中资离岸债每日总结(11.26) | 国开行、中国华能等发行

Group 1 - Investors are betting heavily on the Federal Reserve's policymakers to cut interest rates again in December, with the probability of a 25 basis point cut now at approximately 80%, up from 30% just days ago [2] - The shift in interest rate expectations began with the mixed September non-farm payroll data, followed by comments from New York Fed President John Williams indicating room for rate cuts due to a weak labor market [2] - Wall Street strategists are divided, with some predicting a rate cut while others, like Morgan Stanley and JPMorgan, lean towards maintaining current rates, indicating a close decision in December [2] Group 2 - Four companies issued bonds in the primary market today, including Times China Holdings, which expects all restructuring conditions to be met by November 28, 2025 [3] - China Gezhouba Group announced the full redemption of a perpetual bond, with plans to delist the securities from the Hong Kong Stock Exchange by December 3, 2025 [3] - New World Development announced deferred payments on four perpetual securities, while Beijing Oceanwide Holdings announced the resumption of trading for several bonds after a successful bondholder meeting [3] Group 3 - As of November 25, the yield on China's two-year government bonds was 1.43%, while the ten-year yield was 1.83%. In the U.S., the two-year yield fell by 3 basis points to 3.43%, and the ten-year yield also fell by 3 basis points to 4.01% [8] Group 4 - On November 26, the People's Bank of China conducted a reverse repo operation of 213.3 billion yuan at a fixed rate of 1.40%, with a net withdrawal of 97.2 billion yuan for the day [13]