Group 1 - The Federal Reserve announced its third consecutive interest rate cut this year, lowering the federal funds rate by 25 basis points to a range of 3.5%-3.75%, while maintaining a forecast of only one rate cut in 2026, indicating increasing divergence among policymakers regarding future policy paths [2] - Chairman Powell stated that the current policy adjustments aim to stabilize a weakening labor market while maintaining sufficient tightening conditions to suppress inflation, with a goal of returning inflation to 2% as tariff impacts diminish [2] - The Federal Reserve will implement a key liquidity management measure, purchasing $40 billion in Treasury securities monthly starting December 12, to rebuild bank reserves that have significantly declined during the balance sheet reduction period [2] Group 2 - No new issuances were reported in the primary market today [4] - Two companies had their ratings updated: - Hailong Holdings is progressing with offshore debt restructuring for existing notes due in 2024, seeking to amend certain covenants [5] - Baolong Real Estate's subsidiary had a court-initiated liquidation application withdrawn to facilitate successful restructuring [5] - A meeting for "H20 Aoyuan 1" bondholders is scheduled to discuss adjustments to principal and interest payment arrangements [5] Group 3 - As of December 10, the yield on China's two-year government bonds was 1.39%, and the ten-year yield was 1.84% [7] - The yield on the U.S. two-year Treasury bonds decreased by 4 basis points to 3.54%, while the ten-year yield fluctuated down by 5 basis points to 4.13% [7] Group 4 - The top 10 gainers in Chinese dollar bonds included: - New Power Holdings with a price increase of 294.737% [9] - Dafa Real Estate with a price increase of 157.491% [9] - The top 10 losers in Chinese dollar bonds included: - CENCHI with a price decrease of 24.879% [9]
中资离岸债每日总结(12.11) | 美联储宣布降息25个基点
Sou Hu Cai Jing·2025-12-12 03:31