OCEANWIDE HOLDINGS(SZ:000046) Xin Hua Cai Jing·2025-09-27 02:47Primary Market - A total of 34 offshore bonds were issued this week (September 22 - September 26, 2025), including 10 offshore RMB bonds, 19 USD bonds, 3 HKD bonds, 1 EUR bond, and 1 AUD bond, with issuance scales of 68.087 billion RMB, 2.63 billion USD, 1.585 billion HKD, 130 million EUR, and 250 million AUD [1] - The largest single issuance in the offshore RMB bond market was 1 billion RMB by Shanghai Fosun High Technology (Group) Co., Ltd., while the highest coupon rate for RMB bonds was 6.4% issued by Pengze County Urban Development and Construction Group Co., Ltd. [1] - In the USD bond market, the largest single issuance was 500 million USD by CK Hutchison Holdings Limited, with the highest coupon rate of 4.73% issued by Dongfang Securities Co., Ltd. [1] Secondary Market - The yield on Chinese USD bonds mostly declined this week, with the Markit iBoxx Chinese USD Bond Composite Index down 0.09% to 249.14, and the investment-grade USD bond index down 0.07% to 237.93 [2] - The high-yield USD bond index increased by 0.23% to 241.15, while the real estate USD bond index fell by 0.55% to 155.62 [2] Benchmark Spread - As of September 26, 2025, the spread between the 10-year benchmark government bonds of China and the U.S. widened to 236.19 basis points, an increase of 3.78 basis points from the previous week [3] Rating Changes - Moody's withdrew the "Ca" family rating for Road King Infrastructure Limited on September 26 for commercial reasons [5] - Moody's confirmed the "Ba3" family rating for Melco Resorts & Entertainment Limited, changing the outlook from "stable" to "negative" on September 22 [5] Defaults and Extensions - Oceanwide Holdings announced that it plans to extend the maturity of its 134 million USD bond, which was due on September 23, to before March 23, 2026 [6] Domestic News - The total scale of domestic bond ETFs has surpassed 600 billion RMB, reaching 607.448 billion RMB as of September 22, 2025, marking a growth of over 2.4 times since the beginning of the year [8] - The People's Bank of China announced plans to accelerate the listing of RMB government bond futures in Hong Kong [9] - Shanghai Clearing House supported the issuance of the world's first private enterprise "Yulan Bond" by Shanghai Fosun High Technology (Group) Co., Ltd., with a scale of 1 billion RMB and an interest rate of 4.9% [10] International News - The International Institute of Finance reported that global debt reached approximately 338 trillion USD in the first half of 2025, a record high, driven by a loose global financial environment and weak dollar [12] Offshore Bond Alerts - Longfor Group announced that all of its outstanding corporate bonds will be suspended from trading starting September 29, 2025 [13] - Fantasia Holdings reported that approximately 84% of its existing noteholders have joined the debt restructuring support agreement [14] - New城控股 successfully issued 900 million RMB of medium-term notes with a coupon rate of 3.29% [15] - FWD Group plans to redeem two subordinated USD bonds totaling 1.65 billion USD on October 23 [16]