中资美元债周报：一级市场发行主要来自材料和金融行业，二级市场回调

Investment Rating - The report does not provide a specific investment rating for the companies mentioned [1][4]. Core Insights - The primary issuance in the primary market last week came from the materials and financial sectors, with a total of 4 new bonds issued amounting to $1.265 billion [1][4]. - The largest issuance was by China Aluminum Group, which issued$650 million in senior bonds, marking the highest issuance scale of the week [1][4]. - The secondary market saw a decline, with the Bloomberg Barclays Chinese dollar bond index dropping by 0.55% week-on-week [2][5]. Summary by Sections 1. Primary Market - Last week, 4 new bonds were issued in the Chinese dollar bond primary market, totaling $1.265 billion, primarily from the materials and financial sectors [1][4]. - China Aluminum Group issued$650 million in senior bonds, the largest issuance of the week [1][4]. - Yancheng High-tech Zone Investment issued two bonds with a coupon rate of 5.2%, the highest pricing for new bonds last week [1][4]. 2. Secondary Market 2.1 Index Performance - The Bloomberg Barclays Chinese dollar bond index fell by 0.55% week-on-week, with the investment-grade index at 186.8465, down 0.6%, and the high-yield index at 147.4328, down 0.19% [2][5]. - The Markit iBoxx Chinese dollar bond return index also declined by 0.36%, with the investment-grade return index at 226.0153, down 0.38%, and the high-yield return index at 220.237, down 0.21% [5][6]. 2.2 Industry Performance - Non-essential consumer and healthcare sectors led the gains, while real estate and energy sectors saw declines [10][11]. - The non-essential consumer sector's yield decreased by 66.8 basis points, influenced by companies like Pinduoduo [10][11]. - The real estate sector's yield increased by 6790.0 basis points, affected by companies like Contemporary Land [10][11]. 2.3 Rating Performance - Investment-grade names showed mixed results, with A-rated yields increasing by 19.0 basis points, while BBB-rated yields decreased by 22.9 basis points [12][13]. - High-yield names generally declined, with BB-rated yields rising by 20.8 basis points [12][13]. 3. Market Events - Shenzhen Longguang Holdings reported a failure to repay debts totaling approximately 19 billion yuan as of July 31, 2024 [14]. - CIFI Group announced that it is still in the process of securing funds for the repayment of its MTN001 bond due on August 14, 2024 [15]. - Gemdale Group confirmed that it has deposited $492 million to fully repay its maturing dollar medium-term notes [16]. 4. Rating Adjustments - The report includes various rating adjustments for companies, reflecting changes in their creditworthiness based on recent financial activities and market conditions [17][19].