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[3][4] Credit Ratings - On June 9, Mudanjiang Urban Investment Group's "BB+" international long-term issuer rating was withdrawn at the company's request [9] - On June 10, Chengdu Jiaozi Modern Urban Industrial Development Co., Ltd.'s "BBB" international long-term issuer rating was also withdrawn for commercial reasons [9] Domestic News - As of June 7, the issuance of technology innovation bonds exceeded 370 billion RMB, with 147 institutions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]