本周市场情况 一级市场： 据新华财经统计，近两周（2025年6月30日至7月11日）共发行49笔中资离岸债券，其中包括8笔离岸人民币债券、25笔美元债券、6笔港 币债券、10笔欧元债券，发行规模分别为66.87亿人民币、35.652亿美元、32.5亿港币和21.24亿欧元。本周发行方式为直接发行的债券共 30只，担保发行的债券共13只，直接发行+担保发行共4只，维好协议+担保发行共2只。 在离岸人民币债券领域，近两周人民币企业债单笔最大发行规模为35亿元人民币，由厦门象屿集团有限公司发行。近两周人民币债券发 行最高票息为7.5%，由伊川财源实业投资有限责任公司发行。 在中资美元债券市场，近两周美元企业债单笔最大发行规模为6亿美元，由中信证券国际有限公司发行。近两周最高美元债发行票息为 6.9%，由泰安高新建设集团有限公司发行。 二级速览： 本周中资美元债收益率多数上涨。截至北京时间7月11日18时，Markit iBoxx中资美元债综合指数上涨0.12，报244.3；投资级美元债指数 周度上涨0.14%，报236.96；高收益美元债指数周度下跌0.03%，报239.29。本周，地产美元债指数周度下跌0.1%， ...

本周市场情况 二级速览： 本周中资美元债收益率全线下跌。截至北京时间6月27日18时，Markit iBoxx 中资美元债综合指数上涨0.47，报244.11；投资级美元债指数周度上涨0.17%， 报142.21；高收益美元债指数周度上涨0.44%，报238.27。本周，地产美元债指数周度上涨0.64%，报181；城投美元债指数周度上涨0.18%，报 149.41；金融 美元债指数周度下跌0.3%，报 248.21。 据中国经济信息社企业外债风险监测系统，本周中资离岸债周度涨幅最大的是中国奥园发行的中资美元债券（CAPG 0% 9/30/28），周度上涨188.89%，报 6.50。 | | | 中资离岸债周度(06.23 - 06.27)价格涨幅榜Top 10 | | | --- | --- | --- | --- | | TOP | 债券简称 | 主体名称 | 现价 | | 1 | CAPG 0% 9/30/28 | 中国奥园集团股份有限公司 | 6.50 | | 2 | HKJHCC 4.75% 12/14/21 | 北大方正集团有限公司 | 9.52 | | 3 | MOLAND 8% 12/30/2 ...

本周市场情况 一级市场： 据新华财经统计，本周（2025年6月9日-6月13日）共24发行笔中资离岸债券，其中包括4笔离岸人民币债券、11笔美元债、7笔港元债、1笔新加坡元债和1笔 欧元债，发行规模分别为142.717亿人民币、19.226亿美元、784.86亿港元、1.25亿新加坡元和1.5亿欧元。本周发行方式为直接发行的债券共14只，担保发行 的债券共8只，直接发行+担保发行共2只。 在离岸人民币债券领域，本周人民币企业债单笔最大发行规模为11亿元人民币，由信银（香港）投资有限公司发行。本周人民币债券发行最高票息为 6.9%，由邹城市城资控股集团有限公司发行。 在中资美元债券市场，本周美元企业债单笔最大发行规模为5亿美元，由广东恒健投资控股有限公司发行。本周最高美元债发行票息为11.88%，由新城发展 控股有限公司发行。 二级速览： 本周中资美元债收益率全线上涨。截至北京时间6月13日18时，Markit iBoxx中资美元债综合指数上涨0.27，报 243；投资级美元债指数周度上涨 0.27%，报 235.85；高收益美元债指数周度上涨 0.29%，报 236.99。本周，地产美元债指数周度上涨0.6% ...

本周市场情况 一级市场： 据新华财经统计，本周（2025年6月2日- 6月6日）共23发行笔中资离岸债券，其中包括8笔离岸人民币债券、9笔美元债券、4笔港币、1笔新加坡元债券和1 笔欧元债券，发行规模分别为142.717亿元人民币、27.447亿美元、815.87亿港币、8亿新加坡元和10亿欧元。本周发行方式为直接发行的债券共14只，担保 发行的债券共4只，直接反发行+担保发行共2只，SBLC发行共3只。 在离岸人民币债券领域，本周人民币企业债单笔最大发行规模为20亿元人民币，由国家电网有限公司发行。本周人民币债券发行最高票息为6.9%，由潍坊 市海洋投资集团有限公司发行。 在中资美元债券市场，本周美元企业债单笔最大发行规模为4亿美元，由上海浦东发展银行股份有限公司伦敦分行发行。本周最高美元债发行票息为6.4%， 由广西崇左市城市建设投资发展集团有限公司发行。 二级速览： 本周中资美元债收益率多数下跌。截至北京时间6月6日18时，Markit iBoxx中资美元债综合指数与上周持平，报242.35；投资级美元债指数周度上涨0.04%， 报235.23；高收益美元债指数周度下跌0.26%，报236.3。本周，地 ...

近两周中资美元债收益率多数上行。截至北京时间5月30日18时，Markit iBoxx中资美元债综合指数周度上涨0.42%，报242.22；投资级美元债指数周度上涨 0.49%，报234.97；高收益美元债指数周度下跌0.06%，报237.09。本周，地产美元债指数周度下跌0.33%，报180.27；城投美元债指数周度上涨0.11%，报 148.72；金融美元债指数周度上涨0.12%，报282.57。 据中国经济信息社企业外债风险监测系统，本周中资离岸债周度涨幅最大的是正荣地产发行的中资美元债券（ZHPRHK 9.15% 5/6/23），周度上涨 148.37%，报0.75。 本周市场情况 一级市场： 据新华财经统计，本周（2025年5月26日- 5月30日）共发行18笔中资离岸债券，其中包括12笔美元债券、6笔港元债券，发行规模分别为22.774亿美元、 838.78亿港元，本周无离岸人民币债券发行。本周发行方式为直接发行的债券共10只，担保发行的债券共4只，直接发行+担保发行共2只，维好协议方式发 行的共2只。 在中资港元债券领域，本周港元企业债单笔发行最大规模为10亿元港元，由香港按揭证券有限公司发行。 ...

本周市场情况 一级市场： 据新华财经统计，本周（2025年5月19日- 5月23日）共发行18笔中资离岸债券，其中包括4笔离岸人民币债券、11笔美元债券、3笔港币债券，发行规模分别 为33.3396亿人民币、33.429亿美元、815.31亿港币。本周发行方式为直接发行的债券共9只，担保发行的债券共3只，直接发行+担保发行共1只，维好协议 +担保发行共3只，采用银行备用信用证SBLC方式发行的共2只。 在离岸人民币债券领域，本周人民币企业债单笔发行最大规模为20亿元人民币，由中国建设银行股份有限公司香港分行发行。本周人民币债券发行最高票息 为6.9%，由潍坊市海洋投资集团有限公司发行。 在中资美元债券市场，本周美元企业债单笔最大发行规模为10亿美元，由中国建设银行股份有限公司香港分行发行。本周最高美元债发行票息为6.925%， 由中国宏桥集团有限公司发行。 二级速览： 本周中资美元债收益率涨跌不一。截至北京时间5月23日18时，Markit iBoxx中资美元债综合指数周度下跌0.06%，报241.2；投资级美元债指数周度下跌 0.07%，报233.82；高收益美元债指数周度下跌0.03%，报237.22。本 ...

Primary Market - In the past two weeks (April 28, 2025 - May 9, 2025), a total of 23 offshore bonds were issued by Chinese entities, including 4 RMB bonds, 8 USD bonds, 9 HKD bonds, and 2 EUR bonds, with issuance scales of 1.716 billion RMB, 582.57 million USD, 145.156 billion HKD, and 16 million EUR respectively [2] - The largest single issuance in the RMB bond market was 1 billion RMB by Hong Kong and China Gas Company Limited, while the highest coupon rate was 6.5% issued by Neijiang Investment Holding Group Co., Ltd [2] - In the USD bond market, the largest single issuance was 100 million USD, with three bonds reaching this scale, issued by Industrial and Commercial Bank of China London Branch, China Construction Bank, and Zhongyuan Asset Management Co., Ltd. The highest coupon rate was 7.6% issued by Xianning Urban Development Group Co., Ltd [2] Secondary Market Overview - In the past two weeks, the yield on Chinese USD bonds mostly declined. As of May 9, 2025, the Markit iBoxx Chinese USD Bond Composite Index fell by 0.17% to 241.03, while the investment-grade USD bond index decreased by 0.24% to 233.84, and the high-yield USD bond index dropped by 0.31% to 235.76 [3] - The real estate USD bond index increased by 0.53% to 179.64, while the city investment USD bond index rose by 0.11% to 148.21, and the financial USD bond index slightly increased by 0.03% to 281.54 [3] Price Movements - The largest weekly price increase among Chinese offshore bonds was for the bond issued by Zhengrong Real Estate Group Co., Ltd., which rose by 164.85% to 1.03 [4] - The largest weekly price decrease was for the bond issued by Peng Bo Telecom Media Group Co., Ltd., which fell by 74.43% to 1.95 [5] Benchmark Spread - As of May 9, 2025, the spread between the 10-year benchmark government bonds of China and the US widened to 275.98 basis points, an increase of 22.46 basis points since April 30, 2025 [6] Rating Changes - On April 30, 2025, China Chengxin International Credit Rating Co. withdrew the long-term credit rating of "BBBg-" for Longyou County State-owned Assets Management Co., Ltd. due to commercial reasons [9] - Moody's maintained the "A2" issuer rating for China State Construction Engineering Corporation, changing the outlook from "stable" to "negative" [9] - On May 6, 2025, United Ratings terminated the credit rating for Suining Xingye Investment Group Co., Ltd. [9] Default and Extension - Zhongjun Group announced it would likely be unable to repay the principal and interest of the CHINSC 7 05/02/25 bond on time, leading to its delisting on May 2, 2025 [10] Domestic News - The interbank bond market officially launched technology innovation bonds, with 36 companies announcing a total issuance of 21 billion RMB as of May 8, 2025 [12] - The total scale of bonds issued and listed by financial institutions in Macau exceeded 900 billion MOP, with a year-on-year growth of 25.7% [13] - Starting May 6, 2025, the London Clearing House began accepting offshore Chinese government bonds as eligible non-cash collateral [14] Overseas News - The Federal Reserve decided to maintain the benchmark interest rate at 4.25%-4.50%, leading to a recovery in US Treasury trading sentiment [15] - The Bank of England announced a 25 basis point reduction in the benchmark interest rate to 4.25% on May 8, 2025 [17] Offshore Debt Alerts - Country Garden extended the deadline for its restructuring support agreement fee to June 6, 2025, with over 50% of public noteholders participating [18] - Aoyuan Group plans to hold a bondholder meeting to adjust the repayment scheme for "H20 Aoyuan 2" [19] - CIFI Group announced the sale of part of its assets to prioritize repayment of "H21 CIFI 3" bondholders [20] - Vanke decided to fully redeem its domestic bonds "20 Vanke 06" and "22 Vanke 03," totaling 1.55 billion RMB [21] - Poly Real Estate reported a contract sales amount of 564 million RMB for April 2025 [22]

Primary Market - A total of 19 offshore bonds were issued this week, including 6 offshore RMB bonds, 6 USD bonds, 4 HKD bonds, and 3 EUR bonds, with issuance sizes of 54.2 billion RMB, 615 million USD, 798.8 billion HKD, and 1.9 million EUR respectively [1] - The largest single issuance in the offshore RMB bond market was 1 billion RMB by the Asian Development Bank, while the highest coupon rate was 6.5% issued by Huangshi Chantuo Holdings Group [1] - In the USD bond market, the largest single issuance was 200 million USD by Chengdu Economic Development Investment Group, with the highest coupon rate of 7.0% from two issuers: Fuzhou Digital Economy Investment Group and Emei Mountain Modern Agriculture Development Group [1] Secondary Market - The yield on Chinese offshore USD bonds rose across the board this week, with the Markit iBoxx Chinese USD bond composite index increasing by 0.33% to 240.93 [2] - The real estate USD bond index saw a significant increase of 1.94%, closing at 180.28, while the city investment bond index rose by 0.14% to 148.05 [2] Price Movements - The largest weekly price increase in Chinese offshore bonds was for the MOLAND 8% 12/30/24 bond from Contemporary Land, which rose by 56% to 2.75 [3] - The largest weekly price drop was for the HONGSL 5% 8/19/29 bond from Hongyang Group, which fell by 125.84% to 6.72 [5] Benchmark Spread - The spread between the 10-year benchmark government bonds of China and the US narrowed to 265.35 basis points, a decrease of 3.21 basis points from the previous week [6] Rating Changes - Moody's maintained the "A3" issuer ratings for China Railway Group and China Railway Construction, changing the outlook from "stable" to "negative" on April 24 [9] - Moody's also maintained the "Baal" issuer rating for China Communications Construction Group, adjusting the outlook to "negative" on April 25 [9] Defaults and Extensions - Xinyuan (China) Real Estate's bond "H20 Xinyuan 1" received approval for a 2-year extension, with the new maturity date set for November 13, 2027 [10] - Sunshine City Group failed to make timely payments on its 2020 first phase medium-term notes, with the company unable to raise sufficient funds by the accelerated maturity date [11] Market News - The issuance of the 2025 ultra-long special treasury bonds began on April 24, with a total planned issuance of 1.3 trillion RMB [12] - The first data center holding-type real estate ABS in the country was listed on the Shanghai Stock Exchange, raising a total of 1.6092 billion RMB [13] - The People's Bank of China conducted a 600 billion RMB MLF operation to maintain liquidity in the banking system [14] Overseas News - Some Federal Reserve officials hinted at the possibility of earlier interest rate cuts if economic conditions worsen [15] - Demand for US Treasury bonds from overseas reached a new low, with indirect bidders accounting for only 56.2% of the latest auction [16] Offshore Bond Alerts - Zhengrong Real Estate's proposal to extend the "H20 Zhengrong 2" bond was not approved, leading to a failure to repay interest [17] - Futong Group plans to pay interest on "H21 Futong 1" by April 28, 2025 [18] - The proposal for delisting 18 company bonds from AVIC Industrial was not approved, and the bonds will resume trading [19] - Aoyuan Group announced that three bonds, including "H20 Aoyuan 1," will be suspended from trading starting April 28 [20]