中资离岸债风控周报（1月12日至16日 ）：一级市场发行平稳 二级市场全线上涨

Primary Market - A total of 14 offshore bonds were issued this week (January 12-16, 2026), including 4 RMB bonds, 6 USD bonds, 3 HKD bonds, and 1 EUR bond, amounting to approximately $3.855 billion in total issuance [1] - The largest single issuance in the offshore RMB bond market was 3.5 billion RMB by Kuaishou Technology, with the highest coupon rate of 6.95% issued by Tai'an Guotai Min'an Investment Group [1] - In the USD bond market, the largest single issuance was $900 million by Kuaishou Technology, with the highest coupon rate of 6.75% issued by Sun Hung Kai Properties [1] Secondary Market - The yield on Chinese USD bonds rose across the board this week, with the Markit iBoxx Chinese USD Bond Index increasing by 0.05% to 251.79 [2] - The investment-grade USD bond index rose by 0.03% to 244.71, while the high-yield USD bond index increased by 0.23% to 243.28 [2] - The real estate USD bond index rose by 0.34% to 180.33, and the city investment USD bond index increased by 0.14% to 154.63 [2] Benchmark Spread - As of January 16, the spread between the 10-year benchmark government bonds of China and the U.S. widened to 238.8 basis points, narrowing by 8.5 basis points from the previous week [3] Rating Changes - On January 14, Moody's withdrew the issuer rating of "Baal" for Hangzhou Water at the issuer's request [5] - On January 16, Fitch downgraded the long-term foreign currency issuer ratings of Wanda Commercial and Wanda Hong Kong to "RD" [5] Domestic News - The Ministry of Finance announced the extension of tax exemption policies for foreign institutions investing in the domestic bond market, effective from January 1, 2026, to December 31, 2027 [6] - China Securities Depository and Clearing Corporation is seeking opinions on the essential clauses for the general pledge-style repurchase transaction settlement agreement [7] - Industrial Bank successfully issued the first "Yulan Bond" from a free trade zone entity, with a scale of 3 billion RMB and a coupon rate of 1.95% [8] Overseas News - Federal Reserve's Philadelphia President Anna Paulson reiterated that if inflation continues to cool, further rate cuts may occur later this year [9] Default and Extension - Jingrui Holdings announced that the Hong Kong High Court ordered the company to be liquidated, with trading of its shares suspended [10] - Oceanwide Group reported a cumulative contract sales of 26.31 billion RMB in 2025, a year-on-year decrease of 25.2% [11] - Haidilao redeemed a $600 million note with a coupon rate of 2.150% that matured on January 14 [12] - Ruimaotong reported overdue debts totaling approximately 856 million RMB, accounting for 10.85% of the company's latest audited net assets [13]