中资离岸债风控周报（2月2日至6日）：一级市场发行趋缓 二级市场多数上行

Primary Market - A total of 7 offshore bonds were issued by Chinese entities this week, including 6 USD bonds and 1 HKD bond, with a total issuance scale of 1.64955 billion USD [1] - The largest single issuance was 500 million USD by China Development Bank Financial Leasing Co., with the highest coupon rate at 10.5% issued by China West Cement Limited [1] Secondary Market - The yield on Chinese USD bonds mostly increased this week, with the Markit iBoxx Chinese USD bond composite index rising by 0.14% to 252.73 [2] - The investment-grade USD bond index increased by 0.18% to 245.64, while the high-yield USD bond index decreased by 0.19% to 244.05 [2] - The real estate USD bond index fell by 0.34% to 181.23, while the city investment USD bond index rose by 0.18% to 155.1 [2] Benchmark Spread - The spread between 10-year US and Chinese government bonds narrowed to 240.4 basis points, a decrease of 2.7 basis points from the previous week [3] Rating Changes - On February 2, Fitch confirmed the long-term issuer rating of "BBB-" for Luoyang Guosheng Investment Holding Group, changing the outlook from "stable" to "negative" [5] - On February 4, Moody's assigned a first-time long-term issuer rating of "A2" to China Jianyin Investment Limited, with a "negative" outlook [5] Domestic News - The first public bond issued by the Hong Kong branch of the China Development Bank was successfully listed on MOX, totaling 5.5 billion RMB, with a 3-year bond at a coupon rate of 1.75% and a 5-year bond at 1.85% [6] - The People's Bank of China emphasized the need to support the resolution of debt risks for financing platforms and to enhance financial support for key areas such as technology and green finance [7] - Since January 2026, 14 brokerages have received approval for bond issuance, totaling over 310 billion RMB [8] Offshore Bond Alerts - Dalian Wanda Commercial Management Group announced a tender offer to repurchase 310 million USD of offshore bonds, with a redemption notice for all remaining bonds to be issued by February 25 [10] - Luoyang Guojin Industrial Investment Group plans to issue its first offshore bond, with a proposed amount not exceeding 200 million USD [11] - Longguang Holdings failed to repay bank loans and trust loans totaling 41.2196 billion RMB as of January 31 [12]