中资离岸债每日总结(11.19) | 东台惠民城镇建设集团、潍坊水务投资发行

Group 1 - The market is actively taking hedging measures against the risk of the Federal Reserve lowering borrowing costs next month, despite a 50% probability of a rate cut [2] - Traders are heavily investing in December options linked to the Secured Overnight Financing Rate (SOFR) to profit from a potential 25 basis point rate cut [2] - Recent comments from Federal Reserve officials have raised doubts about the necessity of another rate cut this year, although upcoming employment and inflation data may provide justification for further monetary easing [2] Group 2 - New World Development announced the issuance of new perpetual securities totaling approximately $1.072 billion, contingent on the completion of exchange offers [4] - The debt financing tool status of Jinhui Group has been updated to "pre-evaluation" according to the China Interbank Market Dealers Association [4] - The voting period for the restructuring plan of 38 companies, including Suning Electric Group, has been postponed to December 14 [4] Group 3 - Xiaomi Group reported Q3 2025 revenue of approximately 113.12 billion yuan, a year-on-year increase of 22.3%, with significant growth in its smart electric vehicle and AI business segment [11] - The operating profit for Xiaomi reached 15.11 billion yuan, up 150.1% year-on-year, while adjusted net profit was approximately 11.31 billion yuan, marking an 80.9% increase [11] Group 4 - The People's Bank of China conducted a reverse repurchase operation of 310.5 billion yuan at a fixed rate, with a net injection of 115 billion yuan for the day [13]