Primary Market - A total of 12 offshore bonds were issued by Chinese entities this week, including 4 USD bonds, 5 RMB bonds, 2 HKD bonds, and 1 JPY bond, with issuance sizes of $415 million, 10.5 billion RMB, 930 million HKD, and 5.8 billion JPY respectively [1] - The largest single issuance in the USD corporate bond market was $200 million with a maximum coupon rate of 7.4%, issued by Industrial Gold (Hong Kong) Mining Co., Ltd [1] - In the offshore RMB market, the largest single issuance was 500 million RMB with a maximum coupon rate of 4.7%, issued by Luoyang Shengshi Urban Construction Investment Co., Ltd [1] Secondary Market - The Markit iBoxx Chinese USD bond index rose by 0.37% to 253.68 as of February 13, with the investment-grade USD bond index increasing by 0.39% to 246.59 and the high-yield USD bond index rising by 0.24% to 244.64 [2] - The real estate USD bond index increased by 0.75% to 182.59, while the city investment USD bond index rose by 0.06% to 155.19, and the financial USD bond index increased by 0.23% to 293.72 [2] Benchmark Spread - The spread between the 10-year benchmark government bonds of China and the U.S. narrowed to 227.6 basis points, a decrease of 12.6 basis points from the previous week [3] Rating Changes - Several credit rating adjustments occurred this week, including the withdrawal of ratings for various companies such as eHi Car Services and New World Development Insurance at their request [5] - Moody's confirmed Meituan's issuer rating at "Baal" with a negative outlook [5] Domestic News - As of the end of January, foreign institutions held 3.35 trillion RMB in the interbank bond market, accounting for approximately 1.9% of the total custody volume [6] - The People's Bank of China plans to issue 50 billion RMB in central bank bills in Hong Kong, with maturities of 3 months and 1 year [7] - Shanghai aims to enhance mechanisms like "Shanghai-Hong Kong Stock Connect" and "Bond Connect" to improve international financial product offerings and services [8][9] Overseas News - The National Bank of Georgia has been approved to enter the Chinese interbank bond market, which is expected to enhance the management efficiency of its international reserves [10] - The U.S. January CPI increased by 2.4% year-on-year, lower than expected, marking the smallest increase since May of the previous year [11] Offshore Debt Alerts - Greenland China Real Estate's liquidation hearing has been postponed to June 1 [12] - China Water Affairs Group's liquidation hearing has been postponed to March 25, with ongoing negotiations for repayment plans [13] - New World Development completed a placement of 198 million shares, raising a net amount of 469 million HKD [14]

Primary Market - A total of 7 offshore bonds were issued this week (January 19-23, 2026), including 2 RMB bonds, 2 USD bonds, 1 HKD bond, and 2 AUD bonds [2] - The largest single issuance in the offshore RMB bond market was 1.092 billion RMB with a maximum coupon rate of 3.15%, issued by Ganzhou Urban Investment Holding Group [2] - In the USD bond market, the largest single issuance was 300 million USD by Panzhihua Panxi Technology City Development Co., with the highest coupon rate of 9.75% issued by Ruian Real Estate Co. [2] Secondary Market Overview - The yield on Chinese USD bonds slightly increased this week, with the Markit iBoxx Chinese USD Bond Composite Index rising by 0.11 to 252.07 [3] - The investment-grade USD bond index increased by 0.1% to 244.95, while the high-yield USD bond index rose by 0.21% to 243.79 [3] - The real estate USD bond index increased by 0.26% to 180.79, and the city investment USD bond index rose by 0.07% to 154.74 [3] Benchmark Spread - As of January 23, the spread between the 10-year benchmark government bonds of China and the U.S. widened to 240.9 basis points, an increase of 2.1 basis points from the previous week [4] Rating Changes - Moody's withdrew the "Ca" corporate family rating for Hailong Holdings Co., Ltd. at the company's request on January 19 [6] - Fitch downgraded the long-term foreign currency issuer ratings of Wanda Commercial Properties (Hong Kong) Co., Ltd. to "RD" on January 19 [6] Defaults and Extensions - Vanke successfully passed a bond extension plan for 1.1 billion RMB with a high approval rate of 92.11% on January 21, marking its first successful extension since facing difficulties in late 2025 [7] Domestic News - In December 2025, over 10 trillion RMB worth of debt financing instruments were issued in the interbank market, with a total of 11,531 instruments issued throughout the year amounting to 10.09 trillion RMB [8] - Since the launch of the green foreign debt pilot in Shandong, approximately 330 million RMB in cross-border financing has been achieved, involving key green sectors [9] - The panda bond market reached a record issuance of 163.31 billion RMB in 2025, a year-on-year increase of 15.6%, with a total outstanding amount of 318.78 billion RMB [10] Overseas News - The Bank of Japan maintained its benchmark interest rate at 0.75% on January 23, to assess the impact of last month's rate hike on the economy [11] Offshore Debt Alerts - Vanke withdrew its application for the listing of the Huaxia Wanwei Warehousing Logistics Closed-End Infrastructure Securities Investment Fund on January 23 [12] - Luoyang Molybdenum Co. plans to issue 1.2 billion USD zero-coupon convertible bonds with a conversion premium of 28.7% [13] - Hongyi Culture extended the maturity date of its 60 million HKD convertible bonds to April 21, 2028 [14]

Group 1 - A total of 143 bonds are set to mature or pay interest in the upcoming week from December 13 to December 19 [2][6] Group 2 - The list includes various bonds from different issuers, with details such as the issuer name, bond name, outstanding amount, and maturity/payment dates [3][4]

Report Industry Investment Rating - Not provided in the content Report's Core View - Last week, the primary market issuance of Chinese offshore bonds significantly declined, with 6 new bonds issued, totaling approximately $980 million. The secondary market of Chinese dollar bonds fell, with multiple US Treasury yields rising [1][3][4]. - Various macro - events, including expected US interest rate cuts, the US Treasury debt hitting a record high, and significant changes in economic data in the US, EU, and other regions, have an impact on the bond market [5][30][31]. Summary by Relevant Catalogs 1. Primary Market - Last week, the primary market issuance of Chinese offshore bonds significantly declined, with 6 new bonds issued, totaling approximately $980 million (converted to US dollars at the exchange rate on the pricing start date). The Agricultural Bank of China Tokyo Branch and the Bank of China Hong Kong Branch both issued $300 million bonds, the largest in scale last week. Chengdu Dongjin Huaizhou New City Investment Group Co., Ltd. issued a RMB 305 million senior unsecured guaranteed bond with a coupon rate of 5.9%, the highest - priced new bond last week [1][6][10]. 2. Secondary Market 2.1 Chinese Dollar Bond Index Performance - The Chinese dollar bond index (Bloomberg Barclays) fell 0.40% week - on - week, and the emerging market dollar bond index fell 0.04%. The investment - grade index of Chinese dollar bonds closed at 202.1549, down 0.43% for the week; the high - yield index closed at 159.0776, down 0.24% for the week [4][9]. - The Chinese dollar bond return index (Markit iBoxx) fell 0.27% week - on - week, closing at 250.5431. The investment - grade return index of Chinese dollar bonds closed at 243.714, down 0.29% for the week; the high - yield return index closed at 240.107, down 0.13% for the week [15]. 2.2 Chinese Dollar Bond Industry Performance - In terms of industries, the materials and non - essential consumption sectors led the rise, while the real estate and essential consumption sectors led the decline. The materials sector's yield decreased by 192.3bps, and the non - essential consumption sector's yield decreased by 6.9bps. The real estate sector's yield increased by 17.9Mbps, and the essential consumption sector's yield increased by 17.6bps [17][20]. 2.3 Chinese Dollar Bond Different Rating Performance - According to Bloomberg's comprehensive rating, investment - grade names all declined. The weekly yield of A - rated bonds increased by 7.7bps, and that of BBB - rated bonds increased by 8.2bps; high - yield names all declined. The yield of BB - rated bonds increased by 13.1bps, the yield of DD + to NR - rated bonds increased by about 6.8bps, and the yield of non - rated names increased by 5.6Mbps [21][22]. 2.4 Last Week's Bond Market Hot Events - Aoyuan Group failed to pay the principal and interest of 267 million yuan for "H20 Aoyuan 2" on schedule. As of November 30, 2025, the cumulative unpaid principal and interest of "H20 Aoyuan 2" was approximately 644 million yuan [22]. - Shanghai Shimao Construction Co., Ltd. had new pending lawsuits of 391 million yuan and multiple enforcement cases. As of November 30, the company had failed to pay the principal and interest of corporate bonds of approximately 2 billion yuan, and there was a new single - overdue interest - bearing debt of over 10 million yuan of about 120 million yuan in November [23]. 2.5 Last Week's Subject Rating Adjustments - The ratings of Shandong Yihe Industrial Investment Group, Xiaomi Group, AIA Group, Zhengzhou Urban Construction, and other companies were adjusted, mainly due to factors such as the support of local governments, the improvement of profitability, and the enhancement of strategic importance [25][26]. 3. US Treasury Bond Quotes - The report provides quotes and related information for 30 US Treasury bonds with maturities over 6 months, sorted by descending order of yield to maturity [27]. 4. Macro Data Tracking - As of December 5, the yields of 1 - year, 2 - year, 5 - year, and 10 - year US Treasury bonds were 3.5895% (down 0.19bps from last week), 3.5603% (up 7.1bps from last week), 3.7113% (up 11.49bps from last week), and 4.1351% (up 12.19bps from last week), respectively [28][32]. 5. Macro News - Hassett expects a 25 - basis - point interest rate cut. The US Treasury debt has exceeded $30 trillion, doubling since 2018. The US November "small non - farm" had the largest decline in two and a half years. The US November ISM services PMI rose to 52.6, and the manufacturing PMI fell to 48.2. The US initial jobless claims last week reached a three - year low [30][31][33]. - The EU will ban the import of Russian natural gas starting from the autumn of 2027. The eurozone's November composite PMI reached a 30 - month high, and the CPI rose 2.2% year - on - year. The Japanese central bank is likely to raise the policy rate from 0.5% to 0.75% in December [37][38][40]. - The 2025 global economic growth is expected to slow to 2.6%. In November, the average price of new homes in 100 Chinese cities increased by 0.37% month - on - month and 2.68% year - on - year, while the average price of second - hand homes decreased. The retail sales of the national passenger car market in November decreased by 7% year - on - year [41][42][43]. - The new national standard for takeaways was introduced, and the wholesale volume of new - energy vehicles by national passenger car manufacturers in November increased by 20% year - on - year and 7% month - on - month [44][45].

Group 1 - The core viewpoint of the article is that Federal Reserve Governor Waller advocates for another interest rate cut in December, but decisions may shift to a "meeting-by-meeting" approach starting in January as more key economic data is released [2] - Waller expresses concern about the labor market, which is crucial to the Fed's dual mandate, and supports a rate cut in the upcoming meeting [2] - Market expectations indicate a 70% probability of a rate cut during the Fed's meeting on December 9-10, although there is internal disagreement among decision-makers regarding the necessity of further cuts after September and October [2] Group 2 - Waller notes that recent data shows a weak labor market, but warns that key economic reports delayed due to government shutdown will be released after the December meeting, complicating the January rate decision [2] - Employment data for October and November is set to be released on December 16, while inflation data for November will be published on December 18 [2]

Group 1 - The Federal Reserve's October FOMC meeting minutes reveal significant internal divisions regarding future interest rate cuts, with discussions covering inflation risks, labor market cooling, and economic growth uncertainties [2] - The Fed ultimately voted 10 to 2 to lower the federal funds rate by 25 basis points, bringing the target range to 3.75% to 4%, but the decision was reached after intense debate [2] - There is a notable split among Fed officials regarding the appropriateness of further rate cuts in December, with some advocating for cuts if economic conditions align with expectations, while many prefer to maintain current rates [2] Group 2 - Following the release of the minutes, market expectations shifted significantly, with the probability of a December rate cut dropping from nearly 50% to around 30%, while the likelihood of no change rose to nearly 70% [2] - The swap market adjusted the expected cut magnitude for December from 11 basis points to just 6 basis points [2] Group 3 - In the primary market, four companies issued bonds today, including a merger agreement between CICC and two other securities firms, which requires board and regulatory approvals [4] - China Great Wall Asset Management announced plans to dispose of its debt claims against Evergrande Group, totaling approximately 1.09 billion yuan, with a principal amount of about 959 million yuan [4] - Zhongjun Group is seeking court approval for a creditor meeting to discuss a restructuring plan, with a hearing scheduled for March 24, 2026 [4]

Primary Market - A total of 26 offshore bonds were issued this week (November 3 - November 7, 2025), including 9 offshore RMB bonds and 17 USD bonds, with issuance scales of 10.3996 billion RMB and 10.58 billion USD respectively [1] - The largest single issuance in the offshore RMB bond market was 3 billion RMB by China Railway Construction Corporation, while the highest coupon rate was 6.6% issued by Shandong High Creation Holdings Group [1] - In the USD bond market, the largest single issuance was 500 million USD by China Cinda (Hong Kong) Holdings, with the highest coupon rate of 5.15% issued by the Asian Development Bank [1] Secondary Market - The yield on Chinese USD bonds mostly declined this week, with the Markit iBoxx Chinese USD Bond Composite Index down 0.02% to 251.02 [2] - The investment-grade USD bond index increased by 0.05% to 243.65, while the high-yield USD bond index decreased by 0.53% to 244.48 [2] - The real estate USD bond index fell by 1.16% to 184.4, while the city investment USD bond index rose by 0.06% to 153 [2] Benchmark Spread - As of November 7, 2025, the spread between the 10-year benchmark government bonds of China and the US narrowed to 228.72 basis points, a decrease of 1.52 basis points from the previous week [3] Rating Changes - On November 3, China Chengxin International Credit Rating Co. withdrew the long-term credit rating of "BBBg-" for Chongqing Fuling Lingang Economic Zone Construction Development Group due to commercial reasons [5] - On November 6, Fitch Ratings withdrew the "A-" rating for Jiangxi Railway Aviation Investment Group Co., Ltd. as the company chose not to participate in the rating process [5] Domestic News - The People's Bank of China resumed open market operations for government bond trading, with a net injection of 20 billion RMB in October [6] - On November 5, the Ministry of Finance successfully issued 4 billion USD in sovereign bonds in Hong Kong, with a total subscription amount of 118.2 billion USD, 30 times the issuance amount [7] - The Deputy Governor of the People's Bank of China, Lu Lei, announced measures to support the development of the offshore RMB market, including regular issuance of RMB central bank bills in Hong Kong [8] Offshore Debt Alerts - On November 5, Sunac China announced that its offshore debt restructuring plan was approved by the High Court [10] - On November 6, Yuexiu Property announced a financing agreement for a term loan of 600 million HKD [11] - On November 6, Country Garden's offshore debt restructuring plan was approved with over 75% of creditor votes in favor [12] - On November 7, Shimao Construction reported a significant lawsuit involving approximately 11.291 billion RMB and issues related to bond defaults and overdue debts [13]

Primary Market - A total of 34 offshore bonds were issued this week (September 22 - September 26, 2025), including 10 offshore RMB bonds, 19 USD bonds, 3 HKD bonds, 1 EUR bond, and 1 AUD bond, with issuance scales of 68.087 billion RMB, 2.63 billion USD, 1.585 billion HKD, 130 million EUR, and 250 million AUD [1] - The largest single issuance in the offshore RMB bond market was 1 billion RMB by Shanghai Fosun High Technology (Group) Co., Ltd., while the highest coupon rate for RMB bonds was 6.4% issued by Pengze County Urban Development and Construction Group Co., Ltd. [1] - In the USD bond market, the largest single issuance was 500 million USD by CK Hutchison Holdings Limited, with the highest coupon rate of 4.73% issued by Dongfang Securities Co., Ltd. [1] Secondary Market - The yield on Chinese USD bonds mostly declined this week, with the Markit iBoxx Chinese USD Bond Composite Index down 0.09% to 249.14, and the investment-grade USD bond index down 0.07% to 237.93 [2] - The high-yield USD bond index increased by 0.23% to 241.15, while the real estate USD bond index fell by 0.55% to 155.62 [2] Benchmark Spread - As of September 26, 2025, the spread between the 10-year benchmark government bonds of China and the U.S. widened to 236.19 basis points, an increase of 3.78 basis points from the previous week [3] Rating Changes - Moody's withdrew the "Ca" family rating for Road King Infrastructure Limited on September 26 for commercial reasons [5] - Moody's confirmed the "Ba3" family rating for Melco Resorts & Entertainment Limited, changing the outlook from "stable" to "negative" on September 22 [5] Defaults and Extensions - Oceanwide Holdings announced that it plans to extend the maturity of its 134 million USD bond, which was due on September 23, to before March 23, 2026 [6] Domestic News - The total scale of domestic bond ETFs has surpassed 600 billion RMB, reaching 607.448 billion RMB as of September 22, 2025, marking a growth of over 2.4 times since the beginning of the year [8] - The People's Bank of China announced plans to accelerate the listing of RMB government bond futures in Hong Kong [9] - Shanghai Clearing House supported the issuance of the world's first private enterprise "Yulan Bond" by Shanghai Fosun High Technology (Group) Co., Ltd., with a scale of 1 billion RMB and an interest rate of 4.9% [10] International News - The International Institute of Finance reported that global debt reached approximately 338 trillion USD in the first half of 2025, a record high, driven by a loose global financial environment and weak dollar [12] Offshore Bond Alerts - Longfor Group announced that all of its outstanding corporate bonds will be suspended from trading starting September 29, 2025 [13] - Fantasia Holdings reported that approximately 84% of its existing noteholders have joined the debt restructuring support agreement [14] - New城控股 successfully issued 900 million RMB of medium-term notes with a coupon rate of 3.29% [15] - FWD Group plans to redeem two subordinated USD bonds totaling 1.65 billion USD on October 23 [16]

Primary Market - A total of 22 offshore bonds were issued by Chinese entities from September 1 to 5, 2025, including 3 offshore RMB bonds, 11 USD bonds, and 8 HKD bonds, with issuance sizes of 30 billion RMB, 4.15 billion USD, and 5.475 billion HKD respectively [1] - The largest single issuance in the offshore RMB bond market was 2 billion RMB by China Construction Bank's London branch, with the highest coupon rate of 2.95% issued by East Asia Bank [1] - In the USD bond market, the largest single issuance was 2 billion USD by the Asian Infrastructure Investment Bank, with the highest coupon rate of 6.9% issued by Zhengding County State-owned Assets Holding and Operating Group [1] Secondary Market Overview - The yield on Chinese USD bonds rose across the board, with the Markit iBoxx Chinese USD Bond Composite Index increasing by 0.18% to 248.3, and the investment-grade USD bond index rising by 0.19% to 240.64 [2] - The high-yield USD bond index increased by 0.07% to 244.64, while the real estate USD bond index rose by 0.13% to 186.03 [2] - The local government financing vehicle (LGFV) USD bond index increased by 0.08% to 151.34, and the financial USD bond index rose by 0.1% to 288.27 [2] Benchmark Spread - The spread between the 10-year benchmark government bonds of China and the US narrowed to 241.16 basis points, a decrease of 6.07 basis points from the previous week [3] Rating Changes - Fitch adjusted Meituan's long-term issuer rating outlook from "Positive" to "Stable" on September 4 [4] - Moody's confirmed CITIC Resources' "Ba2" corporate family rating, changing the outlook from "Stable" to "Negative" on September 3 [4] - Several companies, including Weifang Haifa and Sichuan Xinyao Group, had their international long-term ratings withdrawn at their request [4] - Fitch changed Baidu's long-term foreign and local currency issuer default rating outlook from "Stable" to "Negative" on September 2 [4] Domestic News - Local government bond issuance in August exceeded expectations, with actual issuance of 977.6 billion RMB, higher than the planned 940.8 billion RMB, and a planned issuance of 726.5 billion RMB in September [5] - The existing stock of local government debt reached 53.05 trillion RMB, with general debt at 17.1 trillion RMB and special debt at 35.95 trillion RMB [5] Offshore RMB Bonds - Kazakhstan Development Bank successfully issued its first offshore RMB bond of 2 billion RMB with a 3.35% coupon rate on September 2, marking several market firsts [6] - Multiple offshore RMB local government bonds were announced, including plans from Hainan and Shenzhen to issue up to 5 billion RMB each [7] - Guangdong Province successfully issued 2.5 billion RMB in offshore RMB local government bonds in Macau, continuing a five-year trend [7] Overseas News - Federal Reserve's Williams indicated that policy rates are expected to gradually decrease over time, aligning with the dual mandate goals [8][9] Offshore Debt Alerts - Kaisa Group announced that its offshore debt restructuring plan is expected to take effect by the end of September, aiming to optimize its debt structure and reduce debt by approximately 8.6 billion USD [10] - AVIC Capital announced the early redemption of 32.45 million USD principal of its bond on September 4 [11] - Alibaba initiated an exchange offer for its outstanding senior notes, with a total principal amount not exceeding 1 billion USD for 2030 notes and 1.15 billion USD for 2035 notes [12] - DBS China signed a green loan agreement of 490 million RMB with Henderson Land for financing retail and office projects in Shanghai [13]

Primary Market - A total of 25 offshore bonds were issued this week, including 9 offshore RMB bonds, 10 USD bonds, 4 HKD bonds, 1 SGD bond, and 1 JPY bond, with issuance scales of 18.638 billion RMB, 1.428 billion USD, 1.55 billion HKD, 0.35 billion SGD, and 10.46 billion JPY respectively [2] - The largest single issuance in the offshore RMB bond sector was 4 billion RMB by State Grid Corporation, while the highest coupon rate for RMB bonds was 7% issued by Zhongmu Xinglv Cultural Investment Development Group [2] - In the USD bond market, the largest single issuance was 500 million USD by the International Bank for Reconstruction and Development, with the highest coupon rate of 6.8% issued by Binzhou Smart City Operation Co., Ltd. [2] Secondary Market Overview - The yield on Chinese USD bonds rose across the board this week, with the Markit iBoxx Chinese USD Bond Composite Index increasing by 0.44% to 246.48 [3] - The investment-grade USD bond index rose by 0.45% to 239, while the high-yield USD bond index increased by 0.36% to 242 [3] - The real estate USD bond index rose by 0.51% to 182.94, and the city investment USD bond index increased by 0.18% to 150.58 [3] Benchmark Spread - The spread between 10-year US and Chinese government bonds widened to 255.67 basis points, an increase of 3.78 basis points from the previous week [4] Domestic News - State Grid completed the issuance of 10 billion RMB in offshore dim sum bonds, setting records for the first central enterprise offshore RMB bond exceeding 10 billion and the first 20-year term issuance [7] - In July, the total bond financing for the real estate sector reached 71.39 billion RMB, a year-on-year increase of 90.3%, with credit bond financing accounting for 64% [8] - The China Securities Association announced an increase in the upper limit of lead underwriters for large bond issuances to 8 [9][10] Overseas News - The US Treasury's auction of 30-year bonds faced weak demand, with a yield of 4.813%, indicating that investors are seeking higher returns [11] Offshore Bond Alerts - ZTE Corporation successfully issued 3.584 billion RMB (equivalent to 500 million USD) in zero-coupon convertible bonds, marking the largest offshore refinancing since its Hong Kong listing [12] - Ocean Capital reported a recovery of 655 million RMB in bad debt provisions through various means [13] - KWG Group announced that its offshore bond will be delisted after defaulting, as it seeks a comprehensive solution for its offshore debt situation [14] - Sunac China announced the resumption of trading for three bonds following debt restructuring operations [15]