中资美元债周报：一级市场发行量持续回升，二级市场高收益优于投资级-20260119

Report Industry Investment Rating - Not provided in the report Core Viewpoints - The primary market issuance of Chinese offshore bonds continued to recover last week, with 8 new bonds issued, totaling approximately $3.27 billion. The secondary market's high-yield segment outperformed the investment-grade segment. The yields of US Treasury bonds fluctuated upward. The performance of Chinese US dollar bonds varied across different indices, industries, and ratings [1][2][3] Summary by Directory 1. Primary Market - The primary market issuance of Chinese offshore bonds continued to recover last week, with 8 new bonds issued, totaling approximately $3.27 billion. Kuaishou issued two bonds totaling $1.5 billion, the largest issuance scale of the week. Taian Guotaiminan Investment Group issued a 300 million RMB bond with a coupon rate of 6.95%, the highest pricing of new bonds last week [1][6][10] 2. Secondary Market 2.1 Chinese US Dollar Bond Index Performance - The Chinese US dollar bond index (Bloomberg Barclays) rose 0.02% week-on-week, and the emerging market US dollar bond index rose 0.09%. The investment-grade index closed at 202.8433, down 0.06% week-on-week, while the high-yield index closed at 161.5312, up 0.63% week-on-week. The Chinese US dollar bond return index (Markit iBoxx) rose 0.05% week-on-week. The investment-grade return index closed at 244.7063, up 0.03% week-on-week, and the high-yield return index closed at 243.2798, up 0.23% week-on-week [4][9][15] 2.2 Chinese US Dollar Bond Industry Performance - In terms of industries, the communication and materials sectors led the gains, while the real estate and non-essential consumption sectors led the losses. The communication sector was mainly affected by the rising prices of companies such as Bilibili and 21Vianet, with yields down 53.3bps. The materials sector was mainly affected by the rising prices of companies such as Silvercorp Metals and Jingjiang Port Group, with yields down 25.6bps. The real estate sector was mainly affected by the falling prices of companies such as Times China Holdings and Sino-Ocean Group, with yields up 6.1Mbps. The non-essential consumption sector was mainly affected by the falling prices of companies such as NIO and First Real Estate Group, with yields up 44.6bps [18] 2.3 Chinese US Dollar Bond Rating Performance - According to Bloomberg's comprehensive rating, investment-grade names had mixed performance, with A-rated names' weekly yields up 1.3bps and BBB-rated names' weekly yields down 5.2bps. High-yield names mostly rose, with BB-rated names' yields down 9.9bps, DD+ to NR-rated names' yields down about 13.0bps, and unrated names' yields up 2.1Mbps [19] 2.4 Last Week's Bond Market Hot Events - R&F Properties failed to repay the principal and interest of "20 R&F Properties PPN001" totaling approximately 1.138 billion RMB on schedule and is working hard to raise funds. Sunac China Holdings' subsidiary is involved in a major lawsuit, which has a certain adverse impact on the company's production, operation, and solvency, and the company is actively negotiating solutions [20][21][22] 2.5 Last Week's Subject Rating Adjustments - Kuaishou's long-term issuer credit rating was rated A- by S&P, A3 by Moody's, and A- by Fitch, with a stable outlook. The rating reflects Kuaishou's position as one of China's leading social media platforms, its large user base, high user engagement, and strong monetization ability. Linyi Dongcheng Construction Investment Group's issuer rating was upgraded by United International, reflecting its increasing contribution to the industrial operation in Hedong District, Linyi City, and its expanding business scope [24][25] 3. US Treasury Bond Quotes - Quotes of US Treasury bonds with maturities over 6 months are provided, sorted by yield to maturity from high to low, showing details such as maturity date, current price, yield to maturity, and coupon rate [26][28] 4. Macroeconomic Data Tracking - As of January 16, the yields of US Treasury bonds were as follows: 1-year (T1) at 3.5349%, up 3.80bps from last week; 2-year (T2) at 3.586%, up 5.39bps; 5-year (T5) at 3.8152%, up 6.53bps; 10-year (T10) at 4.2229%, up 5.76bps [31] 5. Macroeconomic News - In December 2025, the US CPI rose 2.7% year-on-year, and the core CPI rose 2.6%, both unchanged from the previous value. Trump said he has no plan to remove Powell from office. US retail sales in November 2025 increased 0.6% month-on-month, the fastest growth since July 2025. The US White House announced a 25% tariff on certain semiconductors. Trump said countries doing business with Iran will face a 25% tariff. US Republican lawmakers support strengthening the supervision of lawmakers' stock trading. In November 2025, Japan increased its holdings of US Treasury bonds, while China reduced its holdings. The Prime Minister of Japan announced the intention to dissolve the House of Representatives. The Bank of Korea maintained the benchmark interest rate at 2.5%. The Shanghai, Shenzhen, and Beijing Stock Exchanges increased the margin ratio for margin trading. The central bank introduced a series of measures to support high-quality economic development. In 2025, China's aggregate financing increment was 35.6 trillion RMB, 3.34 trillion RMB more than the previous year. The policy of tax refund for home replacement was extended until the end of 2027 [5][32][46]