【大河财立方消息】11月25日，洛阳国金产业投资集团有限公司发布11至12月政府采购意向，需求为拟发行不超过5亿元的产业化债券，预计采购时间为 2025年12月。 天眼查显示，洛阳国金产投集团曾用名偃师教育投资有限公司，2024年8月更名成立，注册资本20亿元，实控人为洛阳市偃师区财政局。 今年10月17日，经东方金诚综合分析和评估，洛阳国金产投集团获评AA+主体信用等级，评级展望为"稳定"。 责编:史健 | 审核:李震 | 监审:古筝 | 序号 | 采购单位名称 | 采购项目名称 | 采购需求概况 | 预算金额 | | --- | --- | --- | --- | --- | | | | | | (万元) | | | 洛阳国金产业投资集 | 洛阳国金产业投资集 | 拟发行不超过5亿元的产业化债券 | 0.01 | | | 团有限公司 | 团有限公司债券承销 商项目第2期项目 | | | | | | | | 11 | ...

Core Points - The company, Inspur Information, announced the issuance of its seventh ultra-short-term financing bond for the year 2025, amounting to 1 billion RMB [2] - The bonds were issued at a face value of 100 RMB each, with an interest rate of 1.49% [2] - The lead underwriter for this issuance is China Everbright Bank, with Qingdao Bank serving as the co-lead underwriter [2] - The funds raised from this issuance were confirmed to be fully received on November 20, 2025 [2]

据了解，周二当天，辉瑞与其他八家机构一同启动投资级债券发行融资。此前一日，受亚马逊 (AMZN.US)150亿美元投资级债券发行推动，市场完成了263亿美元的融资交易。 这家新冠疫苗研发企业经过激烈竞标，最终以最高100亿美元的对价完成对Metsera的收购，其中包含与 或有价值权利挂钩的每股20.65美元现金额外付款。 知情人士表示，此次债券募集资金还将用于一般企业运营，并为辉瑞现有债务进行再融资。 据知情人士透露，辉瑞(PFE.US)正计划通过发行美元公司债券募集至少50亿美元资金，部分用于资助近 期对肥胖症药物研发公司Metsera的收购交易。 这家总部位于纽约的制药巨头拟将债券分为最多七个批次发行。知情人士透露，其中期限最长的40年期 债券初步定价较美国国债收益率溢价约1.25个百分点。 ...

大唐新能源(01798)发布公告，公司已于2025年11月18日完成公司2025年公司债券(第二期)的公开发行及 收到本期发行的募集资金。本期公司债券最终发行规模为人民币15亿元，期限为3年，票面金额为人民 币100元，发行利率为1.88%。起息日期为2025年11月18日。本期公司债券募集资金扣除发行费用后拟 用于生产性支出，包括偿还有息债务、补充流动资金、项目投资及运营等符合法律法规要求的用途。 ...

此次发行计划标志着苏格兰金融战略迈出了大胆的一步。 激石集团市场分析师迈克尔·布朗称，预计苏格兰将因靠近英国而受益其成熟的债券市场和良好的评 级。 新华财经北京11月17日电据外媒17日报道，苏格兰政府上周宣布，计划在截至2027年3月的财政年度发 行债券。标普全球评级对该国的评级为AA，穆迪评级（Moodys Ratings）对该国的评级为Aa3，展望为 稳定，与英国相同穆迪的信用评级。 分析人士说，苏格兰的首次债券发行可能会吸引投资者，他们被苏格兰强劲的信用评级、与值得信赖的 英国市场的密切联系以及基础设施支出计划所吸引。 蒂克米尔集团的帕特里克·芒内利表示，高评级反映了强劲的财务健康状况，使这些债券具有吸引力。 这些债券被称为"kilts"，与苏格兰民族服装有关，而英国政府债券则被称为"金边债券"（gilts）。 芒内利称："市场预计，在该国稳健的信用评级和战略投资计划的推动下，需求强劲。" 苏格兰政府领导人斯文尼周四表示，债券发行所得将用于基础设施项目融资。 他说："从长远来看，我们有建立苏格兰在债券市场信誉的政治意愿。" 苏格兰政府计划在下一届议会任期内，通过发行债券筹集15亿英镑（19.8亿美元） ...

Report Industry Investment Rating - Not mentioned in the report Core Viewpoints - From November 10 to November 14, 2025, the issuance volume of credit bonds increased month - on - month, and the industry credit spreads showed mixed trends [1] Summary by Directory 1. Primary Market 1.1 Issuance Statistics - From November 10 to November 14, 2025, 330 credit bonds were issued, with a total issuance scale of 455.379 billion yuan, a month - on - month increase of 25.31% [1][11] - In terms of issuance scale, 161 industrial bonds were issued, with a scale of 169.68 billion yuan, a 4.09% month - on - month decrease, accounting for 37.26% of the total credit bond issuance scale; 122 urban investment bonds were issued, with a scale of 81.729 billion yuan, a 19.25% month - on - month decrease, accounting for 17.95% of the total scale; 47 financial bonds were issued, with a scale of 203.97 billion yuan, a 139.20% month - on - month increase, accounting for 44.79% of the total scale [1][11] - In terms of issuance term, the average issuance term of credit bonds was 2.75 years. The average issuance term of industrial bonds was 2.25 years, urban investment bonds was 3.51 years, and financial bonds was 2.13 years [1][15] - In terms of issuance coupon rate, the average issuance coupon rate of credit bonds was 2.12%. The average issuance coupon rate of industrial bonds was 2.06%, urban investment bonds was 2.26%, and financial bonds was 1.94% [2][19] 1.2 Cancellation of Issuance Statistics - Two credit bonds cancelled issuance this week, namely "25 Huadian Jiangsu SCP027" and "25 Xingmei 01" [3][24] 2. Secondary Market 2.1 Credit Spread Tracking - This week, industry credit spreads showed mixed trends. Among Shenwan primary industries, the largest upward movement in AAA - rated industry credit spreads was in agriculture, forestry, animal husbandry and fishery, up 6.5BP, and the largest downward movement was in steel, down 3.5BP; for AA + - rated industry credit spreads, the largest upward movement was in electronics, up 1.4BP, and the largest downward movement was in the automobile industry, down 16.6BP; for AA - rated industry credit spreads, the largest upward movement was in transportation, up 0.9BP, and the largest downward movement was in mining, down 3.9BP [3][26] - For urban investment bonds by region, among AAA - rated bonds, the largest upward movement in credit spreads was in Zhejiang, up 3BP, and the largest downward movement was in Yunnan, down 10.2BP; for AA + - rated bonds, the largest upward movement was in Fujian, up 2.6BP, and the largest downward movement was in Yunnan, down 10.6BP; for AA - rated bonds, the largest upward movement was in Chongqing, up 3.1BP, and the largest downward movement was in Henan, down 5.7BP [3][29] 2.2 Trading Volume Statistics - The total trading volume of credit bonds was 1219.783 billion yuan, a 5.53% month - on - month decrease. The top three in terms of trading volume were commercial bank bonds, corporate bonds, and medium - term notes. Specifically, the trading volume of commercial bank bonds was 375.608 billion yuan, a 3.93% month - on - month increase, accounting for 30.79% of the total credit bond trading volume; the trading volume of corporate bonds was 414.081 billion yuan, a 7.86% month - on - month decrease, accounting for 33.95% of the total volume; the trading volume of medium - term notes was 243.078 billion yuan, a 16.01% month - on - month decrease, accounting for 19.93% of the total volume [4][30] 2.3 Active Bonds Traded This Week - The report selects the top 20 urban investment bonds, industrial bonds, and financial bonds in terms of trading volume this week for investors' reference, including information such as bond codes, names, trading volumes, average trading yields, and issuers [32][33][34]

市财政局表示，下一步将持续加强债券资金管理，做好专项债券项目"自审自发"试点工作，加快债券资 金支出进度，尽快形成实物工作量，充分发挥债券资金在强基础、补短板、稳增长、扩投资的重要作 用。（记者 陈泥） 本批债券信用等级为AAA级，55家承销团成员踊跃投标，认购倍数达15.52倍。各期限发行利率分别 是：10年期14亿元，中标利率1.86%；15年期新增债券46.417亿元，中标利率2.24%；15年期再融资债券 5亿元，中标利率2.29%；20年期28.36亿元，中标利率2.34%。 本批次债券的顺利发行，标志着今年我市政府债券发行任务圆满完成。至此，我市全年累计发行政府债 券607.7682亿元，其中新增债券488亿元，再融资债券119.7682亿元。 11月13日，厦门市在中央国债登记结算有限责任公司（北京）发行2025年第六批政府债券93.777亿元。 其中，新增专项债券74.777亿元，再融资债券19亿元。 ...

Market Insights - Russia plans to issue its first sovereign bonds denominated in RMB, with the issuance scale and coupon rate to be determined based on subscription results on December 2, and technical allocation scheduled for December 8 [1] - The U.S. Treasury Secretary revealed that the Trump administration will announce "substantive" new tariff measures in the coming days, including tariff reductions on coffee and bananas, and discussions on providing a $2,000 "tariff rebate" to households earning less than $100,000 [1] - The issuance of U.S. investment-grade bonds in 2025 has surpassed last year's $1.496 trillion, although it remains below the historical peak of $1.75 trillion in 2020. The global bond issuance in 2025 has exceeded $6 trillion, setting a new record [1] - The U.S. Treasury Secretary stated that the auction scale of U.S. Treasury bonds will remain unchanged in the coming quarters, while closely monitoring potential long-term changes in demand for specific U.S. government bonds [1] Economic Policy and Federal Reserve - The White House National Economic Council Director expressed willingness to accept a nomination to replace Powell as Fed Chair, advocating for a significant rate cut of 50 basis points in December [2] - Due to the government shutdown, the October employment report and CPI data may not be released, potentially marking the first time in history that these key economic indicators are missing [2] - The Atlanta Fed President unexpectedly announced retirement at the end of his term in February 2026, which is seen as a move to avoid potential reappointment controversies [2] - The Boston Fed President indicated that the threshold for further rate cuts in the short term is relatively high due to persistent inflation, emphasizing caution in the current uncertain policy environment [2] Energy Market - The International Energy Agency's World Energy Outlook report suggests that global oil and gas demand may continue to grow until 2050, with LNG supply expected to increase by 50% by 2030 [3] - OPEC's latest monthly report predicts a balanced oil market by 2026, maintaining its global oil demand growth forecast at 1.38 million barrels per day for 2026 [3]

Core Viewpoint - Sika successfully placed a CHF 600 million bond through a triple tranche, aimed at optimizing its bond maturity profile and reducing overall funding costs [1][2]. Group 1: Bond Details - The bond consists of three tranches: - CHF 100 million with a maturity of 1.75 years, fixed coupon of 0.450% per annum, issued at 100.003% reflecting a yield of 0.4481% [4] - CHF 250 million with a maturity of 5 years, fixed coupon of 0.850% per annum, issued at 100.220% reflecting a yield of 0.8050% [4] - CHF 250 million with a maturity of 9 years, fixed coupon of 1.200% per annum, issued at 100.361% reflecting a yield of 1.1575% [4] Group 2: Corporate Profile - Sika is a leading specialty chemicals company focused on bonding, sealing, damping, reinforcing, and protection in the construction and industrial sectors [3] - The company operates in 102 countries, with over 400 factories and more than 34,000 employees, generating annual sales of CHF 11.76 billion in 2024 [3] - Sika plays a significant role in promoting environmental compatibility in the construction and transportation industries through innovative technologies [3]

Core Insights - The People's Bank of China released the monetary policy execution report for Q3 2025, highlighting a significant increase in bond issuance [1] Bond Market Overview - A total of 68.0 trillion yuan in various bonds was issued in the first three quarters, representing a year-on-year growth of 13.9%, with an increase of 8.3 trillion yuan compared to the same period last year, primarily driven by the rise in government bonds, local government bonds, and financial bonds [1] - As of the end of September, the total balance of various bonds in the domestic market reached 193.3 trillion yuan, reflecting a year-on-year increase of 13.7% [1] Trading Activity - The total trading volume of bonds in the market for the first three quarters was 323.0 trillion yuan, showing a year-on-year growth of 0.4% [1] - Within this, the interbank bond market recorded a trading volume of 290.9 trillion yuan, which is a slight decline of 0.1% year-on-year, while the exchange bond market saw a trading volume of 32.1 trillion yuan, marking a year-on-year increase of 5.2% [1]