Group 1 - Tsinghua Unic Limited announced the proposed restructuring of guaranteed bonds and the continued suspension of the 2028 bonds [2][3] - The 2028 bonds have a total scale of $200 million with a coupon rate of 6.50%, maturing in 2028 [2] - The guarantor, Tsinghua Unigroup Co., Ltd, has made a payment of approximately 709.28 million RMB related to the repurchase debt [3] Group 2 - The payment made by the guarantor is related to 6% of the original unpaid principal amount of the repurchase debt due on January 15, 2025, and accrued interest for debts maturing on January 15, April 15, and July 15, 2025 [3] - The 2028 bonds have been suspended from trading on the Hong Kong Stock Exchange since November 18, 2020, and will remain suspended until further notice [5]

Group 1 - The iBoxx China USD bond investment-grade index rose by 0.59% and the speculative-grade index increased by 1.25% [2] - The People's Bank of China and six departments issued guidelines to support consumption and stabilize economic expectations, emphasizing the importance of monetary policy and fiscal policy coordination [2] - The manufacturing PMI for June was reported at 49.7%, while the non-manufacturing PMI was at 50.5%, indicating a slight recovery in economic activity [3] Group 2 - The issuance scale of offshore bonds decreased in the primary market, while the secondary market saw slight increases in investment-grade and high-yield bond indices [3] - The energy futures prices dropped due to easing tensions in the Middle East, affecting related bonds in the petrochemical sector [4] - The real estate high-yield bond index showed a slight increase, with companies like Vanke completing significant bond repayments [4] Group 3 - Zhongjun Group signed a restructuring support agreement to restructure $2.271 billion in debt [5] - Shenzhen Longguang Holdings sent a restructuring proposal to creditors for 21 company bonds and asset-backed securities [5] - CIFI Holdings announced that its offshore debt restructuring plan was approved by the court [5] Group 4 - The U.S. core PCE price index rose by 2.7% year-on-year, slightly above market expectations, while personal consumption expenditures fell by 0.3% month-on-month [6] - The Hong Kong government reopened existing 3-year and 5-year government bonds, with issuance sizes of HKD 1.25 billion each [9] - The National Development Bank successfully issued dual-currency bonds in the international market, achieving a high subscription rate [9] Group 5 - S&P restored the credit rating of China Great Wall Asset Management to "BBB" with a stable outlook after a capital injection [15] - Moody's upgraded Shanghai Electric's rating to "Baa2" with a positive outlook, expecting improved leverage ratios [16] - New World Development secured written commitments from all banks for a HKD 87.5 billion refinancing [29]

Core Viewpoint - The recent debt restructuring efforts by various real estate companies, including Longguang, reflect a positive trend in the industry, with significant progress made in addressing debt issues and enhancing investor confidence [1][12]. Group 1: Debt Restructuring Progress - Longguang has accelerated its debt restructuring process, providing a comprehensive plan for 21 bonds and asset-backed securities [1]. - The company has maintained close communication with investors since announcing the restructuring plan in March, optimizing the proposal based on market feedback [2][3]. Group 2: Resource Mobilization - Longguang has raised 500 million USD in cash and stock resources from overseas to support the domestic restructuring plan, including a plan to issue 530 million shares [2]. - The company has categorized 29 previously pledged assets according to their development stages to maximize the utilization of these assets in the restructuring process [2][7]. Group 3: Investor Engagement - Longguang has actively listened to investor feedback, addressing key demands such as cash buyback options and clear asset ownership [3][11]. - The restructuring plan includes five options: specific asset conversion, asset debt repayment, cash buyback, debt-to-equity swap, and full debt retention, allowing investors to choose based on their preferences [11]. Group 4: Specific Options in Restructuring - The first option allows for full conversion of specific assets into trust shares without principal reduction, ensuring investor capital is protected [4][5]. - The asset debt repayment option has improved the exchange ratio from 100:25 to 100:35, enhancing the value for investors [6][7]. - The cash buyback option has increased the buyback price from 15% to 18%, with a mechanism for asset sales to meet excess demand [8][12]. - The debt-to-equity swap involves issuing shares at a price of 6 HKD, with additional rights for investors if stock prices fall below a certain threshold [9][10]. Group 5: Market Response and Future Outlook - Analysts view Longguang's restructuring plan as innovative and sincere, reflecting the company's commitment to resolving debt issues and enhancing investor confidence [12][13]. - The adjustments made in the restructuring plan are expected to attract positive market responses and provide a model for other companies facing similar challenges [12][13].

Core Viewpoint - CIFI Holdings has initiated a debt restructuring plan for its domestic bonds, aiming to provide diversified exit options for creditors through innovative tools rather than traditional extension methods [1] Group 1: Debt Restructuring Plan - On June 13, CIFI sent a targeted proposal for the overall domestic bond restructuring to its bondholders [1] - The creditor meeting is scheduled from June 27 to June 30 to formally start the voting process for the debt restructuring [1] - The restructuring proposal includes adjustments to the principal and interest payment arrangements and enhancement measures for the outstanding bonds [1] Group 2: Options for Creditors - CIFI's restructuring plan offers various options for creditors, including bond buyback options, equity economic rights options, debt-for-equity options, and general creditor options [1] - This approach differs from traditional single extension models by integrating innovative tools to provide multiple exit channels for creditors [1]

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]

Group 1: Real Estate Market in Fujian - In the first four months of 2025, the sales area of new commercial housing in Fujian decreased by 16.9%, with residential sales area down by 16.6% [1] - The sales revenue of new commercial housing fell by 12.1%, while residential sales revenue declined by 13.3% [1] - As of the end of April, the unsold commercial housing area increased by 9.1%, with residential unsold area rising by 15.7% [1] Group 2: Housing Subsidy in Zhuhai - Zhuhai has introduced a "housing exchange" subsidy program, effective from May 6, 2025, to May 5, 2026 [2] - Individuals purchasing new commercial housing in Zhuhai can receive a subsidy of 1% of the new home's contract price, capped at 30,000 yuan, when selling their old home [2] - The subsidy application can be made regardless of the order of selling the old home and buying the new one, following a "sell one, buy one" principle [2] Group 3: Corporate Governance Changes at China Jinmao - China Jinmao announced the resignation of independent non-executive director Su Xijia, who will step down after the upcoming annual general meeting on June 17, 2025 [3] - Liu Feng has been nominated by the remuneration and nomination committee to be appointed as an independent non-executive director [3] Group 4: Debt Restructuring at Country Garden - Country Garden disclosed that over 70% of the holders of its public notes have joined the restructuring support agreement [4] - The company is extending the deadline for early bird restructuring support agreement fees from May 23, 2025, to June 6, 2025, and for general restructuring support agreement fees from June 6, 2025, to June 20, 2025 [4] Group 5: CIFI Holdings Debt Restructuring Plan - CIFI Holdings announced a debt restructuring plan involving seven domestic bonds with a total principal balance of 10.06 billion yuan [5] - The restructuring offers bondholders four options: bond buyback, equity economic rights, debt-for-equity swaps, and general debt claims [5] - If bondholders do not select any of the options, their bonds will enter a full repayment extension plan [5]

Group 1 - CIFI Holdings Group Limited announced a plan to issue corporate bonds in the domestic market and list them on the Shanghai Stock Exchange [1] - The company plans to initiate a cash tender offer to repurchase its outstanding bonds at a price of 18% of the face value, with a total cash amount not exceeding RMB 200 million [1] - The maximum principal amount of the bonds accepted under this option is expected to be approximately RMB 1.1 billion [1] Group 2 - CIFI Holdings intends to coordinate with its controlling shareholder to issue a specific number of company shares in Hong Kong, with approximately 6 shares issued for every RMB 100 face value of the bonds [2] - The total number of new shares to be issued is estimated to be around 680 million, subject to the final choice of the bondholders [2] - Bondholders will have the right to instruct the sale of the allocated shares after issuance, with proceeds to be used for repayment [2] Group 3 - The company plans to establish a service trust by entrusting specific assets and corresponding income rights held by its indirectly controlled subsidiaries to a trust company [3] - Bondholders can exchange their bonds for trust shares at a rate of up to RMB 35 per RMB 100 face value of the bonds [3] - The maximum principal amount of bonds accepted under this option is expected to be approximately RMB 6 billion [3] Group 4 - If bondholders do not choose the aforementioned options, the remaining principal will be extended for 9.5 years, with cash payments starting from July 18, 2030 [4] - The interest rate will be uniformly reduced to 1% from the benchmark date, with past and deferred interest accruing until the final principal payment date [4] - The restructuring plan aims to provide a viable solution for bondholders while addressing the company's overall operational status [4]