Fixed Income Credit Commentary 12 Feb 2026 Cyrena Ng, CPA 吳蒨瑩 (852) 3900 0801 cyrenang@cmbi.com.hk Yujing Zhang 张钰婧 (852) 3900 0830 zhangyujing@cmbi.com.hk PLEASE READ THE AUTHOR CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE CMBI Fixed Income fis@cmbi.com.hk 1 CMBI Credit Commentary Fixed Income Daily Market Update 固定收益部市场日报 Trading desk comments 交易台市场观点 Yesterday, the new CHIFEN 7.4 02/13/29 lowered by up to 1.0pt from RO at par amid light flows. The Chinese AMC space was firm overall, with better b ...

UAE-based diversified conglomerate advances its technology landscape to drive efficiency, innovation, and service excellence.DUBAI, United Arab Emirates, Feb. 10, 2026 /PRNewswire/ -- Cognizant (NASDAQ: CTSH) is collaborating under a three-year strategic agreement with DAMAC Group, a private global conglomerate encompassing a diverse portfolio across various industries, including property development and real estate, data centres, retail and fashion, hospitality, capital markets, and logistics. Through thi ...

KUALA LUMPUR, Malaysia, Feb. 03, 2026 (GLOBE NEWSWIRE) -- Sagtec Global Limited (“Sagtec” or the “Company”), a technology solutions provider specialising in smart and digital innovations, is pleased to announce that it has entered into a project funding agreement with a local property developer in relation to a residential township development comprising 84 townhouse units. Under the terms of the agreement, Sagtec has committed project funding of approximately RM7.6 million (approximately US$1.93 million), ...

Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core Viewpoints - The Macau gaming industry showed a solid start in 2026 with a 24% year-on-year growth in January's GGR, reaching 90.7% of the January 2019 level. The 2026 GGR target of MOP236bn seems conservative based on the 2025 growth momentum [7][10][11]. - In the fixed - income market, there were various price movements across different sectors such as Chinese/HK higher - yielding space, Chinese properties, SE Asian space, etc. Some bonds tightened while others widened or declined in price [2]. - Chinese IG KUAISH/MEITUA recovered and tightened 1 - 3bps in the morning [3]. 3. Summary by Directory Trading Desk Comments - In the FRN space, there were balanced two - way flows across AU/JP financial names, MAYMK, 2 - 3yr Korean quasi - sovereign issues, and HYNMTR, with the latter closing 1 - 2bps tighter. Front - end to belly Chinese AMC papers, POE/TMTs, and belly financial papers saw initial selling, widening spreads by 1 - 3bps, but spreads largely closed unchanged. TW lifers widened 3 - 5bps, and the Macau gaming complex had a range of - 0.2pt to + 0.1pt change. In Chinese/HK higher - yielding space, WESCHI 26 rose 1.4pts and WESCHI 28 edged 0.2pt higher, while EHICAR 26 - 27 dropped 0.7 - 2.3pts. In Chinese properties, VNKRLE 27 - 29 were 0.9 - 1.7pts lower. In SE Asian space, VLLPM 27 - 29 dived 7.6 - 9.6pts [2]. - In the morning, Chinese IG KUAISH/MEITUA recovered and tightened 1 - 3bps. RMs were buying perps, and PBs were switching out of short - dated to call EU AT1s. ACPM 4.85 Perp/FAEACO 12.814 Perp were 0.7 - 0.9pt lower, and NWDEVL 27 - 28 recovered 0.5 - 0.6pt [3]. Macro News Recap - On Monday, S&P (+0.54%), Dow (+1.05%), and Nasdaq (+0.56%) were higher. The S&P Global Manufacturing January 2026 PMI was 52.4 (higher than the expected 51.9), ISM Manufacturing January 2026 Prices was 59.0 (lower than the expected 59.3), and ISM Manufacturing January 2026 PMI was 52.6 (higher than the expected 48.5). The UST yield was higher, with 2/5/10/30 - year yields at 3.57%/3.83%/4.29%/4.90% [6]. Desk Analyst Comments - Macau's gross gaming revenue (GGR) in January 2026 increased 24.0% year - on - year to MOP22.6bn, representing 90.7% of the January 2019 GGR and being the highest January figure since 2019. The 2026 GGR target of MOP236bn seems conservative as GGR in 2025 increased 9.1% to MOP247.4bn, exceeding the revised forecast of MOP228bn. The 2026 forecast represents a 3.5% year - on - year growth from the 2025 revised GGR forecast. In 2025, Macau's tourist arrival was 40.1mn, a 15% year - on - year increase and exceeding the 2019 record [7][10][11]. - Macau gaming bonds are considered lower - beta and good carry plays. Top picks are MPELs and STCITYs, and WYNMAC'27 and '29 are yield pick - up plays. The report is neutral on MGMCHIs, SANLTDs, and SJMHOLs [13]. Offshore Asia New Issues - Priced: CMBC International Funding (HK) issued USD300mn with a 3 - year tenor at SOFR + 60, rated - / - /BBB - [17]. - Pipeline: No offshore Asia new issues pipeline on this day [18]. News and Market Color - There were 89 credit bonds issued onshore yesterday with an amount of RMB88bn. No credit bonds were issued on 2 Feb 2025 due to the Chinese New Year holiday. Trump said he would roll back 25% punitive tariffs and cut the levy on Indian goods to 18% from 25% in return for India stopping buying Russian oil. China's local government debt increased 15% in 2025 and remains manageable. Indonesia's coal exports declined 19.7% last year to USD24.5bn due to falling global prices. Huatai Securities raised USD698.6mn by selling HKD and RMB - denominated guaranteed bonds due 2028. UPL Limited 9MFY26 EBITDA rose 22% year - on - year to INR59.1bn (cUSD648mn) [19][20].

Last Friday, financial FRNs traded 1bp wider. In HK, the NWDEVL/VDNWDL complex surged another 0.5-3.0pts, following the market rumors that Blackstone might become NWD's single largest shareholder, but no agreement has been reached yet. FAEACO 12.814 Perp rose 1.5pts. SHUION 26-29 edged 0.2-0.6pt higher. SUNHKC 26 was 0.1pt lower, while SUNHKC 29 was 0.3pt higher. TW lifers were 2-4bps wider amid street selling on NSINTW/SHIKON. Long-end MEITUA/KUAISH also widened 2- 3bps. EHICAR 26 was down by 0.6pt. WESCHI ...

Asian stocks followed Wall Street lower on Monday as lingering trade tensions along with renewed uncertainty over U.S. monetary policy and ongoing heavy selling in the precious metals space spurred risk aversion. Investors also looked ahead to the release of key U.S. jobs data as well as central bank decisions in Australia, Europe and London for direction.Precious metals including gold and silver continued to plunge during Asian trading hours, with gold falling over 5 percent and silver declining nearly 8 ...

January 29, 2026 09:53 AM GMT China Property | Asia Pacific Thoughts After Recent Rally We think the recent sentiment-driven outperformance of the China property industry (11%YTD vs. 7% for MSCI China) is likely unsustainable, given the fragile housing market and the sector's high valuation. We see multiple near-term headwinds leading to a potential sector pullback into results season. | M January 29, 2026 09:53 AM GMT | | Idea | | --- | --- | --- | | China Property Asia Pacific | Morgan Stanley Asia Limite ...

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]

Core Viewpoint - VGP NV has announced a capped cash tender offer for its outstanding EUR 500,000,000 green bonds, with a maximum acceptance amount of EUR 100,000,000, while also planning to issue new green bonds concurrently [2][3]. Company Overview - VGP is a pan-European owner, manager, and developer of high-quality logistics and semi-industrial properties, as well as a provider of renewable energy solutions [4]. - Founded in 1998, VGP operates in 18 European countries with approximately 412 full-time employees and has a Gross Asset Value of €8.3 billion and a Net Asset Value of €2.6 billion as of June 2025 [4]. - The company is listed on Euronext Brussels [4]. Financial Details - The outstanding amount of the existing green bonds is EUR 320,100,000 as of the date of the press release [2]. - The fixed interest rate on the bonds is 1.625% and they are due on 17 January 2027 [2]. Tender Offer Details - The tender offer is for cash and is part of VGP's Sustainable Finance Framework [2]. - Holders of the bonds can find more information on the company's website [2]. New Bonds Issuance - VGP intends to issue new euro-denominated fixed rate green bonds, subject to market conditions [3].

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the **Chinese economy** and its outlook for **2026**, highlighting significant changes in trade and the property market, as well as the challenges of finding new growth engines in the economy [3][6][11]. Core Economic Insights - **Export Growth**: - China's export volume is expected to grow by **5%** in **2026**, following an **8%** growth in **2025**. This growth is supported by strong goods exports and policies promoting services exports [3][4]. - The current account surplus is projected to widen from **3.6%** of GDP in **2025** to **4.2%** in **2026**, exceeding consensus expectations [3][4][12]. - **Property Market**: - The property market is anticipated to continue its decline in **2026**, but its negative impact on GDP is expected to lessen as the sector's share of the economy has significantly decreased [3][4][35]. - New housing starts and property investment have dropped **50-80%** from their peaks in **2020-21**, indicating a prolonged downturn [35][37]. - **Labor Market**: - The labor market remains weak, with structural challenges such as job displacement due to AI and cyclical issues from the property downturn [3][4][42]. - The unemployment rate has not changed significantly, but hiring has been depressed, leading to a slowdown in urban nominal wage growth to **3.8%** in Q3 [42][44]. - **Consumption Trends**: - Household consumption growth is expected to moderate to **4.5%** in **2026**, down from **4.8%** in **2025**, due to a weak labor market and declining house prices [53][54]. - Government consumption is projected to increase to **5.0%** in **2026**, offsetting weaknesses in private consumption [54][55]. Investment Outlook - **Investment Growth**: - Gross fixed capital formation growth is expected to rebound from **1.5%** in **2025** to **3.5%** in **2026**, supported by government policies aimed at stabilizing investment [3][4][64]. - Infrastructure and services-related investments are likely to see significant growth, while property investment may continue to contract by **12%** in **2026** [64][65]. Inflation and Monetary Policy - **Inflation Projections**: - CPI inflation is expected to rise from **0%** in **2025** to **0.6%** in **2026**, while PPI inflation is projected to improve from **-2.6%** to **-0.7%** [5][72]. - The gradual reflation process is anticipated, with inflationary pressures expected to remain subdued [69][70]. - **Monetary Policy**: - The People's Bank of China (PBOC) is expected to adopt a cautious approach to monetary easing, with potential rate cuts and fiscal measures to support economic growth [77]. Additional Insights - **Current Account Dynamics**: - The current account surplus is expected to increase, driven by structural growth in high-tech manufacturing exports and a focus on self-reliance amid geopolitical tensions [27][30]. - **Long-term Economic Transition**: - The transition from a property and infrastructure-driven economy to one focused on consumption and services is still in its early stages and may take years to fully realize [11][12]. - **Government Initiatives**: - Recent government policies, including a consumer goods trade-in program, aim to stimulate consumption but may only provide short-term support [57][58]. This summary encapsulates the key points discussed in the conference call regarding the outlook for the Chinese economy in 2026, highlighting both opportunities and challenges across various sectors.