中资美元债周报：一级市场发行量回落，二级市场高收益板块跌幅扩大-20260323

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - Last week, the issuance volume in the primary market of Chinese offshore bonds declined, with 5 new bonds issued, totaling approximately USD 680 million. The secondary market saw an expanded decline in the high - yield segment. The yields of US Treasuries increased significantly, and various central banks around the world had different monetary policy decisions. There were also multiple macro - economic events and corporate - related news [1][2][3] Summary by Relevant Catalogs 1. Primary Market - The issuance volume in the primary market of Chinese offshore bonds decreased last week, with 5 new bonds issued, totaling about USD 680 million. China Power Construction Group issued a USD 300 million green bond, the largest issuance scale of the week, and Qingdao Pingdu Holdings Group issued a USD 200 million social responsibility bond with a coupon rate of 6.5%, the highest - priced new bond of the week [1][8][13] 2. Secondary Market 2.1 Chinese US - dollar Bond Index Performance - The Chinese US - dollar bond index (Bloomberg Barclays) fell 0.39% week - on - week, and the emerging - market US - dollar bond index dropped 0.99%. The investment - grade index closed at 202.6233, down 0.35% for the week, and the high - yield index closed at 163.3203, down 0.66% [10] - The Chinese US - dollar bond return index (Markit iBoxx) declined 0.37% week - on - week. The investment - grade return index closed at 244.9554, down 0.23% for the week, and the high - yield return index closed at 240.2515, down 1.66% [14] 2.2 Chinese US - dollar Bond Performance by Industry - Different industries had different yield changes, with only the non - essential consumer goods sector rising, and the real estate and energy sectors leading the decline. For example, the non - essential consumer goods sector had a yield decline of 8.9bps, while the real estate sector's yield increased by 6.7Mbps, and the energy sector's yield increased by 130.5bps [19][21] 2.3 Chinese US - dollar Bond Performance by Different Ratings - According to Bloomberg's comprehensive ratings, both investment - grade and high - yield names declined. The weekly yields of A - rated, BBB - rated, BB - rated, DD + to NR - rated, and unrated names all increased [21] 2.4 Hot Events in the Bond Market Last Week - Sunac China Holdings is expected to significantly narrow its attributable loss in 2025. Fanhai Holding had overdue interest - bearing debts of 34.001 billion yuan as of February 28. Shanghai Shimao Construction had an additional approximately 730 million yuan of overdue debts, with a cumulative overdue bond principal and interest of about 3.36 billion yuan [22][23][24] 2.5 Rating Adjustments of Entities Last Week - Moody's maintained the rating and stable outlook of China Guangfa Bank. S&P adjusted the outlook of China Jinmao to negative, maintained the stable outlook of China Overseas Grand Oceans Group, and also maintained the stable outlook of Poly Developments. The reasons were related to the companies' asset quality, leverage ratios, and market environment [26] 3. US Treasury Quotes - The report provides quotes of US Treasuries, including details such as code, maturity date, current price, yield to maturity, and coupon for 30 US Treasuries with maturities over 6 months, sorted from high to low by yield to maturity [27] 4. Macro Data Tracking - As of March 20, the yields of US Treasuries at different maturities increased compared to the previous week. The 1 - year yield was 3.7972% (up 17.19bps), the 2 - year yield was 3.9001% (up 18.32bps), the 5 - year yield was 4.0081% (up 15.03bps), and the 10 - year yield was 4.3796% (up 10.29bps) [32] 5. Macro News - The Federal Reserve kept the federal funds rate target range at 3.50% - 3.75%, raised inflation and economic growth expectations. The US February PPI exceeded expectations. The US national debt exceeded 39 trillion US dollars. The number of initial jobless claims in the US dropped to the lowest this year [31][33][34] - Central banks in Europe, Japan, the UK, Switzerland, and Sweden maintained interest rates unchanged. The Bank of Canada kept rates steady. The Reserve Bank of Australia raised rates by 25 basis points to 4.1% [37][38][39] - The risk of attacks on Middle Eastern energy facilities escalated. China and the US held economic and trade consultations in Paris. China's first economic report card for the 15th Five - Year Plan period was released. The Ministry of Finance will continue to implement a more proactive fiscal policy [41][42][43] - China's central bank will firmly maintain the stable operation of financial markets. China's fiscal revenue and expenditure in January - February had different growth rates. The National Development and Reform Commission launched 13 major foreign - funded projects. The electricity consumption from January - February increased by 6.1% year - on - year [45][47][48] - China's 70 - city housing price data for February showed a narrowing of price declines. Shanghai adjusted the minimum down payment ratio for commercial housing loans [50][51]