1. Report Industry Investment Rating - No information provided regarding the report industry investment rating 2. Core Viewpoints - The Asian IG space tightened by 2 - 3bps this morning, while some bonds like KUAISH 31 - 36s and SKBTAM 29 were 1 - 2bps wider [3] - The IPT of new SHUION 29 at 10.625% is considered fair, and the proposed new issue and tender offer by Shui On Land should lengthen its maturity profile and reduce near - term refinancing pressure [7][9] - In the Chinese properties space, CHJMAO, DALWAN, FUTLAN/FTLNHD, GRNCH, and LNGFOR are favored [9] 3. Summary by Relevant Catalogs Trading Desk Comments - Last Friday, the new SNBAB 6.15 Perp was down 0.4pt from RO at par; KUAISH 31 - 36s opened heavy and initially widened 3 - 5bps, with the 5yr tranche closing at RO level and the 10yr tranche 4bps wider [2] - MEITUA curve traded softly, widening 1 - 2bps, while FRESHK curve outperformed and tightened 5 - 8bps; TW lifers were 1 - 2bps wider [2] - SHUION launched a tender offer for USD400mn SHUION 26 and circulated 10.625% IPT for a new USD bond; NWDEVL/VDNWDL complex was up 0.2 - 1.0pt; FAEACO 12.814 Perp/LASUDE 26 gained 0.5 - 0.6pt [2] - EHICAR 26 - 27 increased by 0.4 - 0.5pt; DALWAN 28 was 0.2pt lower; VNKRLE 27 - 29 rose 2.4 - 2.5pts; LNGFOR 27 - 32 increased by 0.4 - 0.8pt [2] - In the Korean space, KDB 27 - 31s and EIBKOR 29 FRNs tightened 1 - 2bps; AU and JP IG credits closed 1 - 4bps tighter; in the Middle East, there was block - size trading on FABUH 34s and PBs were buying FABUH FRNs; in SE Asia, BBLTB sub - curve was 2 - 5bps tighter; GLPSP Perps rose 1.8pts [2] - IHFLIN 27 - 30s/VEDLN 28 - 33s edged 0.2 - 0.8pt higher; MEDCIJ 26 - 30s and the ReNew Energy complex were unchanged to 0.4pt higher [2] Morning Market Update (19 Jan 2026) - Asian IG space was 2 - 3bps tighter this morning, KUAISH 31 - 36s and SKBTAM 29 were 1 - 2bps wider; SOFTBK 65/EHICAR 26 were down 0.6 - 0.7pt; PMBROV 30 edged 0.6pt higher [3] - SHUION 26 was 2.2pts higher this morning; the IPT of new SHUION 29 at 10.625% is fair [3][7] - China Oil and Gas launched a tender offer for CHIOIL 4.7 06/30/26 of USD361mn at par and mandated concurrent USD bond issuance, with the offer expiring on 26 Jan '26 4pm GMT, and the bond was unchanged this morning [3] Top Performers and Underperformers - Top performers include VNKRLE 3.975 11/09/27 (up 2.5), VNKRLE 3 1/2 11/12/29 (up 2.4), ADSEZ 5 08/02/41 (up 2.0), GLPSP 4 1/2 PERP (up 1.8), COGARD 5 12/31/32 (up 1.8) [4] - Top underperformers include TENCNT 3.29 06/03/60 (down 0.8), CNPCCH 5.95 04/28/41 (down 0.7), HAOHUA 3.7 09/22/50 (down 0.7), APAAU 5 3/4 09/16/44 (down 0.7), SINOPE 3.68 08/08/49 (down 0.7) [4] Macro News Recap - Last Friday, S&P was down 0.06%, Dow was down 0.17%, and Nasdaq was down 0.06%. UST yield was higher, with 2/5/10/30 - year yields at 3.59%/3.82%/4.24%/4.83% [6] Desk Analyst Comments on SHUION - Shui On Land proposes to issue a 3NC1.5 Reg S USD senior unsecured bond (unrated) guaranteed by SOL, and the IPT of new SHUION 29 at 10.625% is fair considering peer valuation and tenor differential [7] - The net proceeds of the new bond will fund the tender offer for SHUION 5.5 06/29/26 of USD400mn, with a tender price of 100.25. SOL may prioritize holders subscribing to the new bond, and tender settlement is conditional on new bond issuance [8] - Despite sector headwinds, SOL honors offshore obligations, having redeemed two USD bonds totaling USD990mn since Aug '24. The new issue and tender offer should lengthen maturity and reduce refinancing pressure. The analyst is neutral on SHUION 5.5 06/29/26 [9] Offshore Asia New Issues - No offshore Asia new issues were priced today [13] - Shui On Land has a pipeline to issue a USD bond with a 3NC1.5 tenor, 10.625% coupon, and unrated [14] News and Market Color - On last Friday, 89 credit bonds were issued onshore with an amount of RMB63bn. Month - to - date, 948 credit bonds were issued with a total of RMB755bn raised, a 29.3% yoy decrease [17] - Fitch upgraded DWCM and Wanda Commercial Properties (Hong Kong) to CC from RD [17] - Media reported eHi Car plans a LME in 1H26 for EHICAR 7 09/21/26 of USD269mn and seeks RMB300 - 500mn syndicated loans [17] - ReNew Energy Global to hold investor meetings/calls to market USD 144A/Reg S bonds [17] - Sands Macao launched 'Pearl Gaming Room' targeting mass - market bet sizes [17] - Media reported Vanke reassured bondholders it can make 40% upfront payment for domestic bonds [17]

And with Sweden embarking on a borrowing spree, it is a bond trader’s paradise https://t.co/vWMBbH9w31 ...

The UK’s plans to launch a consolidated tape to bring all of its bond trading data into one single stream — making it more competitive on the global stage — have been put on hold https://t.co/Vu8JFZMDVO ...

The next pain point for bond traders may come in the five-year part of the curve, according to Goldman Sachs strategists https://t.co/giI523RBxn ...

Report Industry Investment Rating - No information provided on the report industry investment rating Core Viewpoints - Asian IGs tightened by 1 - 3bps this morning, indicating a positive trend in the Asian investment - grade bond market [3] - Li & Fung's tender offer and new issue are beneficial to perp holders, and the company plans to reduce debt and adjust its balance sheet [7][8][9] - Zhongsheng's early redemption of ZHOSHK 3 01/13/26 reflects sufficient liquidity, and ZHOSHK 5.98 01/30/28 remains a good shorter - dated carry play [14] Summary by Related Catalogs Trading Desk Comments - In KR, LGENSO 26 - 35s tightened by 2 - 5bps; in Chinese IGs, BABA 31/MEITUA 30 tightened 1bp, ZHOSHK 26 - 28s were unchanged to 1bp tighter [1] - In financials, CSILTD priced a 3yr floating - rated bond at SOFR + 60; SUMIBK/STANLN Float 28 - 31s tightened 1 - 3bps [1] - In insurance, SHIKON 35 tightened 1bp, NSINTW 34 widened 1bp; ASAMLI Perps/MYLIFE 55s were up 0.1pt [1] - In AT1s, HSBC 6.95/LLOYDS 8/BACR 7.625 Perps were 0.2 - 0.4pt higher; in HK, BNKEA/DAHSIN/NANYAN 31 - 34s tightened 1 - 3bps [1] - In Chinese properties, DALWAN 26 was down 0.7pt; RAODKG 28 - 30s/Perps were 0.2pt lower to 0.3pt higher [1] - Outside properties, EHICAR 26 - 27s were 1.2 - 1.4pts higher; in SE Asia, GLPSP 28/Perps were 0.8 - 1.6pts higher [1] - VEDLN 28 - 33s were up 0.1 - 0.3pt; VLLPM 29 lowered 1.2pts; PTTEPT/PTTTB 42s were 0.6pt lower [1] - In CNH space, CCAMCL priced 3.5yr and 5yr CNH bonds at 2.35% and 2.43% respectively; onshore AAA guaranteed CNH LGFVs tightened 20 - 50bps [2] - BADNHI 6.9 28s/ZBZCHD 6.9 28s were 0.5 - 2.7pts higher; in SOE perps, CHPWCN Perp was up 0.1pt [4] Last Trading Day's Top Movers - Top performers included KAFEDI 6 1/2 06/04/28 with a price of 96.3 and a change of 2.7, GLPSP 4 1/2 PERP with a price of 55.3 and a change of 1.6 [5] - Top underperformers included TSIVMG 1.55 12/17/29 with a price of 70.4 and a change of - 1.2, VLLPM 9 3/8 07/29/29 with a price of 64.5 and a change of - 1.2 [5] Marco News Recap - On Monday, S&P was up 0.02%, Dow was down 0.14%, and Nasdaq was up 0.33%; long - term UST yield was higher, with 2/5/10/30 yield at 3.91%/3.96%/4.42%/4.96% [6] Desk Analyst Comments - Li & Fung launched a tender offer for LIFUNG 5.25 Perp at USD55, with a maximum acceptance amount of USD50mn, funded by a new 3.5NC2 USD bond [7] - The FV of the new LIFUNG 29 is expected to be mid - 8% vs IPT at 9% [7] - The tender offer is seen as a de facto voluntary partial exchange beneficial to perp holders [8] - With new issuance proceeds and cash on hand, Li & Fung plans to redeem bonds, repay loans, and adjust its balance sheet [9] - Zhongsheng announced to make - whole ZHOSHK 3 01/13/26 on 27 Aug'25, reflecting sufficient liquidity [14] - ZHOSHK 5.98 01/30/28 is considered a good shorter - dated carry play, and a buy recommendation is maintained [14] Offshore Asia New Issues - No offshore Asia new issues were priced today; in the pipeline, Chengdu Xisheng Investment Group plans a 3yr issue, China CITIC Bank London Branch plans a 3yr issue of up to USD300mn, and Li & Fung plans a 3.5NC2 issue [18] News and Market Color - 84 credit bonds were issued yesterday onshore with an amount of RMB92bn; month - to - date, 1,881 credit bonds were issued with a total amount of RMB2,024bn, a 15.2% yoy increase [21] - Adani Green Energy 1Q26 total revenue rose 36% yoy to INR38bn (cUSD439.2mn) [21] - Diamond Power won an INR13.5bn (cUSD155.6mn) order from Adani Energy Solutions [21] - China Cinda AMC issued 3.5y CNH3bn bonds at 2.35% and 5yr CNH2.3bn bonds at 2.43% [21] - Lippo Cikarang's 1H25 presales reached 48% of FY25 target [21] - SJM Holdings agreed to buy a property in Zhuhai for RMB724.2mn (cUSD101.1mn) [21]