【招银国际】Fixed Income Daily Market Update-260626（5页）.pdf

1、 PLEASE READ THE AUTHOR CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE Fixed Income Credit Commentary 26 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 DAESEC 29-31 widened 3

2、-5bps from RO at T+100 and T+110,respectively.The recent new NTT 28-36s widened 1-2bps.BABA/TENCNT/MEITUA/KUAISH traded 2-5bps wider amid better selling.NDPAPE 14 Perp lost 0.9pt.SOFTBKs were 0.5pt lower to 0.3pt higher.LASUDE 26/WESCHI 29 gained 0.4-0.5pt.PTTGC:Baa3 rating intact amid petrochemical

3、 headwinds.Maintain buy on PTTGC 6.5 Perp and PTTGC 7.125 Perp,which were unchanged this morning.See below.VEDLN:Vedanta Resources priced the new 32,34 and 37 USD bonds at 7.0%,7.375%,and 7.75%,respectively,modestly tighter than our FV estimates.The new VEDLN 32-37s down 0.2-0.5pt from RO at par thi

4、s morning,while the existing VEDLNs were unchanged.See comments in our daily yesterday.Trading desk comments 交易台市场观点交易台市场观点 Asian IG spreads were 2-6bps wider yesterday.US Treasury rates rallied 5-10bps overnight and triggered active selling flow on longer-duration papers.The new NTT 28-36s traded a

5、round ROs amid active two-way flows especially in the two FRNs as supported by strong demand from bank.The rest of JP 10yr financial and corporate IG papers widened 2-5bps.Japanese and European AT1s were marked up to 0.3pt higher amid two-way flows.In KR space,5yr financial papers of NHSECS/HANFGI/D

6、AESEC traded 3-6bps wider,while corporate papers POINTL/PKX/LGENSO/HYUELE widened 2-4bps.In Greater China IG space,TENCNT 36s/46s and HKTGHD 36s widened 2-6bps amid better selling.ZHOSHK 28 leaked 0.3pt.In Chinese/HK properties,NWDEVL Perps rose 0.3-1.1pts,and the rest of the NWDEVL/VDNWDL were larg