Core Viewpoint - Datang New Energy (01798) has successfully completed the public issuance of its 2025 corporate bonds (second phase) on November 18, 2025, raising a total of RMB 1.5 billion with a maturity of 3 years and an interest rate of 1.88% [1] Group 1 - The final issuance scale of the corporate bonds is RMB 1.5 billion [1] - The bonds have a face value of RMB 100 and will commence interest accrual from November 18, 2025 [1] - The raised funds, after deducting issuance costs, are intended for productive expenditures, including debt repayment, working capital supplementation, project investment, and operations in compliance with legal regulations [1]

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]

Core Points - Xiamen City issued the sixth batch of government bonds for 2025, totaling 9.3777 billion yuan [1] - The bonds include 7.4777 billion yuan in new special bonds and 1.9 billion yuan in refinancing bonds [1] - The bonds received a AAA credit rating and had a subscription multiple of 15.52 times, indicating strong demand [1] Summary by Category Bond Issuance Details - The issuance included various maturities: 1.4 billion yuan for 10 years at an interest rate of 1.86%, 4.6417 billion yuan for 15 years at 2.24%, 500 million yuan for 15 years refinancing at 2.29%, and 2.836 billion yuan for 20 years at 2.34% [1] - The total government bonds issued by Xiamen City for the year reached 60.77682 billion yuan, comprising 48.8 billion yuan in new bonds and 11.97682 billion yuan in refinancing bonds [1] Future Plans - The municipal finance bureau plans to enhance bond fund management and expedite the spending of bond funds to support infrastructure and investment growth [1]

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]

Financial Performance - Net revenues reached Ps 2093 billion, down 121% (US$ 154 million) [11] - Adjusted EBITDA stood at Ps 435 billion, down 237% (US$ 36 million) [11] - Consolidated Adjusted EBITDA margin reached 208%, a contraction of 315 bps YoY from 240% [10] - Net Loss Attributable to Owners of the Company in 3Q25 was Ps 85 billion, down from Ps 276 billion in 3Q24 [33] Sales Volumes - Cement, masonry & lime sales volumes decreased by 54% YoY [19, 20] - Concrete sales volumes increased by 378% YoY [19, 20] - Railroad sales volumes increased 39% YoY [19, 20] - Aggregates sales volumes increased 263% YoY [19, 20] Balance Sheet - Net Debt of US$ 206 million, representing a Net Debt/LTM Adjusted EBITDA ratio of 149x [10, 37] - Class 5 bond issuance of US$ 1129 million in July to refinance short-term debt [10, 37]

Core Insights - The Ministry of Finance emphasizes the need to continuously prevent and resolve risks in key areas while implementing a comprehensive debt management policy [1] - The central bank conducted a net withdrawal of 213.4 billion yuan through reverse repos, indicating a tightening of liquidity in the market [3] - Jiangxi and Hunan provinces plan to issue a total of approximately 29.2 billion yuan in new special bonds for land reserve and other projects [4][5] Fiscal Policy - The Ministry of Finance will continue to implement a package of debt management policies, focusing on replacing hidden debts and holding accountable new hidden debt behaviors [1] - The ministry aims to strengthen financial operation analysis and dynamic monitoring to ensure stable grassroots financial operations [1] Market Dynamics - The central bank's operation today included a 1.40% interest rate for a 7-day reverse repo, with a total of 3.55 billion yuan in reverse repos maturing, leading to a net withdrawal of 213.4 billion yuan [3] - The issuance of special bonds in Jiangxi and Hunan is aimed at funding land reserves and other projects, with specific amounts detailed for each province [4][5] Debt Issuance - Henan Investment Group plans to issue 1.5 billion yuan in medium-term notes with a subscription range of 1.50% to 2.50% [7] - The issuance of 740 million yuan in bonds by Henan Southeast Industry Development Group has been accepted by the Shanghai Stock Exchange [8] - Luoyang Guohong Group completed the issuance of 1 billion yuan in PPN at a rate of 2.4% [9] - Anhui Construction Investment Group made its market debut with a 500 million yuan medium-term note issuance [10][11] Regulatory Developments - The Anhui Regulatory Bureau of the Ministry of Finance has established a leadership group for the supervision of government bond funds, emphasizing the importance of this task [6] Market Sentiment - Xinyin Fund suggests that incremental fiscal policies may not materialize until early next year, while the bond market is expected to maintain a bullish trend [19] - The central bank's resumption of government bond trading is seen as a positive signal for the market, with expectations of continued liquidity support [19]

债券发行主要由金融机构主导，同时各国政府为资助不断膨胀的预算赤字也增加了发债规模。 数据显示，最近一波由谷歌母公司Alphabet和Meta等科技巨头掀起的巨额发债潮，正使通信行业脱颖而 出，其债务发行量比去年增加了三分之二。 Meta于10月30日发行了总额300亿美元的债券，这是自2023年以来规模最大的美国高评级债券销售，吸 引了高达1250亿美元的认购需求，创下了公司债发行认购倍数的纪录。人工智能领域的支出同样推动了 Alphabet于11月3日发行巨额多币种债券，日本软银集团也于10月发行了双币种债券。 "完全有理由认为，你将看到很大一部分资本支出以债务形式出现，"高盛集团美洲投资级银团业务负责 人John Sales在接受采访时表示。他指出，这些科技巨头拥有状况极佳的资产负债表，因此在美联储降 息且利差处于低位时，它们具备加杠杆的能力。 智通财经11月6日讯（编辑 潇湘）尽管今年还有一个多月的时间才结束，但全球债券的发行量已飙升至 了年度历史新高。从人工智能项目的蓬勃发展到并购活动的复苏，借款方正利用宽松的市场环境为各类 项目融资。 业内汇编数据显示，2025年大部分时间里债券发行都一直势头迅猛， ...