Primary Market - This week (September 29 - October 3), a total of 11 offshore bonds were issued by Chinese entities, including 1 offshore RMB bond, 5 USD bonds, 4 HKD bonds, and 1 EUR bond, with issuance sizes of 500 million RMB, 1.077 billion USD, 1.52 billion HKD, and 100 million EUR respectively [1] - In the offshore RMB bond sector, the largest single issuance was 500 million RMB, with the highest coupon rate at 1.96%, all issued by CITIC Construction Investment Securities [1] - In the USD bond market, the largest single issuance was approximately 97 million USD, with the highest coupon rate at 4.191%, all issued by AIA Group [1] Secondary Market - The yield on Chinese USD bonds slightly increased this week, with the Markit iBoxx Chinese USD Bond Composite Index rising by 0.29% to 249.92 [2] - The investment-grade USD bond index increased by 0.33% to 242.29, while the high-yield USD bond index rose by 0.05% to 245.67 [2] - The real estate USD bond index increased by 0.06% to 186.95, and the municipal investment USD bond index rose by 0.18% to 152.24 [2] - The financial USD bond index increased by 0.19% to 289.69 [2] Benchmark Spread - As of September 30, the yield spread between 10-year Chinese and U.S. government bonds narrowed to 236.49 basis points, a decrease of 0.48 basis points from the previous week [3] Rating Changes - On October 3, Aoyuan Group announced that it would be unable to meet the scheduled payment for the bonds "H20 Aoyuan 1" and "H21 Aoyuan" by September 30, 2025, and these bonds are subject to a 30-day grace period [5] Domestic News - On September 29, the cross-border bond repurchase business achieved over 5.82 billion RMB in transactions on its first day of operation, involving various types of foreign institutional investors [6] - The first foreign consumer REIT, Huaxia CapitaLand Commercial REIT, was listed on the Shanghai Stock Exchange on September 29, marking an important step in the internationalization and diversification of China's public REIT market [7] - Shanghai issued measures to promote the high-quality development of offshore bonds, aiming to create internationally competitive offshore bonds and encouraging the use of RMB [7] Offshore Debt Alerts - On September 30, Country Garden announced that it has completed the initial draft of a comprehensive solution for its offshore debt and is currently formulating a preliminary restructuring plan [8] - On September 30, CITIC Financial Assets International announced the full redemption of 250 million USD notes [9] - On October 3, Fantasia Holdings disclosed that its offshore debt restructuring plan has received support from creditors, with 84.54% of existing noteholders signing or joining the restructuring support agreement [10]