). The bond has YTM of 20.7% and rose 1.0pt, higher WTD. Analysis remains cautious due to subdued cement demand and African cash flow uncertainties.
Indonesia: Adani Energy Solutions targeted to acquire INR60-70bn (cUSD697-813mn) transmission assets. Indonesia's Indika Energy secures USD203mn and IDR2.8tn loans for green transition.

US Treasuries: Yields lower, with 2/5/10/30 yields at 3.74%/3.83%/4.29%/4.83%.
Offshore Asia New Issues: Development Bank of Mongolia (3yr USD 8.5% coupon), Honda Motor (USD 5yr 4.688%), Jinan Hi-tech Group (3yr 4.7%) and Türkiye Sinai Bank (5yr 7.375%).
Pipeline: Development includes Guangzhou Development District, Huangshan Tourism Group, ICBC Financial Leasing, and Mizuho.

Macro data: Mixed US indices. Powell reiterated patience on rate cuts until trade impacts on inflation clearer.
Asia IGs wider, China cement business cautious, SE Asia bonds performed well.

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