中资离岸债风控周报：一级市场发行趋稳 二级市场全线上涨

Primary Market - A total of 42 offshore bonds were issued this week, including 9 offshore RMB bonds, 27 USD bonds, and 6 HKD bonds, with issuance scales of 88.55 billion RMB, 21.63 billion USD, and 4.05 billion HKD respectively [2] - The largest single issuance in the offshore RMB bond market was 2 billion RMB by China Mengniu Dairy Company Limited, while the highest coupon rate was 5.5% issued by Shaodong City Urban Development Group [2] - In the USD bond market, the largest single issuance was approximately 3.367 billion USD by Shimao Group Holdings Limited, with the highest coupon rate of 6.5% issued by Jiaozuo State-owned Capital Operation (Holding) Group [2] Secondary Market - The yield on Chinese USD bonds rose across the board this week, with the Markit iBoxx Chinese USD Bond Composite Index up 0.24% to 244.89 [3] - The investment-grade USD bond index increased by 0.24% to 237.44, while the high-yield USD bond index rose by 0.28% to 240.6 [3] - The real estate USD bond index increased by 0.18% to 181.27, and the city investment USD bond index rose by 0.11% to 150.14 [3] Benchmark Spread - The spread between the 10-year benchmark government bonds of China and the US narrowed to 267.22 basis points, a decrease of 9.08 basis points from the previous week [4] Rating Changes - Fitch confirmed and withdrew the long-term issuer rating of "A-" for Guangzhou Urban Construction Investment Group on July 23 for commercial reasons [6] - Fitch also confirmed and withdrew the long-term issuer rating of "BBB" for Shaoxing Keqiao State-owned Assets Investment and Operation Group on July 23 for commercial reasons [6] - Moody's confirmed the "Ba2" corporate family rating of Li & Fung Limited, changing the outlook from "stable" to "negative" on July 24 [6] Domestic News - The Bank of China assisted Hungary in issuing the largest sovereign panda bond of 5 billion RMB, which is the largest single issuance in the panda bond market to date [8] - The Ministry of Finance issued 6 billion RMB of government bonds in Macau, with a subscription multiple of 6.08 times, setting a record for the highest subscription multiple for government bonds issued in Macau [9] - The Shanghai Clearing House supported the issuance of the world's first offshore bond from the Shanghai Free Trade Zone, with an issuance scale of 500 million RMB [11] Overseas News - The European Central Bank decided to maintain key interest rates unchanged after eight consecutive rate cuts, with the deposit facility rate at 2.00%, the main refinancing operations rate at 2.15%, and the marginal lending facility rate at 2.40% [12] Default and Extension - No significant defaults or extensions were reported this week [7] Default Alerts - Pan Ocean Holdings announced that the public auction of its 10.8628% stake in Wuhan Central Business District Co., Ltd. ended without any bids [13] - Shimao Group announced that its offshore debt restructuring became effective on July 21 [14] - Jinbei Automotive reported the recovery of 138 million RMB from Huachen Automotive Group, which will positively impact its 2025 performance [15] - Chow Tai Fook Jewelry Group completed the issuance of 850 million HKD convertible bonds and the simultaneous buyback of existing bonds [16]