【招银国际】Fixed Income Daily Market Update-260702（6页）.pdf

1、 PLEASE READ THE AUTHOR CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE Fixed Income Credit Commentary 2 Jul 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 Asia IG space was 1-3bps tighter this mornin

2、g.The recent new issues MIZUHO 30-47s and SUMIBK 32-47s traded 2-5bps tighter.Chinese TMT TENCNT/BABA/KUAISH 10yr papers also tightened 2-5bps.GLPCHI 29/NWDEVL 4.125 Perp gained 0.5pt.NDPAPE 14 Perp lost 0.5pt.We saw two-way skewed towards small better buying on LGFV names.Macau gaming:GGR growth sl

3、owed down to 6.8%yoy in 1H26.See below.FOSUNI:Fosun International began construction on a mixed-use redevelopment project in Hong Kong,which is expected to require an investment of more than HKD10bn(cUSD1.3bn).FOSUNI 27-29 were unchanged this morning.Trading desk comments 交易台市场观点交易台市场观点 On Tuesday,t

4、he new MIZUHO 30-47s and the new SUMIBK 32-47s widened 1-3bps from ROs.Japanese AT1s and insurance subs closed largely unchanged.On the other hand,INTNED 7.25 Perp and ACAFP 6.7 Perp closed 0.7-1.0pt higher,and the rest of the European AT1s and insurance subs edged 0.3-0.4pt firmer amid prop desks a

5、nd dealers buying the long end,while AMs buying the front end and belly papers.In KR space,SKONKR/NHSECS/HANFGI/HYUELE/POINTL were unchanged in spreads amid rebalancing flows from global AMs.In Chinese IG space,BABA 35/MEITUA/XIAOMI/AACTEC and the recent new issues TENCNT 36/46 tightened 1bp amid be

6、tter buying.HK T2s BNKEA/NANYAN/DAHSIN closed largely unchanged amid two-way flows.As for higher-yielding papers,CWAHK 30 edged 0.2pt higher.See our comments on China Water Affairs FY26 results in our daily on Tuesday.FOSUNI 27-29 were unchanged to 0.1pt higher.Fosun International began construction