MTR CORPORATION(HK:00066) Guoyuan Securities2·2025-06-23 11:00Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The primary market issuance of Chinese offshore bonds rebounded last week, with 19 bonds issued totaling approximately $5.2 billion. The secondary market showed that investment - grade bonds outperformed high - yield bonds. The yields of most US Treasuries declined. [1][5] - The Fed maintained the benchmark interest rate at 4.25% - 4.50% in June, adjusted GDP and inflation forecasts, and the dot - plot indicated changes in future interest - rate cut expectations. [30] Summary by Directory 1. Primary Market - The issuance volume of Chinese offshore bonds in the primary market rebounded significantly last week, with 19 bonds issued and a total scale of about $5.2 billion. The MTR Corporation issued two sub - perpetual capital securities totaling $3 billion, the largest issuance scale of the week, and the final subscription was over 5.3 times. Carson International issued a $100 million senior unsecured bond with a coupon rate of 9.5%, the highest - priced new bond of the week. The market demand was strong, with Cinda Hong Kong's issuance of a 2.8 billion RMB senior bond being over - subscribed by more than 10 times. [1][7][10] 2. Secondary Market 2.1 Chinese US Dollar Bond Index Performance - The Chinese US dollar bond index (Bloomberg Barclays) rose 0.18% week - on - week, the emerging market US dollar bond index rose 0.12%. The investment - grade index of Chinese US dollar bonds closed at 194.6838, up 0.21% week - on - week, while the high - yield index closed at 159.9503, down 0.03% week - on - week. [12] - The Chinese US dollar bond return index (Markit iBoxx) rose 0.15% week - on - week, closing at 243.0133. The investment - grade return index closed at 235.8563, up 0.17% week - on - week, and the high - yield return index closed at 237.0713, up 0.05% week - on - week. [17] 2.2 Chinese US Dollar Bond Industry Performance - In terms of industries, the materials and industrial sectors led the gains, while the healthcare and real - estate sectors led the losses. The materials sector was mainly affected by the price increases of companies such as Zhangzhou Yuanshan Development Co., Ltd. and Lintou Overseas Co., Ltd., with the yield down 73.9 bps. The industrial sector was mainly affected by the price increases of companies such as Qihe Urban Construction Investment Group Co., Ltd. and Dazhou Industrial Development Co., Ltd., with the yield down 52.7 bps. The healthcare sector was mainly affected by the price declines of companies such as WuXi AppTec (Hong Kong) Co., Ltd. and Luye Pharma Group Ltd., with the yield up 295.0 bps. The real - estate sector was mainly affected by the price declines of companies such as Zhengshang Real Estate Co., Ltd. and Hongsheng Co., Ltd., with the yield up 284.7 bps. [20] 2.3 Chinese US Dollar Bond Different Rating Performance - According to Bloomberg's comprehensive ratings, investment - grade names all rose, with the A - grade weekly yield down 18.7 bps and the BBB - grade weekly yield down 27.9 bps. High - yield names had mixed performance, with the BB - grade yield down 58.5 bps, the DD+ to NR - grade yield down about 25.9 bps, and the unrated names' yield up 17.3 bps. [22] 2.4 Last Week's Bond Market Hot Events - Longfor Group: By the end of 2025, the company's interest - bearing debt balance will drop to about 140 billion yuan. The company has fully redeemed 7 billion yuan of onshore credit bonds since the beginning of the year and has made clear debt repayment arrangements for the debts due in 2025. [23] - Sichuan Bluemoon Development Co., Ltd.: From March 11 to June 16, 2025, the company's headquarters and important subsidiaries had 11 new entries on the list of dishonest被执行人, with 8 entries for the headquarters and 3 for Sichuan Bluemoon Hejun Industrial Co., Ltd. [24] 2.5 Last Week's Subject Rating Adjustments - Many companies' ratings were maintained or adjusted, including CICC, Chongqing Rural Commercial Bank, Gansu Gonghanglv Group, etc. The reasons for rating adjustments mainly included the companies' business strength, asset quality, capital status, and their relationship with the government. [26][28] 3. US Treasury Bond Quotes - The report provides quotes for US Treasury bonds as of June 23, 2025, including details such as code, maturity date, current price, yield to maturity, and coupon. [29] 4. Macro Data Tracking - As of June 20, the US Treasury yields were as follows: 1 - year (T1) at 4.0606%, up 0.3 bps from the previous week; 2 - year (T2) at 3.9077%, down 3.98 bps; 5 - year (T5) at 3.9608%, down 3.88 bps; 10 - year (T10) at 4.3909%, down 0.78 bps. [32] 5. Macro News - The Fed maintained the benchmark interest rate at 4.25% - 4.50% in June, adjusted GDP and inflation forecasts, and the dot - plot showed changes in future interest - rate cut expectations. [30] - The stablecoin regulatory bill passed in the US Senate and will be submitted to the House of Representatives for review. [33] - The number of initial jobless claims in the US last week decreased by 5,000 to 245,000. [34] - US new home starts in May decreased by 9.8% month - on - month. [35] - US retail sales in May decreased by 0.9% month - on - month, the largest decline this year. [36] - US industrial output in May decreased by 0.2% month - on - month. [37] - Trump's tax reform and budget bills will increase the fiscal deficit by $2.8 trillion in the next decade. [38] - Japan's exports to the US in May decreased by 11.1% year - on - year for the second consecutive month. [39] - The Bank of Japan maintained the benchmark interest rate at 0.5% and will slow down the pace of bond - purchase reduction from fiscal year 2026. [41] - The Bank of England maintained the interest rate at 4.25% with a more divided vote. [42] - The Swiss National Bank cut interest rates by 25 bps to 0%. [43] - The Central Bank of Norway cut interest rates by 25 bps to 4.25%. [44] - Asia remained the most favored destination for global foreign investment in 2024. [45] - The Japanese government may consider raising the departure tax. [46] - China's economic operation in May was generally stable, with some indicators continuing to improve. [47] - The year - on - year decline in housing prices in Chinese cities continued to narrow in May. [49] - The share of the RMB in global payment currencies was 2.89% in May, down from 3.50% in April. [50]