中资离岸债风控双周报（12月1日至12日）：一级市场发行趋缓 二级市场小幅上涨

Primary Market - In the past two weeks (December 1-12, 2025), a total of 25 offshore bonds were issued by Chinese entities, including 6 RMB bonds, 15 USD bonds, and 4 HKD bonds, with issuance scales of 2.745 billion RMB, 2.835 billion USD, and 2.58 billion HKD respectively [1] - The largest single issuance in the offshore RMB bond market was 740 million RMB by Kaifeng Cultural Tourism Investment Group [1] - The highest coupon rate for RMB bonds was 5.9%, issued by Chengdu Dongjin Huai Prefecture New City Investment Group [1] - In the USD bond market, the largest single issuance was 600 million USD by China Minmetals Corporation, with the highest coupon rate of 5.19% issued by the International Bank for Reconstruction and Development [1] Secondary Market - As of December 12, 2025, the Markit iBoxx Chinese USD bond composite index increased by 0.09% to 250.91, while the investment-grade USD bond index rose by 0.01% to 243.96, and the high-yield USD bond index increased by 0.77% to 241.4 [2] - The real estate USD bond index rose by 1.37% to 178.04, the city investment USD bond index increased by 0.16% to 153.69, and the financial USD bond index rose by 0.23% to 290.35 [2] Benchmark Spread - As of December 12, 2025, the spread between the 10-year benchmark government bonds of China and the US widened to 232.79 basis points, an increase of 1.74 basis points from the previous week [3] Rating Changes - Several credit rating adjustments occurred in the past two weeks, including the withdrawal of ratings for various companies such as Taixing Jiangqiao Investment Development Co., Ltd. and Vanke Real Estate (Hong Kong) Co., Ltd. [6] Domestic News - The first offshore bond issuance by a non-bank financial institution in the Shanghai Free Trade Zone was completed, with an issuance amount of 500 million RMB and a coupon rate of 1.8% [7] - The Ministry of Finance successfully issued 7 billion RMB of government bonds in Hong Kong, with a subscription multiple of 5.22 times [8] - Shenzhen's first batch of green foreign debt pilot projects has been launched, with total signed amounts exceeding 170 million RMB [8] - The first QFI commodity futures transaction using government bonds as collateral was successfully completed [9] Overseas News - The Federal Reserve announced a 25 basis point reduction in the federal funds rate target range to 3.5%-3.75% [10] - The Federal Reserve reappointed 11 regional Federal Reserve Bank presidents, alleviating personnel uncertainty concerns [11] Default and Extension - New City Holdings completed the issuance of 1.75 billion RMB of medium-term notes [12][13] - Agile Group faced a winding-up petition from creditors, with a hearing scheduled for February 2026 [14] - CIFI Group announced plans to repurchase bonds totaling up to 220 million RMB [15] - Fantasia Group announced a suspension of all outstanding bonds starting December 15, 2025, for debt repayment arrangements [15]