中资离岸债风控周报（9月1日至5日）：一级市场发行平稳，二级市场全线上行

Primary Market - A total of 22 offshore bonds were issued by Chinese entities from September 1 to 5, 2025, including 3 offshore RMB bonds, 11 USD bonds, and 8 HKD bonds, with issuance sizes of 30 billion RMB, 4.15 billion USD, and 5.475 billion HKD respectively [1] - The largest single issuance in the offshore RMB bond market was 2 billion RMB by China Construction Bank's London branch, with the highest coupon rate of 2.95% issued by East Asia Bank [1] - In the USD bond market, the largest single issuance was 2 billion USD by the Asian Infrastructure Investment Bank, with the highest coupon rate of 6.9% issued by Zhengding County State-owned Assets Holding and Operating Group [1] Secondary Market Overview - The yield on Chinese USD bonds rose across the board, with the Markit iBoxx Chinese USD Bond Composite Index increasing by 0.18% to 248.3, and the investment-grade USD bond index rising by 0.19% to 240.64 [2] - The high-yield USD bond index increased by 0.07% to 244.64, while the real estate USD bond index rose by 0.13% to 186.03 [2] - The local government financing vehicle (LGFV) USD bond index increased by 0.08% to 151.34, and the financial USD bond index rose by 0.1% to 288.27 [2] Benchmark Spread - The spread between the 10-year benchmark government bonds of China and the US narrowed to 241.16 basis points, a decrease of 6.07 basis points from the previous week [3] Rating Changes - Fitch adjusted Meituan's long-term issuer rating outlook from "Positive" to "Stable" on September 4 [4] - Moody's confirmed CITIC Resources' "Ba2" corporate family rating, changing the outlook from "Stable" to "Negative" on September 3 [4] - Several companies, including Weifang Haifa and Sichuan Xinyao Group, had their international long-term ratings withdrawn at their request [4] - Fitch changed Baidu's long-term foreign and local currency issuer default rating outlook from "Stable" to "Negative" on September 2 [4] Domestic News - Local government bond issuance in August exceeded expectations, with actual issuance of 977.6 billion RMB, higher than the planned 940.8 billion RMB, and a planned issuance of 726.5 billion RMB in September [5] - The existing stock of local government debt reached 53.05 trillion RMB, with general debt at 17.1 trillion RMB and special debt at 35.95 trillion RMB [5] Offshore RMB Bonds - Kazakhstan Development Bank successfully issued its first offshore RMB bond of 2 billion RMB with a 3.35% coupon rate on September 2, marking several market firsts [6] - Multiple offshore RMB local government bonds were announced, including plans from Hainan and Shenzhen to issue up to 5 billion RMB each [7] - Guangdong Province successfully issued 2.5 billion RMB in offshore RMB local government bonds in Macau, continuing a five-year trend [7] Overseas News - Federal Reserve's Williams indicated that policy rates are expected to gradually decrease over time, aligning with the dual mandate goals [8][9] Offshore Debt Alerts - Kaisa Group announced that its offshore debt restructuring plan is expected to take effect by the end of September, aiming to optimize its debt structure and reduce debt by approximately 8.6 billion USD [10] - AVIC Capital announced the early redemption of 32.45 million USD principal of its bond on September 4 [11] - Alibaba initiated an exchange offer for its outstanding senior notes, with a total principal amount not exceeding 1 billion USD for 2030 notes and 1.15 billion USD for 2035 notes [12] - DBS China signed a green loan agreement of 490 million RMB with Henderson Land for financing retail and office projects in Shanghai [13]