中资美元债上半年发行近700亿，美债收益率上行下中资债如何走？

Group 1 - The Chinese dollar bond market experienced significant growth in the first half of the year, with 454 bonds issued totaling $68.194 billion, representing increases of 14.94% in quantity and 17.31% in value compared to the same period last year [1] - The net outflow in the Chinese dollar bond market was $26.398 billion, remaining stable compared to $25.162 billion in the same period last year [1] - The issuance of municipal investment bonds reached $16.123 billion, with a net financing amount of $0.841 billion, indicating active participation from municipal enterprises in the overseas financing market [1] Group 2 - The yield on Chinese dollar bonds has been rising, with the Markit iBoxx Asian Chinese dollar bond index reaching a year-high of 244.57 points on June 30, reflecting a 3.92% increase in the first half of the year [2] - The total market value of bonds included in the index is $321.512 billion, with an average maturity of 3.07 years and a corresponding yield of 5.22% [2] - The rising yield trend is closely linked to U.S. Treasury rates, with expectations that the 10-year U.S. Treasury yield may challenge the 5% level again in the third quarter [2] Group 3 - Concerns about the maturity replacement of Chinese dollar bonds are heightened, particularly for municipal investment bonds maturing in 2025, which account for 30% of the total scale [3] - Despite the concerns, the high yield advantage of Chinese dollar bonds remains prominent due to the sustained high level of the China-U.S. interest rate differential [3] - Investment institutions may still find capital gain opportunities in Chinese dollar bonds, although high hedging costs lead to a cautious approach, focusing on short-duration observations [3]