> **来源：[研报客](https://pc.yanbaoke.cn)** # CMBI Credit Commentary Summary ## Core Content Overview This document provides a detailed market update and analysis for the fixed income sector, covering bond price movements, issuance data, economic indicators, and analyst comments from the CMBI Fixed Income Department. ## Key Market Movements ### Fixed Income Daily Market Update - **ICBCAS Float 29**: Tightened 1bp from RO at SOFR+38. - **Asia IG space**: Recovered and tightened 5bps. - **Profit-taking flows**: Observed on JP FRNs. - **GLPSP 4.25/4.6 Perps**: Recovered 1.3-1.4pts. - **NWDEVL 10.131 Perp/FAEACO 12.814 Perp/LNGFOR 32**: Down 0.6-0.7pt. - **Higher-yielding names**: - FOSUNI 26-29 lost 0.1-2.4pts after profit warning. - WESCHI 28-29 leaked 0.9pt. - Chinese properties: FUTLAN 28/FTLNHD 26-29 down 0.1-0.5pt. - **SE Asian space**: - PTTGC Perps down 1.3-1.8pts after Fitch revised rating outlook to negative. - TOPTB 6.1 Perp down 1.3pts. - GLPSPs dived 1.8-2.8pts. - **JP space**: - Long-end SOFTBKs leaked 1.2-1.4pts. - Japanese and Yankee AT1s and insurance subs dropped 1.0-2.0pts. - **Middle East**: - FABUH/BSFR/ARAMCO down 0.2-0.7pt. ### Top Movers | Top Performers | Price | Change | |----------------|-------|--------| | TTMTIN 4.35 06/09/26 | 99.6 | 1.7 | | CNOOC 5 3/4 01/26/41 | 109.7 | 1.2 | | FAEACO 12.814 PERP | 82.3 | 1.1 | | CHIOLI 5.35 11/15/42 | 96.0 | 0.9 | | YANTZE 3.2 10/16/49 | 77.4 | 0.9 | | Top Underperformers | Price | Change | |---------------------|-------|--------| | GARUDA 6 1/2 12/28/31 | 89.8 | -2.9 | | GLPSP 4 1/2 PERP | 64.6 | -2.8 | | LNGFOR 3.85 01/13/32 | 72.9 | -2.6 | | FOSUNI 6.8 09/09/29 | 96.5 | -2.4 | | GLPSP 4.6 PERP | 61.7 | -2.4 | ## Gross USD Bonds Issuance - **Asia Pacific**: Gross USD bonds issuance increased by 24.6% yoy in 2M26 to USD72.1bn. - **Top issuers**: Japan (USD20.9bn), South Korea (USD15.1bn), China (USD9.4bn). - **Sector distribution**: Financials (64.7%), sovereigns (12.4%), utilities (5.5%). - **IG bonds**: 81.4% of total issuance. - **Asia ex-JP, AU & NZ**: Gross USD bonds issuance rose 22.1% yoy to USD42.2bn. - **Top issuers**: South Korea (USD15.1bn), China (USD9.4bn), Indonesia (USD4.2bn). - **Sector distribution**: Financials (47.5%), sovereigns (21.2%), utilities (8.3%). - **IG bonds**: 73.0% of total issuance. - **China**: Gross USD bonds issuance rose 2.7% yoy to USD9.4bn. - **Top issuers**: Financials (58.6%), communications (15.9%), real estate (10.8%). - **IG bonds**: 65.5% of total issuance. - **Middle East**: Gross USD bonds issuance increased 33.9% yoy to USD67.4bn. - **Top issuers**: Saudi Arabia (USD27.1bn), UAE (USD11.6bn), Turkey (USD10.9bn). - **Sector distribution**: Sovereigns (43.6%), financials (32.2%), energy (8.4%). - **IG bonds**: 65.6% of total issuance. - **LGFVs**: - Gross USD bonds issuance decreased 82.0% yoy to USD485.5mn in Feb'26. - Dim Sum LGFV bonds issuance decreased 93.9% yoy to RMB500mn. - The decline was partly due to tightened regulatory environment through Southbound Bond Connect. ## China Economy Analysis - **CPI in Feb'26**: Rebounded to 1.3% yoy, beating market expectations of 0.9%. - **Core CPI**: Rose to 1.8% yoy, the highest in years, driven by tourism price. - **Food and goods prices**: Increased less than seasonal patterns. - **Service prices**: Rose stronger than usual, particularly gold jewellery. - **PPI in Feb'26**: Narrowed to -0.9% yoy from -1.4% in Dec, beating expectations. - **Upstream sectors**: Crude oil and non-ferrous metals saw significant price increases. - **Downstream sectors**: Consumer goods PPI remained subdued. - **Deflation concerns**: China appears to be edging out of deflation, but price-wage transmission remains fragile. - **Future outlook**: - CPI, PPI, and GDP deflator expected to reflate to 1.1%, 0.5%, and 0.8% in 2026. - PBOC is expected to lower interest rate and RRR by 10bps and 50bps by end of 2Q26. ## News and Market Color - **Onshore primary issuances**: 91 credit bonds issued with RMB94bn, up 25.9% yoy month-to-date. - **Kazakhstan**: May place Panda bonds as soon as next month, seeking USD500mn. - **ACENPM**: ACEN 2025 EBITDA up 17% to PHP22.5bn (cUSD380.1mn). - **ARAMCO**: Cut output at two oilfields during Strait of Hormuz disruption. - **COSL**: Priced CNH5bn 3-year Reg S senior unsecured dim sum bond at 1.95%, tightened from IPT at 2.45%. - **GLPSP**: Media reported plans for a Hong Kong IPO to raise at least USD1bn. - **RIOLN**: Rio Tinto halts sale of titanium business due to difficulties in dealing with potential Chinese buyers. ## Author Certification - The author certifies that all views reflect personal opinions and are not influenced by compensation. - Confirms no trading in the stocks covered within 30 days prior to the report. - No financial interests in the Hong Kong listed companies covered in the report. ## Important Disclosures - CMBIGM provides general market information and does not offer personalized investment advice. - Past performance does not guarantee future results. - The report is for informational purposes only and not an offer to buy or sell securities. - CMBIGM is not liable for any loss or damage incurred from reliance on the report. - The report may be subject to change without notice. - CMBIGM may have investment banking relationships with issuers and may have conflicts of interest. ## Disclaimer - **UK**: Report is provided only to persons falling within Article 19(5) or 49(2)(a) to (d) of the Financial Promotion Order 2005. - **US**: Report is not for distribution to any person other than "major US institutional investors." - **Singapore**: 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 - **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