Primary Market - A total of 37 offshore bonds were issued by Chinese entities this week, including 3 RMB bonds, 29 USD bonds, 3 HKD bonds, 1 JPY bond, and 1 GBP bond, with issuance scales of 2.675 billion RMB, 12.738 billion USD, 1.4 billion HKD, 8 billion JPY, and 250 million GBP [1] - The largest single issuance in the offshore RMB bond market was 1.5 billion RMB by the London branch of the Bank of China, while the highest coupon rate for RMB bonds was 6.9% issued by Weifang Ocean Investment Group [1] - In the USD bond market, the largest single issuance was 5 billion USD by the International Bank for Reconstruction and Development, with the highest coupon rate of 7.75% issued by Prologis China Holdings [1] Secondary Market - The yield on Chinese USD bonds collectively increased this week, with the Markit iBoxx Chinese USD bond composite index rising by 0.06% to 251.53 [2] - The investment-grade USD bond index increased by 0.15% to 244, while the high-yield USD bond index rose by 0.24% to 246.04 [2] - The real estate USD bond index increased by 0.23% to 187.58, and the city investment bond index rose by 0.2% to 152.88 [2] - The financial USD bond index saw a 0.14% increase, reaching 290.87 [2] Benchmark Spread - The spread between the 10-year benchmark yields of China and the U.S. narrowed to 214.99 basis points, a decrease of 10.37 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 Lankai City State-owned Capital Operation Co., Ltd. and Shandong Heze Construction Group Co., Ltd. [4] - Moody's downgraded China Tourism Group's issuer rating to "Baa1" with a stable outlook, and Vanke Enterprises Co., Ltd.'s family rating was downgraded to "Caa2" with a negative outlook [4] Default and Extension - Taihe Group announced an extension of 1.688 billion RMB debt for its subsidiary, Zhuhai Free Trade Zone Qihang Logistics Co., Ltd., with the maturity date adjusted to October 26, 2026 [5] Domestic News - As of the end of September 2025, foreign institutions held 3.78 trillion RMB in the interbank bond market, accounting for approximately 2.2% of the total custody volume [6] - The Bond Connect Northbound trading volume reached 581 billion RMB in September, with an average daily trading volume of 25.3 billion RMB [7] - The first "Yulan Bond" in the financial leasing industry was successfully issued by China Everbright Financial Leasing Co., Ltd., with a scale of 1 billion RMB and a 3-year term at an interest rate of 2.02% [8] Overseas News - The Indonesian government successfully issued its first offshore RMB bond, totaling 6 billion RMB, marking a milestone for Southeast Asian sovereign institutions [9] - The U.S. federal government debt exceeded 38 trillion USD for the first time, reflecting a significant increase in the national debt [10] Offshore Bond Alerts - Zhengrong Real Estate Holdings reached a settlement in a loan dispute involving 467 million RMB [11] - Feicheng Huayu applied for the listing of a 248 million RMB bond on the MOX exchange [12] - Shangkun Real Estate will be delisted from the Hong Kong Stock Exchange on October 27, 2025, due to failure to resume trading [13]

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]