Primary Market - A total of 24 offshore bonds were issued this week, including 4 offshore RMB bonds, 11 USD bonds, 7 HKD bonds, 1 SGD bond, and 1 EUR bond, with issuance scales of 14.2717 billion RMB, 1.9226 billion USD, 78.486 billion HKD, 125 million SGD, and 150 million EUR respectively [2] - The largest single issuance in the offshore RMB bond market was 1.1 billion RMB by Xinyin (Hong Kong) Investment Co., Ltd. The highest coupon rate for RMB bonds this week was 6.9%, issued by Zoucheng City Investment Holding Group Co., Ltd. [2] - In the USD bond market, the largest single issuance was 500 million USD by Guangdong Hengjian Investment Holdings Co., Ltd., with the highest coupon rate of 11.88% from New Town Development Holdings Limited [2] Secondary Market - The yield of Chinese offshore USD bonds rose across the board this week, with the Markit iBoxx Chinese USD bond composite index increasing by 0.27% to 243 [3] - The real estate USD bond index rose by 0.6% to 179.89, while the city investment USD bond index increased by 0.3% to 149.02 [3] - The largest weekly increase in Chinese offshore bonds was seen in the USD bond issued by Peng Bo Telecom, which surged by 365.79% to 8.85 [3][4] Credit Ratings - On June 9, Mudanjiang Urban Investment Group's "BB+" international long-term issuer rating was withdrawn at the company's request [9] - On June 10, Chengdu Jiaozi Modern Urban Industrial Development Co., Ltd.'s "BBB" international long-term issuer rating was also withdrawn for commercial reasons [9] Domestic News - As of June 7, the issuance of technology innovation bonds exceeded 370 billion RMB, with 147 institutions participating [11] - The total issuance of MOX bonds reached approximately 938.943 billion MOP, with RMB-denominated bonds accounting for about 39.067 billion MOP [12] - Public funds have distributed over 95.643 billion RMB in dividends this year, with bond funds being the main contributors [13] Offshore Debt Alerts - New Town Development announced a cash tender offer for two USD bonds maturing this year, issuing 300 million USD in new bonds with a coupon rate of 11.88% [15] - Rongsheng Development plans to settle debts of approximately 810 million RMB through asset swaps [16] - Kaisa Group seeks to extend its restructuring deadline to September 30, 2025, due to regulatory approval delays [17] - Yuexiu Property secured a sustainable development-linked loan of 1.56 billion HKD with a three-year term [18]

Group 1 - As of March 31, 2025, there are 5,625 issuers of corporate credit bonds and financial bonds in the interbank market, with 3,065 non-financial corporate debt financing tools, 4,189 corporate bonds, and 505 financial bond issuers [1] - The distribution of issuer ratings shows that AA-rated issuers account for 25.51%, 38.74%, and 9.31% respectively, while issuers rated AA+ and above account for 70.54%, 51.47%, and 65.35% [1] - There are 12,266 outstanding local government bonds, with AAA-rated bonds making up 97.11%, and 9,684 asset-backed securities with 44.53% rated AA and above [1] Group 2 - In the first quarter, 15 rating agencies collectively undertook 2,609 bond products, a decrease of 4.92% quarter-on-quarter, and 2,200 issuer ratings, down 21.06% [2] - The leading agencies by business volume are China Chengxin International and United Ratings, with market shares of 33.92% and 20.9% respectively [2] Group 3 - There were 19 rating adjustments made by rating agencies in the first quarter, a decrease of 36% quarter-on-quarter, with 8 positive adjustments and 7 negative adjustments [3] - China Chengxin International made the most positive adjustments, raising the ratings of 4 issuers, while Zhongceng Pengyuan had the most negative adjustments, lowering the ratings of 4 issuers [3] Group 4 - In the first quarter, 114 issuers changed their rating agencies, a decrease of 22 year-on-year and 60 quarter-on-quarter, with an upgrade rate of 7.02% for those whose new agency provided a higher rating [4] - Standard & Poor's (China) upgraded 4 issuers, representing 100% of its new agency assignments [4] Group 5 - As of March 31, 2025, there are 902 issuers with ratings from two or more agencies, representing 17.22% of outstanding bond issuers, with a discrepancy rate of 7.10% [5] - The discrepancies in ratings are all within one sub-level, with China Chengxin International rating 11 issuers higher than others, accounting for 2.14% [5]

Primary Market - A total of 23 offshore bonds were issued this week (June 2 - June 6, 2025), including 8 offshore RMB bonds, 9 USD bonds, 4 HKD bonds, 1 SGD bond, and 1 EUR bond, with issuance scales of 14.2717 billion RMB, 2.7447 billion USD, 81.587 billion HKD, 800 million SGD, and 1 billion EUR respectively [2] - The largest single issuance in the offshore RMB bond market was 2 billion RMB by State Grid Corporation, while the highest coupon rate was 6.9% issued by Weifang Ocean Investment Group [2] - In the USD bond market, the largest single issuance was 400 million USD by Shanghai Pudong Development Bank's London branch, with the highest coupon rate at 6.4% from Guangxi Chongzuo Urban Construction Investment Development Group [2] Secondary Market - Most yields on Chinese USD bonds fell this week, with the Markit iBoxx Chinese USD bond composite index remaining flat at 242.35, while the investment-grade USD bond index rose by 0.04% to 235.23 [3] - The high-yield USD bond index decreased by 0.26% to 236.3, with the real estate USD bond index down 0.58% to 178.81 [3] - The largest weekly gain in offshore Chinese bonds was seen in the USD bond issued by Zhengrong Real Estate, which surged by 242.33% to 1.03 [3] Credit Ratings - Several credit ratings were adjusted this week, including the withdrawal of long-term credit ratings for Tai'an Taishan Holdings and Sheyang State-owned Assets Investment Group due to commercial reasons [10] - Standard & Poor's confirmed the long-term issuer credit rating of Geely Holding Group and Geely Automobile at "BBB-", changing the outlook from "stable" to "negative" [10] Domestic News - In May 2025, real estate companies raised a total of 28.88 billion RMB in bond financing, a year-on-year increase of 23.5%, with an average financing rate of 2.35%, down 0.43 percentage points year-on-year [12] - The Ministry of Finance issued 12.5 billion RMB of government bonds in Hong Kong, with a subscription rate of 3.96 times [13] - The Hong Kong government successfully priced approximately 27 billion HKD of green and infrastructure bonds, marking the longest maturity for HKD bonds issued by the government [14] Overseas News - Eurozone inflation in May fell to 1.9%, below the European Central Bank's target, leading to a decline in Eurozone bond yields [15] - The U.S. Treasury conducted a record $10 billion bond repurchase, viewed as a "mini QE" to enhance liquidity in older bonds [16] Offshore Debt Alerts - Longguang updated its restructuring plan for 21 domestic debts totaling over 21.9 billion RMB, aiming to secure cash for repayment [17] - Ping An Insurance plans to issue 11.765 billion HKD of zero-coupon convertible bonds due in 2030 [18] - CIFI Holdings' offshore debt restructuring plan received overwhelming support from creditors [20] - Shimao Group reported a contract sales amount of approximately 2.135 billion RMB in May 2025 [21]