Workflow
中资离岸债风控周报:一级市场发行平稳 二级市场涨跌不一
Xin Hua Cai Jing·2025-05-24 01:38

Primary Market - A total of 18 offshore bonds were issued this week (May 19-23, 2025), including 4 offshore RMB bonds, 11 USD bonds, and 3 HKD bonds, with issuance scales of 3.33396 billion RMB, 3.3429 billion USD, and 81.531 billion HKD respectively [2] - The largest single issuance in the offshore RMB bond market was 2 billion RMB by China Construction Bank Hong Kong Branch, while the highest coupon rate was 6.9% issued by Weifang Ocean Investment Group [2] - In the USD bond market, the largest single issuance was 1 billion USD by China Construction Bank Hong Kong Branch, with the highest coupon rate of 6.925% issued by China Hongqiao Group [2] Secondary Market Overview - The Markit iBoxx China USD Bond Composite Index fell by 0.06% this week, closing at 241.2, while the investment-grade USD bond index decreased by 0.07% to 233.82 [3] - The real estate USD bond index dropped by 0.33% to 180.87, while the city investment USD bond index rose by 0.12% to 148.55 [3] - The highest weekly increase in offshore USD bonds was seen in the REDSUN 7.3% 5/21/24 bond from Hongyang Real Estate, which rose by 63.71% to 1.84 [3] Price Changes - The largest weekly price increase in offshore bonds was for REDSUN 7.3% 5/21/24 from Hongyang Real Estate, priced at 1.84 [4] - The largest weekly price decrease was for REDSUN 9.5% 9/20/23 from Hongyang Real Estate, which fell by 73.33% to 1.95 [6] Benchmark Spread - The spread between the 10-year benchmark government bonds of China and the US widened to 285.32 basis points, an increase of 8.73 basis points from the previous week [7] Rating Changes - On May 20, S&P confirmed China Tourism Group's long-term issuer credit rating at "A-" with a negative outlook [10] - Moody's downgraded the corporate family rating of R&F Properties to "B2" with a stable outlook on May 20 [10] - On May 21, China Chengxin (Asia Pacific) Credit Rating Co. withdrew the rating for Zhengzhou Road and Bridge Construction Investment Group for commercial reasons [10] Domestic News - The People's Bank of China announced that the bond market "Technology Board" will support leading private equity investment institutions in issuing bonds, aiming to address financing challenges faced by these institutions [12] - In April, foreign investors increased their holdings of domestic bonds by 10.9 billion USD, indicating a strong willingness to invest in RMB assets [13] - The Shanghai Clearing House announced a full waiver of account maintenance fees for certain foreign institutional investors to enhance the investment environment [14] Overseas News - The US House of Representatives passed a large tax cut bill, raising concerns about increased federal debt and leading to a sell-off in US Treasuries, with the 10-year yield reaching 4.62% [15] - Both Japan and the US experienced weak demand in their long-term bond auctions, with Japan's 20-year bond auction showing the lowest bid-to-cover ratio since 2012 [16] Offshore Debt Alerts - Country Garden reported that over 70% of bondholders have joined the offshore debt restructuring support agreement as of May 23 [17] - China Hongqiao announced plans to issue 270 million USD of senior notes due in 2028 with a coupon rate of 6.925% [18] - CIFI Holdings announced a preliminary restructuring plan for its domestic bonds, involving a total principal balance of 10.06 billion RMB across seven bonds [19] - Vanke received a loan of 4.2 billion RMB from Shenzhen Metro Group, with additional agreements regarding stock pledges [20]