Primary Market - A total of 21 offshore bonds were issued this week (October 13-17, 2025), including 5 RMB bonds, 14 USD bonds, and 2 HKD bonds, with issuance scales of 5.193 billion RMB, 2.565 billion USD, and 1.635 billion HKD respectively [2] - The largest single issuance in the offshore RMB bond market this month was 2.5 billion RMB by Bank of China Macau Branch, while the highest coupon rate for RMB bonds was 4.5% issued by Heze Railway Investment Development Group [2] - In the USD bond market, the largest single issuance was 1.2 billion USD by Wistron Corporation, with the highest coupon rate of 5.875% issued by China Water Affairs Group [2] Secondary Market Overview - The yield on Chinese USD bonds mostly increased this week, with the Markit iBoxx Chinese USD Bond Composite Index rising by 0.52% to 251.29, and the investment-grade USD bond index increasing by 0.59% to 243.79 [3] - The high-yield USD bond index decreased slightly by 0.04% to 245.65, while the real estate USD bond index rose by 0.08% to 187.42 [3] Benchmark Spread - As of October 17, 2025, the spread between the 10-year benchmark government bonds of China and the US narrowed to 222.2 basis points, a decrease of 5.82 basis points from the previous week [4] Rating Changes - On October 17, Fitch confirmed and withdrew the "BB+" long-term issuer rating for Jiangsu Jinzu due to commercial reasons [6] - On October 14, Fitch withdrew the "A" long-term issuer ratings for Beijing Guarantee Housing Center and Zhongguancun Development Group due to the issuers ceasing participation in the rating process [6] Defaults and Extensions - Baolong Industrial announced that the repayment funds for the bond "H21 Baolong 2/21 Baolong 02" were not fully in place, and they will complete the payment within a grace period of two months, ending on December 16, 2025 [7] Domestic News - The Ministry of Finance announced the allocation of 500 billion RMB from the local government debt balance limit to local governments to implement central government decisions [9] - Bank of China Macau successfully issued the first technology innovation bond for Chinese financial institutions in the offshore market, with a scale of approximately 1 billion USD [10] - The issuance of 1.3 trillion RMB of ultra-long-term special government bonds for 2025 has been completed, with the last issuance of 40 billion RMB on October 14 [11] Overseas News - Federal Reserve official Collins warned that a further rate cut of 25 basis points may be appropriate due to concerns over a weakening labor market [12] - Sunac China announced that the majority of creditors voted in favor of its offshore debt restructuring plan, with 98.5% approval from 1,492 creditors [12] - CIFI Holdings plans to issue 4.1 billion USD of mandatory convertible bonds, expecting to reduce 1.4 billion USD of offshore debt [14] - Jinke Properties announced a new board of directors, with Guo Wei appointed as chairman [15]
中资离岸债风控周报（10月13日至17日 ）：一级市场发行回暖 二级市场多数上涨
Xin Hua Cai Jing·2025-10-18 02:13