Xin Lang Cai Jing·2025-12-24 04:14Key Points - The issuance of non-financial corporate credit bonds decreased by 4% week-on-week, with a significant decline in city investment bonds by 20% and real estate bonds by 37% [7][49] - Vanke proposed a new extension plan for its 2 billion medium-term notes, extending the principal repayment date by 12 months to December 15, 2026, and prioritizing interest payments during the grace period [1][45] - The National Development and Reform Commission is studying adjustments to the pilot scope of local government special bond projects to enhance investment efficiency and management [4][47] - The Shanghai and Shenzhen Stock Exchanges, along with China Securities Depository and Clearing Corporation, announced support for foreign institutional investors to engage in bond repurchase transactions [6][48] Primary Market - The net financing of non-financial corporate credit bonds was 560.48 billion yuan, a decrease of 19.63% week-on-week, with total issuance at 2,649.67 billion yuan, down 3.70% [7][49] - The proportion of issuers rated AA+ and above was 87.59%, a decrease of 2.17 percentage points from the previous week [7][49] - Nine non-financial corporate credit bonds were canceled or postponed this week, totaling 4.285 billion yuan, with a cumulative cancellation of 29 bonds amounting to 16.565 billion yuan over the past month [7][49] Secondary Market - Bond trading volume increased by 4% compared to the previous week, with credit bonds accounting for 15% of total trading [27][63] - The yield on 10-year government bonds fell by 0.9 basis points to 1.83%, with overall yields on government and credit bonds declining [29][67] - City investment bond yields showed a downward trend across various ratings, with AAA-rated 1-year bonds yielding 1.75%, down 1 basis point [37][75] Rating Adjustments and Defaults - No rating adjustments occurred for non-financial corporate bonds last week [40][78] - One credit risk event was reported involving Vanke, with ongoing negotiations for the extension of its medium-term notes [40][78] - Two credit risk events had updates, involving Hongda Industrial Co., Ltd. and Wuhan Tianying Investment Group Co., Ltd., both facing substantial defaults [41][79]