Core Viewpoint - The article discusses the launch of the "Xingye Xinghe Sheng" fund by Xingye Fund, which is a medium to long-term pure bond fund managed by Liu Yuhan, aiming for stable returns while controlling risks [1][3]. Fund Details - The fund is open for subscription from June 18, 2025, to July 2, 2025, with a minimum fundraising target of 200 million shares [3]. - The investment objective is to achieve returns that exceed the performance benchmark while ensuring safety, liquidity, and risk control [3]. - The performance benchmark is set as 90% of the China Bond Composite Price Index yield plus 10% of the after-tax one-year fixed deposit rate [3]. - The fund will invest at least 80% of its assets in bond assets and maintain a minimum of 5% of its net asset value in cash or government bonds maturing within one year [3]. Management and Performance - Liu Yuhan, the proposed fund manager, has 11 years of experience in the securities industry and has been with Xingye Fund since November 2015 [4][5]. - Currently, Liu Yuhan manages 9 funds with a total scale exceeding 50 billion yuan, primarily in bond products [2][5]. - Liu Yuhan's fund "Xingye Wenli 30 Days Holding" has achieved a yield of 3.99% since its inception in May 2024, outperforming its benchmark by over 1 percentage point [6]. - The "Xingye Wensui 90 Days Holding A" fund has a year-to-date yield of 1.08%, also surpassing its benchmark by over 1 percentage point, ranking 620 out of 3339 in its category [6].

Looking beyond the carry Global -4 -2 0 2 4 6 8 10 Jan-25 Feb-25 Mar-25 Apr-25 May-25 USDbn -25,000 KTB MSB -20,000 -15,000 -10,000 -5,000 0 5,000 10,000 15,000 20,000 25,000 30,000 USDm Global bond flows compass Fixed Income Source: FSS, Bloomberg, HSBC Figure 1. Monthly trends in offshore bond flows of EM sovereign debt Note: *For period, see Table 1. Source: Central bank websites, HSBC Disclosures & Disclaimer 16 -19 June, The May Fair Hotel, London Register This report must be read with the disclosures ...

Well, for more on how this might impact markets and investors, let's bring in Terry Haynes. He is founder of political forecasting firm Fangia Policy and former head of US policy and political analysis at Evercore ISI. Terry, it's great to have you on.Let's start right there. Can we get a bill across the finish line here by July 4th. And how much now hinges on the Senate bill going back to the House to do it.Good afternoon, Morgan and John. Uh firstly, I think it's entirely possible that they can get it don ...

So, uh, for people who are watching who want to know, uh, what they might do with their money, let's suppose people don't know about private wealth management and they're not really that financially sophisticated. What do you think the average person, middle class person should do with his or her money. So, I think uh, if you're an average person, depending on your age, you should always keep in cash or something safe as much money as you need for a couple of months of your expenses, 2, three, four months.A ...

Please be informed that, at the initiative of UAB "Orkela" (company code 304099538, registered address at Jogailos St. 4, Vilnius, Lithuania) (the Company) and by the decision of the bondholder’s representative UAB "AUDIFINA" (company code 125921757, registered address at A. Juozapavičiaus st. 6, Vilnius, Lithuania) (the Trustee), a meeting of the bondholders of the Company’s bond issue, ISIN code LT0000405961 (the Bonds), will be held on 10 July 2025 at 10:00 AM (the Meeting) at the St Jacobs Complex, Vasa ...

Core Viewpoint - Sanofi has successfully priced a €1.5 billion bond issue, which will be utilized for general corporate purposes [1]. Group 1: Bond Issue Details - The bond issue consists of two tranches, each amounting to €750 million [7]. - The first tranche is due in June 2029 with an annual interest rate of 2.625% [7]. - The second tranche is due in June 2032 with an annual interest rate of 3.000% [7]. Group 2: Transaction Management - The transaction was led by Citigroup and RBC Capital Markets as Global Coordinators [2]. - Credit Agricole CIB, HSBC, and Societe Generale acted as Joint Lead Managers for the bond issue [2]. Group 3: Company Overview - Sanofi is an R&D driven, AI-powered biopharma company focused on improving lives through innovative medicines and vaccines [3]. - The company aims to address urgent healthcare, environmental, and societal challenges [3]. - Sanofi is listed on EURONEXT: SAN and NASDAQ: SNY [3].

Summary of Key Points - Beijing issued a 2-year ordinary special local government bond with a scale of 28.5 billion yuan and an issuance rate of 1.47%, with a marginal multiple of 3.56 times, exceeding the expected multiple of 1.48 [1] - Beijing issued a 3-year ordinary special local government bond with a scale of 183.0128 billion yuan and an issuance rate of 1.48%, with a marginal multiple of 1.69 times, slightly below the expected multiple of 1.49 [1] - Beijing issued a 5-year ordinary special local government bond with a scale of 109.8913 billion yuan and an issuance rate of 1.59%, with a marginal multiple of 2.33 times, lower than the expected multiple of 1.61 [1] - Beijing issued a 7-year ordinary special local government bond with a scale of 5.98 billion yuan and an issuance rate of 1.64%, with a marginal multiple of 1.32 times, below the expected multiple of 1.65 [1]

Core Insights - The average yield of bond funds in the public market for May was 0.19%, with approximately 80% of the products showing floating profits [2][8] - Convertible bond funds performed well, with an average return of 1.28% in May, while passive index bond funds lagged behind with a mere 0.07% increase [3][4] Performance Analysis - Top-performing funds included Zhonghai Convertible Bond A and Huashang Convertible Bond Selection A, with returns of 4.72% and 3.09% respectively [5][7] - A total of 600+ bond funds experienced floating losses in May, with Jin Ying Yuan Feng A and He Xu Zhi Yuan Xin Yue Li Rate Bond A showing significant declines of 1.95% and 1.69% [8][10] Fund Details - Zhonghai Convertible Bond A utilized a quantitative approach for style selection and invested in undervalued convertible bonds [7] - Jin Ying Yuan Feng A's significant drop was attributed to its heavy investments in stocks and bonds that underperformed in the market [8][10]

Heightened volatility in the Japanese government bond market has led the Bank of Japan to consider slowing the pace of tapering in its bond purchases from next fiscal year moving forward. Longerterm yields have spiked to record highs, reflecting investors concern over Japan's worsening public finances. A decision is expected to be made next week when the board reviews their current tapering plan and tries to map out 2026.At their last meeting a few weeks ago, the Bank of Japan received numerous requests fro ...

Asia Pacific Corporate Research 11 June 2025 China Property Reopening offshore bond market for non-SOEs? According to Bloomberg, Seazen may become the first non-SOE developer in two years to issue USD bonds, suggesting a potential reopening of the offshore bond market for non-SOEs. From an equity perspective, we see this more as a symbolic gesture than a restorative move that could bring the company totally out of the woods. Due to high costs (potentially 11-13%), we think better alternatives to refinance o ...