中资美元债周报：一级市场发行量回升，二级市场高收益优于投资级-20251216

Report Industry Investment Rating No relevant content provided. Core View of the Report - Last week, the primary market issuance of Chinese offshore bonds rebounded, with 5 new bonds issued, totaling approximately $1.82 billion. In the secondary market, high-yield bonds outperformed investment-grade bonds. The long- and short-term US Treasury yields showed different performances. [1][3] - The Fed cut interest rates by 25 basis points as expected, and multiple institutions adjusted their economic forecasts. The Chinese economy showed resilience, and the automotive and real estate markets had specific trends. [4][36][51] Summary by Directory 1. Primary Market - Last week, the primary market issuance of Chinese offshore bonds rebounded, with 5 new bonds issued, totaling approximately $1.82 billion (converted to US dollars at the exchange rate on the pricing start date). China Minmetals issued two subordinated perpetual capital securities totaling $1.2 billion, with a final subscription over 3 times. Kaifeng Cultural Tourism Investment issued a senior unsecured bond worth 740 million RMB with a coupon rate of 5.5%, which was the highest-priced new bond last week. [1][5][10] 2. Secondary Market 2.1 Chinese US Dollar Bond Index Performance - The Chinese US dollar bond index (Bloomberg Barclays) rose 0.04% week-on-week, while the emerging market US dollar bond index fell 0.04%. The investment-grade index closed at 202.0918, down 0.03% week-on-week, and the high-yield index closed at 159.9398, up 0.54% week-on-week. [3][7] - The Chinese US dollar bond return index (Markit iBoxx) rose 0.03% week-on-week. The investment-grade return index closed at 243.6432, down 0.03% week-on-week, and the high-yield return index closed at 241.5032, up 0.58% week-on-week. [13] 2.2 Chinese US Dollar Bond Industry Performance - Different industries had different yield performances. The government and materials sectors led the gains, while the real estate and consumer staples sectors led the losses. [17][20] 2.3 Chinese US Dollar Bond Different Rating Performance - Among investment-grade names, the weekly yield of A-rated names decreased by 1.5 bps, and that of BBB-rated names increased by 0.4 bps. Among high-yield names, most declined, with the yield of BB-rated names decreasing by 2.0 bps, and that of DD+ to NR-rated names increasing by about 4.2 bps. The yield of unrated names increased by 4.0 Mbps. [19] 2.4 Last Week's Bond Market Hot Events - Several companies had debt-related issues, including Fanhai Holdings, Greenland Holdings, and CIFI Group. [23][24][25] 2.5 Last Week's Subject Rating Adjustments - Ratings of several companies were adjusted, including Western Cement, Beijing Construction Engineering, FWD Group, and others. [28][29] 3. US Treasury Bond Quotes - The table shows the quotes of US Treasury bonds with maturities over 6 months, sorted by yield to maturity from high to low, taking the top 30. [30][31][32] 4. Macroeconomic Data Tracking - As of December 12, the yields of US Treasury bonds were as follows: 1-year (T1) was 3.5158%, down 7.37 bps from last week; 2-year (T2) was 3.5222%, down 3.81 bps; 5-year (T5) was 3.7417%, up 3.04 bps; 10-year (T10) was 4.1841%, up 4.9 bps. [35] 5. Macroeconomic News - The Fed cut interest rates by 25 basis points, adjusted GDP forecasts, and multiple economic data from the US, Japan, and other countries were released. China's economic data was positive, and the real estate and automotive markets had specific trends. [36][43][50]