固定收益部市场日报-20260121

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Views of the Report - The new SHUION 29 rose 0.6pt from RO at 98.423 yesterday, while the existing SHUION 26 retraced 0.2pt [2] - KUAISH 31 - 36s and TW lifers tightened 1 - 3bps this morning, and FUTLAN 28/VLLPM 29 rose 0.6 - 0.9pt [3] - In 2025, the cumulative contracted sales of 31 Chinese developers dropped 21.5% yoy to RMB1,757.6bn [3][8] - A new round of demand - driven stimulus on the property market may come in 1Q26, but the recovery will likely remain slow due to weak homebuyers' confidence [9] - CMBI economic research expects a 10bp cut in LPR in 1Q26, followed by an additional 10bp LPR cut in 3Q26, which should support the weak housing market [9] Group 3: Summary by Related Catalogs Trading Desk Comments - Yesterday, new issues like KUAISH 31 - 36s tightened 2bps earlier in the day but closed unchanged, and TW lifers closed 2 - 5bps wider [2] - In Greater China, beta IG name ZHOSHK 28 closed 1bp wider, and CHIOIL 26 was 0.1pt lower [2] - In HK, FAEACO 12.814 Perp rose 1.1pts, while LIFUNG 5.25 Perp dropped 2.8pts [2] - In Chinese properties, LNGFOR 27 - 32 were 0.4pt lower to 0.3pt higher, and FUTLAN 28/FTLNHD 26 - 27 were unchanged to 0.3pt lower [2] - In KR, financial and corporate names faced selling pressure, with spreads widening 1 - 3bps [2] - In JP, 10yr bonds NTT 35/MUFG 35 - 36s/SOBKCO 35/SMBCAC 35/TACHEM 35 were 5 - 6bps wider [2] - In SE Asia, BBLTB/OCBCSP T2s widened 1 - 6bps, and TOPTB 6.1 Perp/IHFLIN 27 - 30s was 0.1pt lower [2] - In the Middle East, KSA/QATAR long - end bonds were down 0.3 - 0.5pt [2] - In the overall IG FRN space, lower - beta names were 1 - 2bps wider [2] Macro News Recap - On Tuesday, S&P (-2.06%), Dow (-1.76%), and Nasdaq (-2.39%) were lower, triggered by Trump's Greenland tariff threat and Japan's political situation [6] - UST yield was higher on Tuesday, with 2/5/10/30 year yield at 3.60%/3.86%/4.30%/4.91% [6] Desk Analyst Comments - In Dec'25, 31 developers reported contracted sales of RMB186.2bn, a 15.3% yoy decrease from RMB219.9bn in Dec'24 [7] - Only 2 out of 31 developers reported yoy increase in contracted sales in 2025: CHJMAO and GRNLGR with 16% and 7% increases respectively [8] - The bottom performers in 2025 were GEMDAL, JINGRU, and CIFIHG, with their contracted sales dropping 56%, 55%, and 52% yoy respectively [8] Offshore Asia New Issues (Priced) - The Republic of the Philippines issued 500mn/1500mn USD bonds with 5.5yr/10yr tenors, 4.25%/5.0% coupons, and issue ratings of Baa2/BBB+/BBB [11] - Toyota Finance Australia issued bonds with various tenors and coupons, including a 3.25yr bond at SOFR + 60 and a 25yr bond at 5.75% [11] - Woori Bank issued 300mn/300mn USD bonds with 3yr/5yr tenors, SOFR + 48/4.125% coupons, and an issue rating of A1/A+/- [11] Offshore Asia New Issues (Pipeline) - Korea Development Bank plans to issue bonds with 3yr/5yr/5yr/10yr tenors and coupons like SOFR + 41/SOFR + 52/SOFR Equiv/SOFR + 70, with an issue rating of Aa2/AA/AA - [12] News and Market Color - Yesterday, 93 credit bonds were issued onshore with an amount of RMB84bn, and month - to - date, 1,134 credit bonds were issued with a total amount of RMB934bn, a 24.5% yoy decrease [13] - China Oil & Gas postponed its USD Reg S 3NC2 bond offering due to market volatility [3][13] - Seazen Group agreed to sell Seazen Resources Securities for HK 62.8mn [13]