> **来源：[研报客](https://pc.yanbaoke.cn)** # CMBI Credit Commentary Summary ## Core Content This document provides a comprehensive market update and analysis from the Fixed Income Department of CMBI, covering key movements in fixed income markets, trading desk recommendations, macroeconomic developments, and news highlights. The summary includes insights on bond price changes, yield trends, and investment recommendations, as well as macroeconomic data and corporate updates. ## Key Market Updates - **CATLIF 41** initially widened 2bps from RO at $T + 128$ but returned to RO level. - **DALWAN 29** was 0.4pt lower from RO at par. - **Chinese IG names** were unchanged to 1bp tighter. - **HYSAN 4.85 Perp** lost 0.8pt, while **FAEACO 12.814 Perp** gained 0.3pt. - **BBNIIJ 4.3 Perp** had USD568.165mn accepted for purchase, reducing o/s amount to USD31.835mn. - **BBNIIJ 7.15 Perp** is now recommended as a buy due to better carry and trading liquidity. - **BTSDF 9.125 07/24/28** edged 0.1pt higher. - **BTSDF** reported strong 1Q26 revenue growth driven by the BNC segment, with H&H's credit profile improving. ## Trading Desk Comments - **BBNIJ 7.15 Perp** is recommended as a buy, with a YTC of 7.0% at 100.6, offering a pick-up of ~270bps over BBNIJ 4.3 Perp. - **BBNIJ 4.3 Perp** will have dwindling liquidity after the tender offer. - **BTSDF 9.125 07/24/28** is maintained as neutral due to current valuation. - **FAOSUNI 8.5 05/19/28** is highlighted as a preferred option in Chinese HY space, offering ~170bps pick-up over BTSDF 28 and earlier maturity. ## Macro News Recap - **US markets** (S&P, Dow, Nasdaq) declined on Thursday. - **US Initial Jobless Claims** rose to +214k, higher than expected. - **US PMI indices** (Services and Manufacturing) improved, with S&P Global Services PMI at 51.3 and Manufacturing PMI at 54.0. - **UST yields** rose across the curve, with 2-year at 3.83%, 5-year at 3.96%, 10-year at 4.34%, and 30-year at 4.92%. ## News and Market Color - **Onshore primary issuances** saw 159 credit bonds issued with RMB210bn, representing a 16.2% yoy increase. - **Ayala's real estate arm** is scaling back capex and focusing on liquidity preservation. - **Alibaba and Tencent** are discussing a USD20bn investment in DeepSeek. - **Emirates NBD Bank** reported a 12% yoy increase in net interest income. - **First Abu Dhabi Bank** saw a 7.5% yoy rise in net interest income. - **GOHL Capital** set a USD1.25bn maximum for purchase of GENTMK 4.25 01/24/27. - **Indonesia's proposed yen-denominated bonds** received Baa2 from Moody's and BBB from S&P. - **NWD** raised HKD3.4bn from the sale of Pavilia Farm III in Tai Wai. - **Sands China** reported an 18.3% yoy increase in EBITDA. - **SoftBank** is in talks to partially guarantee a USD10bn loan to OpenAI-backed ventures. - **Vanke** proposed a one-year maturity extension for RMB2bn $3.1\%$ interbank notes due-May'26. ## Offshore Asia New Issues - **Cathay Life Insurance** priced a new 15NC10 bond at T+128. - **Dalian Wanda Commercial Management** issued a 3-year bond with a 12.5% coupon. ## Key Financial Highlights (1Q26) - **H&H's total revenue** increased by 34.4% yoy to RMB4.3bn. - **BNC segment** grew by 60.9% yoy to RMB1.835bn, driven by improved IMF sales. - **ANC segment** rose by 26.3% yoy to RMB1.931bn, supported by Swisse Plus and Little Swisse. - **PNC segment** declined slightly by -1.5% yoy to RMB493mn. - **China** remained the largest market, contributing RMB3.159bn to total revenue. - **North America** revenue grew by 12.9% yoy to RMB452mn. - **ANZ** saw a 2.8% yoy decline to RMB378mn. - **Others (Asia)** revenue increased by 34.8% yoy to RMB271mn. ## 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. - The report may contain recommendations that are not aligned with CMBIGM's proprietary positions. - The report is not intended for distribution to all investors and is subject to legal restrictions in the UK, US, and Singapore. ## 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