中资离岸债每日总结(11.6) | 信达香港、重庆巴洲文旅发行

Group 1: Employment Data and Federal Reserve Actions - The October employment data from the U.S. private sector showed a surprising increase of 42,000 jobs, significantly better than the expected 30,000 jobs, while the previous month's data was revised down by 29,000 jobs [2] - Federal Reserve Governor Milan emphasized that current interest rates are still high and suggested that rates may need to be lowered further, despite the recent job growth being limited and wage growth slowing down [2][2] - Milan has consistently called for further rate cuts, advocating for a 50 basis point reduction instead of the 25 basis points implemented in September and October [2] Group 2: Corporate Debt Restructuring - Country Garden announced it has received the necessary support from a statutory majority of plan creditors for its offshore debt restructuring, with a court hearing scheduled for December 4, 2025 [3] - Sunac China sought the High Court's approval for its plan, which was granted on November 5, 2025, with all conditions met for the plan to take effect on the same date [3] - Maosheng Investment initiated a consent solicitation for a specific bond, aiming to modify the bond's maturity date, redemption terms, and default waiver provisions [3] Group 3: Market Movements - As of November 5, the yield on China's two-year government bonds was 1.43%, while the ten-year yield was 1.80% [6] - In the U.S., the two-year government bond yield rose by 5 basis points to 3.63%, and the ten-year yield increased by 7 basis points to 4.17% [6] Group 4: Rating Changes - Vanke Enterprises' long-term issuer credit rating was downgraded from "B-" to "CCC" with a negative outlook [5] - China Cinda (2020) I Management Ltd. received a long-term issuer rating of "BBB+" for its proposed issuance of senior unsecured notes [5]