【招银国际】Fixed Income Daily Market Update-260630（6页）.pdf

1、 PLEASE READ THE AUTHOR CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE Fixed Income Credit Commentary 30 Jun 2026 Cyrena Ng,CPA 吳蒨瑩吳蒨瑩(852)3900 0801 .hk Jerry Wang 王世超王世超(852)3761 8919 .hk Yujing Zhang 张钰婧张钰婧(852)3900 0830 .hk CMBI Fixed Income .hk 1 This morning,the new MIZUHO 30-47s and the

2、new SUMIBK 32-47s were unchanged to 2bps wider from ROs.Chinese IG were unchanged to 1bp wider.We saw front-end buyers for AT1s and two-way flows for LGFVs.GLPSP 7.865 Perp edged 0.3pt higher,while GLPSP 4.6 Perp lost 0.6pt.LASUDE 26 gained 0.2pt.NDPAPE 14 Perp was 0.4pt lower.CWAHK:Weaker FY26 perf

3、ormance due to slower installation,maintenance,and construction activities.Maintain buy on CWAHK 5.875 10/22/30,which rose 0.1pt this morning.See below.SUNOTG:Sunny Optical priced 5yr senior unsecured Dim Sum bond at 2.15%,tightened from IPT at 2.65%.The issue size is RMB2.7bn on an order book of ov

4、er RMB7.5bn.See our comment on the new issue in our daily yesterday.The new SUNOTG 2.15 07/07/31 rose 0.1pt this morning.Trading desk comments 交易台市场观点交易台市场观点 Yesterday,JP financial IG credits widened 2-3bps ahead of the new MIZUHO and SMFG USD issues.JP insurance subs and European AT1s closed largel

5、y unchanged amid light two-way flows,mainly in the front end of the curve among AMs and PBs.The KR IG space was largely unchanged in spreads amid better selling in front-end HYNMTRs.Chinese TMT BABA/KUAISH,AMCs,10yr HK sovereign and HKE/HKTGHD widened 2-5bps amid better selling.ZHOSHK 28 was 0.1pt l

6、ower.As for higher-yielding papers,NWDEVLs continued to lead the space and rose up to 3.5pts.There were chatters NWD will launch a right issue,but the company still has not responded to this matter.CWAHK 30 was unchanged.China Water Affairs FY26 EBITDA dropped 10.4%yoy to HKD4.2bn(cUSD539.4mn).See c