External broker reports(aggregated public sources), CMB International

CMB International

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

External broker reports(aggregated public sources)

Macroeconomics

<ul><li>Let me repeat the first sentence in our Asia Credit Outlook in 2024 by just changing the year to 2025 from 2024: 2025 was a good year for Asia USD bond markets despite we still have idiosyncratic issues such as NWD and Vanke (towards year-end).</li><li>ACIG (Asia Dollar Investment Grade Corporate Index) and ACHY (Asia Dollar High Yield Corporate Index) returned 7.9% and 8.3% respectively in 2025, driven by rate cuts in the US, bullish steepening of yield curve, improving market sentiment on China and other Asian economies, as well as the strong technical supported by “onshore demand”.</li><li>Indonesia HYs are the best performers with a total return of 12.3%.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Let me repeat the first sentence in our Asia Credit Outlook in 2024 by just changing the year to 2025 from 2024: 2025 was a good year for Asia USD bond markets despite we still have idiosyncratic issues such as NWD and Vanke (towards year-end).ACIG (Asia Dollar Investment Grade Corporate Index) and ACHY (Asia Dollar High Yield Corporate Index) returned 7.9% and 8.3% respectively in 2025, driven by rate cuts in the US, bullish steepening of yield curve, improving market sentiment on China and other Asian economies, as well as the strong technical supported by “onshore demand”.Indonesia HYs are the best performers with a total return of 12.3%.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CMBI 채권 - 2026년 아시아 신용 전망: 황해에서 페르시아만으로 향하는 항해