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]

Report Summary 1. Investment Rating - No investment rating provided in the report. 2. Core View - The primary market issuance of Chinese offshore bonds remained at a low level last week, with only 2 new bonds issued, totaling approximately $365 million. The secondary market showed a slight increase, and US Treasury yields declined across the board. The macro - economic environment is complex, with various events such as geopolitical conflicts, policy changes, and corporate performance fluctuations affecting the market [1][2][3]. 3. Summary by Directory 3.1 Primary Market - Last week, the primary market issuance of Chinese offshore bonds was low, with 2 new bonds issued, amounting to about $365 million. Among them, Seazen Group issued a $355 million bond with a coupon rate of 11.8%, which was the largest - scale and highest - priced new bond of the week [1][7]. 3.2 Secondary Market - **Index Performance**: The Bloomberg Barclays Chinese US - dollar bond index rose 0.42% week - on - week, and the emerging market US - dollar bond index rose 0.17%. The investment - grade index closed at 205.7648, up 0.45% for the week, and the high - yield index closed at 165.0443, up 0.19% for the week. The Markit iBoxx Chinese US - dollar bond return index rose 0.27% week - on - week, with the investment - grade return index at 247.3125 (up 0.28%) and the high - yield return index at 245.5983 (up 0.24%) [5][8][13]. - **Industry Performance**: The consumer staples and consumer discretionary sectors led the gains, while the real estate and healthcare sectors led the losses. The consumer staples sector was affected by the rise of names like JUEBAO INVESTMENT LIMITED and H&H International Holdings Limited, with yields down 12.9bps. The consumer discretionary sector was influenced by the rise of Huazhu Group Limited and NIO Inc., with yields down 10.7bps. The real estate sector was affected by the decline of names such as Times China Holdings Limited and Logan Group Company Limited, with yields up 675.7bps. The healthcare sector was affected by the decline of names like Luye Pharma Group Ltd. and MicroPort Scientific Corporation, with yields up 37.5bps [18][23]. - **Rating Performance**: According to Bloomberg's comprehensive ratings, investment - grade names all rose, with the A - grade weekly yield down 1.7bps and the BBB - grade weekly yield down 5.3bps. High - yield names mostly fell, with the BB - grade yield down 3.1bps, the DD+ to NR - grade yield up about 91.1bps, and the unrated names' yield up 153.7bps [20][21][24]. - **Hot Events**: Sunshine City had a total of 65.601 billion yuan in overdue debt principal as of February 26. Fanhai Holding Group Co., Ltd. failed to repay interest - bearing debts on schedule, involving a principal of 34.026 billion yuan [24]. - **Rating Adjustments**: Moody's upgraded CenturyLink's corporate family rating from B2 to B1 due to improved business conditions. Fitch confirmed Lianyungang Port Group's long - term issuer rating as BBB, and Zhongzheng Pengyuan International maintained a stable outlook for Zhangzhou Jingyuan Development Co., Ltd. due to government support [26][28]. 3.3 US Treasury Quotes - The report provides quotes for 30 US Treasury bonds with maturities over 6 months, sorted by descending yield to maturity [29]. 3.4 Macro Data Tracking - As of February 27, the 1 - year US Treasury yield was 3.4746%, down 3.11bps from the previous week; the 2 - year yield was 3.3749%, down 10.32bps; the 5 - year yield was 3.5017%, down 14.5bps; and the 10 - year yield was 3.9375%, down 14.51bps [33]. 3.5 Macro News - **Geopolitical**: The US and Israel launched an air strike on Iran on February 28, which put the global market on high alert [32]. - **Policy**: The US started to levy a 10% global tariff and is preparing to raise it to 15%. The Fed's Milan expects a 100 - basis - point interest rate cut in 2026, while Goolsbee believes no further rate cuts are appropriate until more evidence of sustained inflation decline. Waller may pause rate hikes if February employment data is strong. The US will impose counter -vailing duties on crystalline silicon solar cell components imported from India, Indonesia, and Laos. The Bank of England's Bailey expects to cut interest rates soon. The Central Bank of Thailand unexpectedly cut the key interest rate by 25 basis points to 1%. The Bank of Korea maintained the benchmark interest rate at 2.5% [34][35][36]. - **Economic Data**: Global debt reached a record $348 trillion at the end of last year. IDC predicts a 12.9% year - on - year decline in global smartphone shipments in 2026. NVIDIA's Q4 FY2026 revenue was $68.1 billion, exceeding expectations. South Korea's birth rate rose for the second consecutive year, with the total fertility rate rising to 0.8. The Spring Festival holiday saw 100,000 square meters of new commercial housing signed in 21 key cities, basically the same as last year. Shanghai loosened non - local home - buying restrictions. Chinese brand passenger car sales in January 2026 decreased by 32.1% month - on - month and 8.9% year - on - year [39][43][44]. - **Market Development**: The dim sum bond market has grown for six consecutive years as of the end of 2025, with a surviving scale of about 1.3 trillion yuan [53][54].

Report Industry Investment Rating - Not provided in the report Core Viewpoints - The primary market issuance of Chinese offshore bonds continued to recover last week, with 8 new bonds issued, totaling approximately $3.27 billion. The secondary market's high-yield segment outperformed the investment-grade segment. The yields of US Treasury bonds fluctuated upward. The performance of Chinese US dollar bonds varied across different indices, industries, and ratings [1][2][3] Summary by Directory 1. Primary Market - The primary market issuance of Chinese offshore bonds continued to recover last week, with 8 new bonds issued, totaling approximately $3.27 billion. Kuaishou issued two bonds totaling $1.5 billion, the largest issuance scale of the week. Taian Guotaiminan Investment Group issued a 300 million RMB bond with a coupon rate of 6.95%, the highest pricing of new bonds last week [1][6][10] 2. Secondary Market 2.1 Chinese US Dollar Bond Index Performance - The Chinese US dollar bond index (Bloomberg Barclays) rose 0.02% week-on-week, and the emerging market US dollar bond index rose 0.09%. The investment-grade index closed at 202.8433, down 0.06% week-on-week, while the high-yield index closed at 161.5312, up 0.63% week-on-week. The Chinese US dollar bond return index (Markit iBoxx) rose 0.05% week-on-week. The investment-grade return index closed at 244.7063, up 0.03% week-on-week, and the high-yield return index closed at 243.2798, up 0.23% week-on-week [4][9][15] 2.2 Chinese US Dollar Bond Industry Performance - In terms of industries, the communication and materials sectors led the gains, while the real estate and non-essential consumption sectors led the losses. The communication sector was mainly affected by the rising prices of companies such as Bilibili and 21Vianet, with yields down 53.3bps. The materials sector was mainly affected by the rising prices of companies such as Silvercorp Metals and Jingjiang Port Group, with yields down 25.6bps. The real estate sector was mainly affected by the falling prices of companies such as Times China Holdings and Sino-Ocean Group, with yields up 6.1Mbps. The non-essential consumption sector was mainly affected by the falling prices of companies such as NIO and First Real Estate Group, with yields up 44.6bps [18] 2.3 Chinese US Dollar Bond Rating Performance - According to Bloomberg's comprehensive rating, investment-grade names had mixed performance, with A-rated names' weekly yields up 1.3bps and BBB-rated names' weekly yields down 5.2bps. High-yield names mostly rose, with BB-rated names' yields down 9.9bps, DD+ to NR-rated names' yields down about 13.0bps, and unrated names' yields up 2.1Mbps [19] 2.4 Last Week's Bond Market Hot Events - R&F Properties failed to repay the principal and interest of "20 R&F Properties PPN001" totaling approximately 1.138 billion RMB on schedule and is working hard to raise funds. Sunac China Holdings' subsidiary is involved in a major lawsuit, which has a certain adverse impact on the company's production, operation, and solvency, and the company is actively negotiating solutions [20][21][22] 2.5 Last Week's Subject Rating Adjustments - Kuaishou's long-term issuer credit rating was rated A- by S&P, A3 by Moody's, and A- by Fitch, with a stable outlook. The rating reflects Kuaishou's position as one of China's leading social media platforms, its large user base, high user engagement, and strong monetization ability. Linyi Dongcheng Construction Investment Group's issuer rating was upgraded by United International, reflecting its increasing contribution to the industrial operation in Hedong District, Linyi City, and its expanding business scope [24][25] 3. US Treasury Bond Quotes - Quotes of US Treasury bonds with maturities over 6 months are provided, sorted by yield to maturity from high to low, showing details such as maturity date, current price, yield to maturity, and coupon rate [26][28] 4. Macroeconomic Data Tracking - As of January 16, the yields of US Treasury bonds were as follows: 1-year (T1) at 3.5349%, up 3.80bps from last week; 2-year (T2) at 3.586%, up 5.39bps; 5-year (T5) at 3.8152%, up 6.53bps; 10-year (T10) at 4.2229%, up 5.76bps [31] 5. Macroeconomic News - In December 2025, the US CPI rose 2.7% year-on-year, and the core CPI rose 2.6%, both unchanged from the previous value. Trump said he has no plan to remove Powell from office. US retail sales in November 2025 increased 0.6% month-on-month, the fastest growth since July 2025. The US White House announced a 25% tariff on certain semiconductors. Trump said countries doing business with Iran will face a 25% tariff. US Republican lawmakers support strengthening the supervision of lawmakers' stock trading. In November 2025, Japan increased its holdings of US Treasury bonds, while China reduced its holdings. The Prime Minister of Japan announced the intention to dissolve the House of Representatives. The Bank of Korea maintained the benchmark interest rate at 2.5%. The Shanghai, Shenzhen, and Beijing Stock Exchanges increased the margin ratio for margin trading. The central bank introduced a series of measures to support high-quality economic development. In 2025, China's aggregate financing increment was 35.6 trillion RMB, 3.34 trillion RMB more than the previous year. The policy of tax refund for home replacement was extended until the end of 2027 [5][32][46]

Report Industry Investment Rating No relevant content provided. Core View of the Report - The primary market issuance of Chinese offshore bonds remained at a low level last week due to the New Year's Day holiday, with only 2 new bonds issued, totaling approximately $38 million. The secondary market's high-yield segment outperformed the investment-grade segment. The yields of short - and long - term US Treasuries showed a divergent trend [1][2][3]. Summary by Directory 1. Primary Market - Affected by the New Year's Day holiday, the primary market issuance of Chinese offshore bonds remained low, with 2 new bonds issued, totaling about $38 million. Chongqing Puli Development issued a senior bond worth 220 million RMB, the largest issuance last week, and Zhangdian State - owned Assets issued a senior unsecured bond worth 48 million RMB with a coupon rate of 6.9%, the highest - priced new bond last week [7][8][10]. 2. Secondary Market 2.1 Chinese US Dollar Bond Index Performance - The Chinese US dollar bond index (Bloomberg Barclays) declined 0.04% week - on - week, while the emerging market US dollar bond index rose 0.03%. The investment - grade index of Chinese US dollar bonds closed at 202.6423, down 0.06% week - on - week, and the high - yield index closed at 160.354, up 0.11% week - on - week. The Chinese US dollar bond return index (Markit iBoxx) rose 0.03% week - on - week. The investment - grade return index closed at 244.3846, up 0.01% week - on - week, and the high - yield return index closed at 241.6935, up 0.16% week - on - week [11][14]. 2.2 Chinese US Dollar Bond Performance by Industry - Different industries showed different yield changes. The communication and energy sectors led the rise, with yields down 14.6bps and 5.8bps respectively. The real estate and essential consumer sectors led the decline, with yields up 13.7Mbps and 99.9bps respectively [18][23]. 2.3 Chinese US Dollar Bond Performance by Different Ratings - According to Bloomberg's comprehensive ratings, investment - grade names generally declined, with the weekly yield of A - rated names up 0.8bps and that of BBB - rated names up 1.9bps. Most high - yield names declined, with the yield of BB - rated names down 4.1bps, the yield of DD+ to NR - rated names up about 12.0bps, and the yield of unrated names up 4.4Mbps [20]. 2.4 Hot Events in the Bond Market Last Week - China Jinmao provided asset collateral for the debt of "23 Jinmao MTN001". Fantasia Group had overdue borrowing principal of 1.4411 billion yuan as of November 30, 2025. Shanghai Shimao Construction had new overdue interest - bearing debts of about 1.85 billion yuan from December 22 to 28, 2025 [24][25][26]. 2.5 Main Rating Adjustments Last Week - Moody's downgraded Vanke's corporate family rating to Ca from Caa2 and maintained a negative outlook. United International rated Quzhou Grand Garden Group A - with a stable outlook. Zhongchengxin Asia - Pacific rated Sanya Urban Transport Group Ag - with a stable outlook [28]. 3. US Treasury Bond Quotes - The table shows the quotes of 30 US Treasury bonds with maturities over 6 months, sorted by yield to maturity from high to low, including information such as code, maturity date, current price, yield to maturity, and coupon [29]. 4. Macro Data Tracking - As of January 2, the yields of US Treasury bonds showed different trends. The 1 - year yield was 3.4666%, down 1.24bps from last week; the 2 - year yield was 3.4733%, down 0.57bps; the 5 - year yield was 3.7427%, up 4.69bps; and the 10 - year yield was 4.1907%, up 6.3bps [33]. 5. Macro News - The Fed's December meeting minutes showed serious disagreements. The US initial jobless claims were lower than expected. New US tax measures for some cross - border remittances came into effect. The Bank of Korea will comprehensively revise monetary and liquidity statistics. The Bank of Japan's December policy meeting minutes hinted at future interest rate hikes. Turkey implemented a visa - free policy for Chinese ordinary passport holders. China's manufacturing, non - manufacturing, and composite PMIs in December 2025 all entered the expansion zone. China's service trade grew steadily in the first 11 months of 2025. China had a current account surplus of $492.8 billion in the first three quarters of 2025. The operating income of state - owned enterprises from January to November 2025 increased 1% year - on - year. China's foreign debt scale decreased steadily. The 2026 national subsidy plan was officially released. The decline in China's national commercial housing transaction volume in 2025 narrowed compared to the previous year. The average price of new homes in 100 Chinese cities in December 2025 increased both month - on - month and year - on - year, while the average price of second - hand homes decreased. The auto market is expected to have positive growth in January 2026 and face more pressure in February [32][34][40].

Group 1 - The Federal Reserve Governor Milan warned that if the U.S. central bank does not continue to lower interest rates next year, it may increase the risk of the economy falling into recession [2] - Milan indicated that recent employment data suggests the unemployment rate "may be higher than previously expected," which could prompt the Fed to continue adjusting its policy towards easing [2] - Since joining the Federal Reserve Board in September, Milan has advocated for larger rate cuts, and his term will end in January [2] Group 2 - The Fed has cumulatively cut rates by 75 basis points since September, and the necessity for a further 50 basis point cut at the next meeting has diminished, although Milan has not made a final judgment [2] - The Fed's recent rate cut of 25 basis points has revealed significant internal divisions regarding future policy paths, with most officials expecting only one more cut next year [2] - Concerns remain among some regional Fed presidents about inflation being nearly one percentage point above the 2% target, while rising unemployment exacerbates worries about a potentially weakening labor market [2]

1. Report Industry Investment Rating - No relevant information provided 2. Core Views of the Report - Last week, the issuance volume in the primary market of Chinese offshore bonds slightly declined, with 12 new bonds issued, totaling approximately $2.79 billion. The secondary market showed a slight increase. The yields of most US Treasuries moved slightly upwards. The Chinese US dollar bond index and return index both rose on a weekly basis [1][5]. - Various macro - events occurred globally, including changes in economic data in the US, Europe, Asia, and policy adjustments in different countries. In China, there were changes in GDP growth, real - estate market, and bond financing in the real - estate industry [6]. 3. Summary by Directory 3.1 Primary Market - The issuance volume of Chinese offshore bonds in the primary market slightly declined last week. Twelve new bonds were issued, with a total scale of about $2.79 billion. The largest issuance was a $700 million bond by China Three Gorges Corporation, and the bond with the highest coupon rate was a 175 million RMB bond issued by Weifang Ocean Investment Group Co., Ltd. with a coupon rate of 6.9% [7][10]. 3.2 Secondary Market 3.2.1 Chinese US Dollar Bond Index Performance - The Chinese US dollar bond index (Bloomberg Barclays) rose 0.14% on a weekly basis, and the emerging - market US dollar bond index rose 0.45%. The investment - grade index closed at 202.7346, up 0.15% week - on - week, and the high - yield index closed at 164.2079, up 0.06% week - on - week. The Chinese US dollar bond return index (Markit iBoxx) rose 0.16% on a weekly basis [5][11][15]. 3.2.2 Chinese US Dollar Bond Industry Performance - In terms of industries, the consumer staples and materials sectors led the gains, while the real - estate and healthcare sectors led the losses. The yield of the consumer staples sector decreased by 86.6bps, and that of the materials sector decreased by 64.1bps. The yield of the real - estate sector increased by 2.2Mbps, and that of the healthcare sector increased by 12.7bps [21]. 3.2.3 Chinese US Dollar Bond Different Rating Performance - According to Bloomberg composite ratings, investment - grade names all rose, with the weekly yield of A - rated names decreasing by 0.6bps and that of BBB - rated names decreasing by 16.1bps. High - yield names mostly fell, with the yield of BB - rated names decreasing by 0.1bps, the yield of DD+ to NR - rated names increasing by about 558.2bps, and the yield of unrated names increasing by 325.1bps [23]. 3.2.4 Last Week's Bond Market Hot Events - Zhenro Properties Holdings failed to pay the interest of about 12.65 million yuan on "H Zhenro 3 You". CIFI Holdings Group is expected to default on the principal and interest of CIFIHG 5.95 10/20/25 [26][27]. 3.2.5 Last Week's Subject Rating Adjustments - Ratings of some companies were adjusted, including Hangzhou Jintou, CRRC Zhuzhou, Orient Securities, Prudential, Jinjiang International, Vanke, New Oriental, China Tourism Group, and Longfor Group. Reasons for adjustments varied from policy functions, financial conditions, business operations, to market competition [29][31]. 3.3 US Treasury Quotes - The report provides quotes of 30 US Treasuries with maturities over 6 months, sorted by yield to maturity from high to low, including information such as code, maturity date, current price, yield to maturity, and coupon [32]. 3.4 Macro Data Tracking - As of October 24, the yields of US Treasuries were as follows: 1 - year (T1) was 3.583%, up 3.02bps from last week; 2 - year (T2) was 3.4799%, up 2.26bps; 5 - year (T5) was 3.6053%, up 1.37bps; 10 - year (T10) was 4.0007%, down 0.81bps [36]. 3.5 Macro News - The total US national debt exceeded $38 trillion for the first time. The US September CPI was lower than market expectations. The US October manufacturing PMI and services PMI were both better than expected. The Fed plans to relax the capital requirement proposal for large - scale banks. The US and Australia signed a critical minerals agreement. The US September existing - home sales reached the highest level in seven months. The Bank of Korea maintained the benchmark interest rate at 2.5%. The Central Bank of Turkey cut the benchmark interest rate by 100 basis points. Japan plans to launch a new round of economic measures. Japan's September exports increased by 4.2% year - on - year. The UK September CPI was lower than market expectations. Indonesia plans to issue sovereign bonds denominated in offshore RMB. FTSE Russell updated the inclusion criteria of the FTSE China On - shore RMB Bond Index. China's GDP in the first three quarters increased by 5.2% year - on - year. In September, the decline in new - home prices in first - and second - tier cities widened. The bond financing in the real - estate industry in September was 56.1 billion yuan, a year - on - year increase of 31% [35][36][38]