中资美元债周报：一级市场发行量持续回升，二级市场投资级优于高收益-20250909

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The primary market issuance volume of Chinese offshore bonds continued to rebound last week, with 9 new bonds issued, totaling approximately $2.55 billion [1][6]. - In the secondary market, investment - grade Chinese dollar bonds outperformed high - yield bonds. The Chinese dollar bond index (Bloomberg Barclays) rose 0.46% week - on - week, and the emerging market dollar bond index rose 0.68%. The investment - grade index had a weekly increase of 0.50%, while the high - yield index rose 0.22%. The Chinese dollar bond return index (Markit iBoxx) rose 0.41% week - on - week, with the investment - grade return index up 0.44% and the high - yield return index up 0.18% [4]. - U.S. employment data fell short of expectations, leading to a significant decline in U.S. Treasury yields. The 2 - year U.S. Treasury yield dropped 10.75bps to 3.5092%, and the 10 - year yield fell 15.42bps to 4.0742% [2]. Summary by Relevant Catalogs 1. Primary Market - Last week, the primary market issuance volume of Chinese offshore bonds continued to rebound, with 9 new bonds issued, totaling approximately $2.55 billion (converted to US dollars at the exchange rate on the pricing start date). The largest issuance was two green notes worth a total of $1.5 billion issued by the London branch of China Construction Bank [1][6]. 2. Secondary Market 2.1 Chinese Dollar Bond Index Performance - The Chinese dollar bond index (Bloomberg Barclays) rose 0.46% week - on - week, and the emerging market dollar bond index rose 0.68%. The investment - grade index closed at 200.0169, up 0.50% for the week, while the high - yield index closed at 162.9957, up 0.22% [8]. - The Chinese dollar bond return index (Markit iBoxx) rose 0.41% week - on - week, closing at 248.8668. The investment - grade return index closed at 241.2337, up 0.44%, and the high - yield return index closed at 244.8969, up 0.18% [13]. 2.2 Chinese Dollar Bond Industry Performance - In terms of industries, the healthcare and materials sectors led the gains, while the consumer staples and real estate sectors led the losses. The healthcare sector's yield decreased by 1.9Mbps, and the materials sector's yield decreased by 36.2bps. The consumer staples sector's yield increased by 963.1bps, and the real estate sector's yield increased by 440.6bps [17]. 2.3 Chinese Dollar Bond Different Rating Performance - According to Bloomberg's comprehensive ratings, investment - grade names all rose, with the A - grade weekly yield down 5.7bps and the BBB - grade weekly yield down 6.6bps. Most high - yield names fell, with the BB - grade yield down 6.6bps, the DD+ to NR - grade yield up about 93.2bps, and the unrated names' yield up 595.2bps [18]. 2.4 Last Week's Bond Market Hot Events - Aoyuan Group Co., Ltd. failed to repay a total of RMB 42.774 billion in due debt principal as of August 30, 2025. The company and its subsidiaries are involved in multiple major pending lawsuits, with an outstanding litigation amount of approximately RMB 66.689 billion [19]. - Shenzhen Longfor Holdings Co., Ltd. failed to repay a total of RMB 31.212 billion in due debt as of August 31, 2025. The company is actively communicating with relevant institutions and creditors to seek an overall solution [20][21]. - Country Garden Real Estate Group Co., Ltd. had a total amount of pending litigation within the consolidated scope of approximately RMB 40.4 billion as of June 30, 2025. As of August 26, 2025, the company's headquarters had 58 pieces of enforcement information, involving a total enforcement amount of RMB 6.3 billion [22]. 2.5 Last Week's Subject Rating Adjustments - S&P adjusted its outlook on Zhongsheng Group Holdings Limited to negative due to expected continued revenue decline in 2025 and 2026 [24]. - Fitch adjusted its outlook on Meituan to stable, expecting short - term revenue growth to slow down but a recovery in free cash flow in 2026 [26]. - United International adjusted its outlook on Fujian Zhanglong Group Co., Ltd. to positive, expecting an enhanced strategic importance [26]. 3. U.S. Treasury Bond Quotes - The report provides quotes for 30 U.S. Treasury bonds with maturities over 6 months, including details such as code, maturity date, current price, yield to maturity, and coupon [27]. 4. Macroeconomic Data Tracking - As of September 5, the yields of U.S. Treasury bonds were as follows: 1 - year (T1) at 3.6499%, down 18.37bps from the previous week; 2 - year (T2) at 3.5092%, down 10.75bps; 5 - year (T5) at 3.5817%, down 11.41bps; 10 - year (T10) at 4.0742%, down 15.42bps [31]. 5. Macroeconomic News - U.S. non - farm payrolls in August increased by only 22,000, far below market expectations. The unemployment rate rose to 4.3%, the highest since 2021, increasing the expectation of a Fed rate cut in September [30]. - U.S. President Trump signed an executive order to implement the U.S. - Japan trade agreement, and Japan plans to increase U.S. rice purchases by 75% [32]. - Trump exempted gold bars, graphite, tungsten, uranium and other metal products from global country - specific tariffs and included silicone products in the tariff scope [33]. - The U.S. trade deficit in July soared 32.5% month - on - month to $78.3 billion, higher than market expectations [34]. - U.S. ADP employment in August increased by only 54,000, far below market expectations [35]. - The U.S. ISM services PMI in August was 52, the fastest expansion in six months [36]. - The U.S. ISM manufacturing index in August rose slightly from 48 in July to 48.7, below market expectations [38]. - Barclays expects the Fed to cut interest rates three times this year, 25 basis points each time [40]. - The Eurozone CPI in August increased by 2.1% year - on - year, higher than the expected 2% [41]. - The Eurozone's composite PMI in August rose slightly to 51, the highest in 12 months [42]. - The Eurozone's manufacturing PMI in August rose to 50.7, expanding for the first time since mid - 2022 [43]. - The Eurozone's Q2 GDP final value increased by 1.5% year - on - year, up 0.1 percentage point from the initial value [44]. - China will implement a visa - free policy for Russia from September 15, 2025, to September 14, 2026, and Russia will implement a reciprocal visa - free policy [45][46]. - The probability of the Bank of Japan raising interest rates in October has increased significantly [47]. - Shenzhen further relaxed its housing purchase restriction policy [48].