Xin Hua Cai Jing·2025-03-29 06:33Primary Market - A total of 23 offshore bonds were issued this week, including 2 offshore RMB bonds, 15 USD bonds, and 6 HKD bonds, with issuance scales of 1.64 billion RMB, 6.55 billion USD, and 80.19 billion HKD respectively [2] - The largest single issuance in the offshore RMB bond market was 1 billion RMB by Yuexiu Real Estate Investment Trust, while the highest coupon rate was 4.2% from Jiangmen High-tech Industrial Park Co., Ltd [2] - In the USD bond market, the largest single issuance was 1.5 billion USD by Hong Kong Railway Co., Ltd, and the highest coupon rate was 7.60% from Anqing Yixiu District Beautiful Countryside Construction Co., Ltd [2] Secondary Market Overview - The yield on Chinese offshore USD bonds mostly declined this week, with the Markit iBoxx Chinese USD bond composite index down 0.26% to 240.54 [3] - The investment-grade USD bond index fell 0.3% to 233.34, while the high-yield USD bond index increased by 0.04% to 235.48 [3] - The largest weekly gain in Chinese offshore bonds was seen in the MOLAND 8% 12/30/24 bond from Contemporary Land, which rose by 56% to 2.75 [3] Credit Rating Changes - Moody's upgraded Century Internet Group's family rating to "B2" with a stable outlook on March 25 [10] - Guangxi Agricultural Reclamation Group's credit rating was upgraded from AA+ to AAA on March 27 [10] - Hainan Puli Pharmaceutical Co., Ltd's credit rating was downgraded to "BB" with a negative outlook on March 27 [10] Domestic News - In February 2025, the Ministry of Finance reported that 1.3057 trillion RMB of local government bonds were issued, including 117.6 billion RMB of general bonds and 1.1881 trillion RMB of special bonds [12] - The issuance of Sci-tech bonds exceeded 100 billion RMB this year, with a year-on-year increase of 28.78%, accounting for 10.35% of the total corporate bond market [14] - The pressure from real estate USD bonds on Hong Kong's Chinese banks is gradually easing, with reduced impairment provisions reported by several financial institutions [13] Offshore Debt Alerts - Oceanwide Holdings completed its offshore debt restructuring, converting approximately 6.315 billion USD of debt into about 2.2 billion USD of new debt and 4.115 billion USD of new convertible bonds and perpetual securities [16] - Kaisa Group's offshore debt restructuring plan was approved by the Hong Kong High Court on March 24 [18] - Longfor Group reported a net profit of 10.4 billion RMB for 2024, a 19% decline year-on-year, with total revenue of 127.47 billion RMB, down 29% [19]