一级市场发行持续回升，二级市场小幅回调-中资美元债周报（5.19-5.23）

Group 1: Primary Market Performance - The offshore bond market for Chinese entities saw a continued recovery, with 11 bonds issued last week totaling approximately $3.265 billion, primarily in the financial sector[1] - China Construction Bank Hong Kong Branch issued 2 bonds totaling$1.5 billion, marking the largest issuance of the week[10] - China Hongqiao issued $270 million in bonds with a coupon rate of 6.925$3.2 billion in subscriptions[10] Group 2: Secondary Market Trends - The Bloomberg Barclays Chinese dollar bond index fell by 0.05% last week, while the investment-grade index decreased by 0.06% to a latest price of 192.6721[9] - The high-yield index reported a minimal decline of 0.001%, with a latest price of 159.9194[9] - The Markit iBoxx Chinese dollar bond return index increased by 0.02%, with the investment-grade return index rising by 0.04% to 234.1177, while the high-yield return index fell by 0.09%[13] Group 3: Macroeconomic Indicators - As of May 23, the 10-year U.S. Treasury yield rose by 3.40 basis points to 4.511%, while the 2-year yield decreased by 0.83 basis points to 3.9912%[3] - The U.S. manufacturing PMI for May reached a three-month high of 52.3, indicating a positive trend in manufacturing activity[37] - Initial jobless claims in the U.S. fell to 227,000, marking a four-week low, suggesting a stable labor market despite trade policy uncertainties[40]