Primary Market - A total of 24 offshore bonds were issued this week, including 6 RMB bonds, 10 USD bonds, 3 HKD bonds, and 5 EUR bonds, with issuance scales of 8.842 billion RMB, 3.2032 billion USD, 13.195 billion HKD, and 4.85 billion EUR respectively [1] - The largest single issuance in the offshore RMB bond market was 5 billion RMB by Hong Kong Mortgage Corporation Limited, while the highest coupon rate for RMB bonds was 6.9% issued by Zibo High-tech State-owned Capital Investment Co., Ltd [1] - In the USD bond market, the largest single issuance was 1.07197 billion USD, with the highest coupon rate of 9% issued by New World Development Company Limited [1] Secondary Market - The Markit iBoxx China USD Bond Composite Index rose by 0.06% to 251.16, while the investment-grade USD bond index increased by 0.07% to 243.85. The high-yield USD bond index decreased by 0.05% to 244.11 [2] - The real estate USD bond index fell by 0.12% to 183.44, while the city investment bond index rose by 0.09% to 153.36, and the financial bond index increased by 0.08% to 290.78 [2] Benchmark Spread - The spread between the 10-year benchmark government bonds of China and the US narrowed to 228.76 basis points, a decrease of 5.52 basis points from the previous week [3] Rating Changes - Moody's confirmed the "A1" issuer rating for Hong Kong and China Gas Company Limited, changing the outlook from "stable" to "negative" on November 17 [5] Domestic News - The Ministry of Finance and the People's Bank of China announced that savings bonds (electronic) will be included in the personal pension product range starting June 2026 [6] - The Ministry of Finance successfully issued 4 billion euros in sovereign bonds in Luxembourg, with a total subscription amount of 100.1 billion euros, 25 times the issuance amount [7] - The Bond Connect Northbound trading volume reached 572.3 billion RMB in October, with an average daily trading volume of 31.8 billion RMB [8] Overseas News - Major overseas investors held 9.25 trillion USD in US Treasury bonds as of September, with Japan continuing to increase its holdings [9] - Japan's 10-year government bond yield reached 1.765%, the highest since the financial crisis, driven by concerns over potential large-scale fiscal stimulus [10] Default and Restructuring - 78% of creditors have signed a restructuring support agreement with Zhongjun Group Holdings [11] - Western Cement announced a cash offer to repurchase its 4.95% senior notes due in 2026 while issuing new senior notes [12] - Road King Group's subsidiary received a winding-up petition related to approximately 442 million USD in unpaid principal and interest [13]