Primary Market - A total of 21 offshore bonds were issued this week (October 27 to 31), including 3 RMB bonds, 16 USD bonds, 1 HKD bond, and 1 EUR bond, with issuance scales of 7.25 billion RMB, 4.705 billion USD, 100 million HKD, and 25 million EUR respectively [2] - The largest single issuance in the offshore RMB bond market was 5 billion RMB by Meituan, while the highest coupon rate for RMB bonds was 6.9% issued by Weifang Ocean Investment Group [2] - In the USD bond market, the largest single issuance was 3 billion USD by the Asian Development Bank, with the highest coupon rate of 6% issued by China Thai Financial International [2] Secondary Market Overview - The yield on Chinese USD bonds mostly decreased this week, with the Markit iBoxx Chinese USD Bond Composite Index down 0.11% to 251.13 [3] - The investment-grade USD bond index fell 0.12% to 243.57, while the high-yield USD bond index increased by 0.05% to 246.01 [3] - The real estate USD bond index decreased by 0.21% to 186.96, while the city investment USD bond index rose by 0.04% to 152.91 [3] Benchmark Spread - As of October 31, the spread between the 10-year benchmark government bonds of China and the US widened to 228.87 basis points, an increase of 13.88 basis points from the previous week [4] Rating Changes - Several credit rating adjustments occurred this week, including the withdrawal of ratings for Meixi Lake Investment, Hunan Jinxia Development Group, and Jiangsu Zhongxing Holdings due to commercial reasons [6] - Shanghai Commercial Bank's long-term issuer rating was downgraded to "BBB+" with a stable outlook [6] Domestic News - The People's Bank of China announced the resumption of open market government bond trading, which had been suspended earlier this year due to market imbalances [8] - As of the end of September, the custody balance of foreign institutions in China's bond market was 3.8 trillion RMB, accounting for 2% of the total custody balance [9] - Barclays plans to issue "Panda Bonds" in the Chinese interbank bond market, marking its entry into this market with a fundraising target of up to 4 billion RMB [10] Overseas News - The European Central Bank maintained its three key interest rates unchanged, marking the third consecutive meeting without changes [11] - The Federal Reserve lowered the federal funds rate target range by 25 basis points to between 3.75% and 4.00%, marking the fifth rate cut since September 2024 [12] Default and Extension - No significant defaults or extensions were reported this week [7] Company Announcements - Tianjin Bank reported a net profit of 3.527 billion RMB for the first three quarters, a year-on-year increase of 5.47% [16] - TCL Technology plans to issue up to 2 billion RMB or equivalent foreign currency bonds through its wholly-owned subsidiary, with proceeds intended for general corporate purposes and existing debt replacement [17]
中资离岸债风控周报（10月27日至31日 ）：一级市场发行平稳，二级市场多数下行
Xin Hua Cai Jing·2025-11-01 05:36