中资美元债周报：一级市场发行略有回落，二级市场小幅上涨-20251027

1. Report Industry Investment Rating - No relevant information provided 2. Core Views of the Report - Last week, the issuance volume in the primary market of Chinese offshore bonds slightly declined, with 12 new bonds issued, totaling approximately $2.79 billion. The secondary market showed a slight increase. The yields of most US Treasuries moved slightly upwards. The Chinese US dollar bond index and return index both rose on a weekly basis [1][5]. - Various macro - events occurred globally, including changes in economic data in the US, Europe, Asia, and policy adjustments in different countries. In China, there were changes in GDP growth, real - estate market, and bond financing in the real - estate industry [6]. 3. Summary by Directory 3.1 Primary Market - The issuance volume of Chinese offshore bonds in the primary market slightly declined last week. Twelve new bonds were issued, with a total scale of about $2.79 billion. The largest issuance was a $700 million bond by China Three Gorges Corporation, and the bond with the highest coupon rate was a 175 million RMB bond issued by Weifang Ocean Investment Group Co., Ltd. with a coupon rate of 6.9% [7][10]. 3.2 Secondary Market 3.2.1 Chinese US Dollar Bond Index Performance - The Chinese US dollar bond index (Bloomberg Barclays) rose 0.14% on a weekly basis, and the emerging - market US dollar bond index rose 0.45%. The investment - grade index closed at 202.7346, up 0.15% week - on - week, and the high - yield index closed at 164.2079, up 0.06% week - on - week. The Chinese US dollar bond return index (Markit iBoxx) rose 0.16% on a weekly basis [5][11][15]. 3.2.2 Chinese US Dollar Bond Industry Performance - In terms of industries, the consumer staples and materials sectors led the gains, while the real - estate and healthcare sectors led the losses. The yield of the consumer staples sector decreased by 86.6bps, and that of the materials sector decreased by 64.1bps. The yield of the real - estate sector increased by 2.2Mbps, and that of the healthcare sector increased by 12.7bps [21]. 3.2.3 Chinese US Dollar Bond Different Rating Performance - According to Bloomberg composite ratings, investment - grade names all rose, with the weekly yield of A - rated names decreasing by 0.6bps and that of BBB - rated names decreasing by 16.1bps. High - yield names mostly fell, with the yield of BB - rated names decreasing by 0.1bps, the yield of DD+ to NR - rated names increasing by about 558.2bps, and the yield of unrated names increasing by 325.1bps [23]. 3.2.4 Last Week's Bond Market Hot Events - Zhenro Properties Holdings failed to pay the interest of about 12.65 million yuan on "H Zhenro 3 You". CIFI Holdings Group is expected to default on the principal and interest of CIFIHG 5.95 10/20/25 [26][27]. 3.2.5 Last Week's Subject Rating Adjustments - Ratings of some companies were adjusted, including Hangzhou Jintou, CRRC Zhuzhou, Orient Securities, Prudential, Jinjiang International, Vanke, New Oriental, China Tourism Group, and Longfor Group. Reasons for adjustments varied from policy functions, financial conditions, business operations, to market competition [29][31]. 3.3 US Treasury Quotes - The report provides quotes of 30 US Treasuries with maturities over 6 months, sorted by yield to maturity from high to low, including information such as code, maturity date, current price, yield to maturity, and coupon [32]. 3.4 Macro Data Tracking - As of October 24, the yields of US Treasuries were as follows: 1 - year (T1) was 3.583%, up 3.02bps from last week; 2 - year (T2) was 3.4799%, up 2.26bps; 5 - year (T5) was 3.6053%, up 1.37bps; 10 - year (T10) was 4.0007%, down 0.81bps [36]. 3.5 Macro News - The total US national debt exceeded $38 trillion for the first time. The US September CPI was lower than market expectations. The US October manufacturing PMI and services PMI were both better than expected. The Fed plans to relax the capital requirement proposal for large - scale banks. The US and Australia signed a critical minerals agreement. The US September existing - home sales reached the highest level in seven months. The Bank of Korea maintained the benchmark interest rate at 2.5%. The Central Bank of Turkey cut the benchmark interest rate by 100 basis points. Japan plans to launch a new round of economic measures. Japan's September exports increased by 4.2% year - on - year. The UK September CPI was lower than market expectations. Indonesia plans to issue sovereign bonds denominated in offshore RMB. FTSE Russell updated the inclusion criteria of the FTSE China On - shore RMB Bond Index. China's GDP in the first three quarters increased by 5.2% year - on - year. In September, the decline in new - home prices in first - and second - tier cities widened. The bond financing in the real - estate industry in September was 56.1 billion yuan, a year - on - year increase of 31% [35][36][38]