本周市场情况 一级市场： 据新华财经统计，本周（2025年11月10日-11月14日）共发行23笔中资离岸债券，其中包括7笔人民币债券、11笔美元债券、3笔港币债 券、2笔欧元债券。发行规模分别为107.96亿元人民币、18.25亿美元、32亿港币、7亿欧元。本周发行方式为直接发行的债券共15只，担 保发行的债券共 5只，直接发行+担保发行的债券共2只，采用银行备用信用证（SBLC）方式发行的债券共1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43亿元人民币，由华润置地有限公司发行。本周人民币债券发行最高票 息6.6%，由寿光市城市建设投资开发有限公司发行。 在中资美元债券市场，本周美元企业债单笔最大发行规模5亿美元，由农银国际控股有限公司发行。本周最高美元债发行票息 5.2%，由 亚洲开发银行发行。 二级速览： 本周中资美元债收益率涨跌不一。截至北京时间11月14日18时，Markit iBoxx 中资美元债综合指数与上周持平，报251.02；投资级美元债 指数周度上涨0.02%，报243.69；高收益美元债指数周度下跌0.08%，报244.22。本周，地产美元债指数周度下跌0.34%，报 ...

Primary Market - A total of 26 offshore bonds were issued this week (November 3 - November 7, 2025), including 9 offshore RMB bonds and 17 USD bonds, with issuance scales of 10.3996 billion RMB and 10.58 billion USD respectively [1] - The largest single issuance in the offshore RMB bond market was 3 billion RMB by China Railway Construction Corporation, while the highest coupon rate was 6.6% issued by Shandong High Creation Holdings Group [1] - In the USD bond market, the largest single issuance was 500 million USD by China Cinda (Hong Kong) Holdings, with the highest coupon rate of 5.15% issued by the Asian Development Bank [1] Secondary Market - The yield on Chinese USD bonds mostly declined this week, with the Markit iBoxx Chinese USD Bond Composite Index down 0.02% to 251.02 [2] - The investment-grade USD bond index increased by 0.05% to 243.65, while the high-yield USD bond index decreased by 0.53% to 244.48 [2] - The real estate USD bond index fell by 1.16% to 184.4, while the city investment USD bond index rose by 0.06% to 153 [2] Benchmark Spread - As of November 7, 2025, the spread between the 10-year benchmark government bonds of China and the US narrowed to 228.72 basis points, a decrease of 1.52 basis points from the previous week [3] Rating Changes - On November 3, China Chengxin International Credit Rating Co. withdrew the long-term credit rating of "BBBg-" for Chongqing Fuling Lingang Economic Zone Construction Development Group due to commercial reasons [5] - On November 6, Fitch Ratings withdrew the "A-" rating for Jiangxi Railway Aviation Investment Group Co., Ltd. as the company chose not to participate in the rating process [5] Domestic News - The People's Bank of China resumed open market operations for government bond trading, with a net injection of 20 billion RMB in October [6] - On November 5, the Ministry of Finance successfully issued 4 billion USD in sovereign bonds in Hong Kong, with a total subscription amount of 118.2 billion USD, 30 times the issuance amount [7] - The Deputy Governor of the People's Bank of China, Lu Lei, announced measures to support the development of the offshore RMB market, including regular issuance of RMB central bank bills in Hong Kong [8] Offshore Debt Alerts - On November 5, Sunac China announced that its offshore debt restructuring plan was approved by the High Court [10] - On November 6, Yuexiu Property announced a financing agreement for a term loan of 600 million HKD [11] - On November 6, Country Garden's offshore debt restructuring plan was approved with over 75% of creditor votes in favor [12] - On November 7, Shimao Construction reported a significant lawsuit involving approximately 11.291 billion RMB and issues related to bond defaults and overdue debts [13]

Primary Market - A total of 21 offshore bonds were issued this week (October 27 to 31), including 3 RMB bonds, 16 USD bonds, 1 HKD bond, and 1 EUR bond, with issuance scales of 7.25 billion RMB, 4.705 billion USD, 100 million HKD, and 25 million EUR respectively [2] - The largest single issuance in the offshore RMB bond market was 5 billion RMB by Meituan, while the highest coupon rate for RMB bonds was 6.9% issued by Weifang Ocean Investment Group [2] - In the USD bond market, the largest single issuance was 3 billion USD by the Asian Development Bank, with the highest coupon rate of 6% issued by China Thai Financial International [2] Secondary Market Overview - The yield on Chinese USD bonds mostly decreased this week, with the Markit iBoxx Chinese USD Bond Composite Index down 0.11% to 251.13 [3] - The investment-grade USD bond index fell 0.12% to 243.57, while the high-yield USD bond index increased by 0.05% to 246.01 [3] - The real estate USD bond index decreased by 0.21% to 186.96, while the city investment USD bond index rose by 0.04% to 152.91 [3] Benchmark Spread - As of October 31, the spread between the 10-year benchmark government bonds of China and the US widened to 228.87 basis points, an increase of 13.88 basis points from the previous week [4] Rating Changes - Several credit rating adjustments occurred this week, including the withdrawal of ratings for Meixi Lake Investment, Hunan Jinxia Development Group, and Jiangsu Zhongxing Holdings due to commercial reasons [6] - Shanghai Commercial Bank's long-term issuer rating was downgraded to "BBB+" with a stable outlook [6] Domestic News - The People's Bank of China announced the resumption of open market government bond trading, which had been suspended earlier this year due to market imbalances [8] - As of the end of September, the custody balance of foreign institutions in China's bond market was 3.8 trillion RMB, accounting for 2% of the total custody balance [9] - Barclays plans to issue "Panda Bonds" in the Chinese interbank bond market, marking its entry into this market with a fundraising target of up to 4 billion RMB [10] Overseas News - The European Central Bank maintained its three key interest rates unchanged, marking the third consecutive meeting without changes [11] - The Federal Reserve lowered the federal funds rate target range by 25 basis points to between 3.75% and 4.00%, marking the fifth rate cut since September 2024 [12] Default and Extension - No significant defaults or extensions were reported this week [7] Company Announcements - Tianjin Bank reported a net profit of 3.527 billion RMB for the first three quarters, a year-on-year increase of 5.47% [16] - TCL Technology plans to issue up to 2 billion RMB or equivalent foreign currency bonds through its wholly-owned subsidiary, with proceeds intended for general corporate purposes and existing debt replacement [17]

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 21 offshore bonds were issued this week (October 13-17, 2025), including 5 RMB bonds, 14 USD bonds, and 2 HKD bonds, with issuance scales of 5.193 billion RMB, 2.565 billion USD, and 1.635 billion HKD respectively [2] - The largest single issuance in the offshore RMB bond market this month was 2.5 billion RMB by Bank of China Macau Branch, while the highest coupon rate for RMB bonds was 4.5% issued by Heze Railway Investment Development Group [2] - In the USD bond market, the largest single issuance was 1.2 billion USD by Wistron Corporation, with the highest coupon rate of 5.875% issued by China Water Affairs Group [2] Secondary Market Overview - The yield on Chinese USD bonds mostly increased this week, with the Markit iBoxx Chinese USD Bond Composite Index rising by 0.52% to 251.29, and the investment-grade USD bond index increasing by 0.59% to 243.79 [3] - The high-yield USD bond index decreased slightly by 0.04% to 245.65, while the real estate USD bond index rose by 0.08% to 187.42 [3] Benchmark Spread - As of October 17, 2025, the spread between the 10-year benchmark government bonds of China and the US narrowed to 222.2 basis points, a decrease of 5.82 basis points from the previous week [4] Rating Changes - On October 17, Fitch confirmed and withdrew the "BB+" long-term issuer rating for Jiangsu Jinzu due to commercial reasons [6] - On October 14, Fitch withdrew the "A" long-term issuer ratings for Beijing Guarantee Housing Center and Zhongguancun Development Group due to the issuers ceasing participation in the rating process [6] Defaults and Extensions - Baolong Industrial announced that the repayment funds for the bond "H21 Baolong 2/21 Baolong 02" were not fully in place, and they will complete the payment within a grace period of two months, ending on December 16, 2025 [7] Domestic News - The Ministry of Finance announced the allocation of 500 billion RMB from the local government debt balance limit to local governments to implement central government decisions [9] - Bank of China Macau successfully issued the first technology innovation bond for Chinese financial institutions in the offshore market, with a scale of approximately 1 billion USD [10] - The issuance of 1.3 trillion RMB of ultra-long-term special government bonds for 2025 has been completed, with the last issuance of 40 billion RMB on October 14 [11] Overseas News - Federal Reserve official Collins warned that a further rate cut of 25 basis points may be appropriate due to concerns over a weakening labor market [12] - Sunac China announced that the majority of creditors voted in favor of its offshore debt restructuring plan, with 98.5% approval from 1,492 creditors [12] - CIFI Holdings plans to issue 4.1 billion USD of mandatory convertible bonds, expecting to reduce 1.4 billion USD of offshore debt [14] - Jinke Properties announced a new board of directors, with Guo Wei appointed as chairman [15]

Market Overview - In the primary market, a total of 7 offshore bonds were issued by Chinese entities from October 6 to October 10, including 5 USD bonds and 2 HKD bonds, with issuance sizes of USD 1.7 million and HKD 500 million respectively. All bonds were issued via direct issuance [1] - The largest single issuance in the USD corporate bond market this week was USD 0.5 million by the International Finance Corporation, with the highest coupon rate at 4.5% also from the same issuer [1] Secondary Market Insights - The yield on Chinese USD bonds mostly increased this week. As of October 10, the Markit iBoxx Chinese USD bond composite index rose by 0.22% to 250.46, while the investment-grade USD bond index increased by 0.25% to 242.9. The high-yield USD bond index decreased by 0.05% to 245.55. The real estate USD bond index fell by 0.14% to 187.22, while the city investment USD bond index rose by 0.08% to 152.35, and the financial USD bond index increased by 0.12% to 290.03 [2] Benchmark Spread - As of October 10, the spread between the 10-year benchmark government bonds of China and the US narrowed to 228.02 basis points, a decrease of 8.47 basis points from the previous week [3] Domestic News - A one-stop account opening platform for foreign institutions in the interbank bond market was launched for trial operation on October 9, as per the People's Bank of China [5] - The Central Securities Depository and Clearing Company, in collaboration with the Interbank Lending Center, launched a centralized bond lending business, with 78 institutions participating in the first batch [6] - The Hong Kong government plans to issue HKD 16.75 billion and RMB 11 billion in bonds over the next six months, with a tentative schedule for six bidding sessions [7] Overseas News - Federal Reserve Governor Christopher Waller indicated support for further interest rate cuts but emphasized the need for caution due to mixed economic signals, suggesting a potential 25 basis point cut in each of the remaining two meetings this year [9] Offshore Debt Alerts - Fantasia Holdings announced that the hearing for its offshore debt restructuring plan is scheduled for January 16, 2026 [10] - Poly Developments announced that 4.512 billion shares will be transferred without compensation to Poly Group, making it the controlling shareholder [11] - Aoyuan Meigu's first temporary creditors' meeting is set to be held on October 25, 2025 [12]

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]

Primary Market - A total of 34 offshore bonds were issued this week (September 22 - September 26, 2025), including 10 offshore RMB bonds, 19 USD bonds, 3 HKD bonds, 1 EUR bond, and 1 AUD bond, with issuance scales of 68.087 billion RMB, 2.63 billion USD, 1.585 billion HKD, 130 million EUR, and 250 million AUD [1] - The largest single issuance in the offshore RMB bond market was 1 billion RMB by Shanghai Fosun High Technology (Group) Co., Ltd., while the highest coupon rate for RMB bonds was 6.4% issued by Pengze County Urban Development and Construction Group Co., Ltd. [1] - In the USD bond market, the largest single issuance was 500 million USD by CK Hutchison Holdings Limited, with the highest coupon rate of 4.73% issued by Dongfang Securities Co., Ltd. [1] Secondary Market - The yield on Chinese USD bonds mostly declined this week, with the Markit iBoxx Chinese USD Bond Composite Index down 0.09% to 249.14, and the investment-grade USD bond index down 0.07% to 237.93 [2] - The high-yield USD bond index increased by 0.23% to 241.15, while the real estate USD bond index fell by 0.55% to 155.62 [2] Benchmark Spread - As of September 26, 2025, the spread between the 10-year benchmark government bonds of China and the U.S. widened to 236.19 basis points, an increase of 3.78 basis points from the previous week [3] Rating Changes - Moody's withdrew the "Ca" family rating for Road King Infrastructure Limited on September 26 for commercial reasons [5] - Moody's confirmed the "Ba3" family rating for Melco Resorts & Entertainment Limited, changing the outlook from "stable" to "negative" on September 22 [5] Defaults and Extensions - Oceanwide Holdings announced that it plans to extend the maturity of its 134 million USD bond, which was due on September 23, to before March 23, 2026 [6] Domestic News - The total scale of domestic bond ETFs has surpassed 600 billion RMB, reaching 607.448 billion RMB as of September 22, 2025, marking a growth of over 2.4 times since the beginning of the year [8] - The People's Bank of China announced plans to accelerate the listing of RMB government bond futures in Hong Kong [9] - Shanghai Clearing House supported the issuance of the world's first private enterprise "Yulan Bond" by Shanghai Fosun High Technology (Group) Co., Ltd., with a scale of 1 billion RMB and an interest rate of 4.9% [10] International News - The International Institute of Finance reported that global debt reached approximately 338 trillion USD in the first half of 2025, a record high, driven by a loose global financial environment and weak dollar [12] Offshore Bond Alerts - Longfor Group announced that all of its outstanding corporate bonds will be suspended from trading starting September 29, 2025 [13] - Fantasia Holdings reported that approximately 84% of its existing noteholders have joined the debt restructuring support agreement [14] - New城控股 successfully issued 900 million RMB of medium-term notes with a coupon rate of 3.29% [15] - FWD Group plans to redeem two subordinated USD bonds totaling 1.65 billion USD on October 23 [16]

Primary Market - A total of 31 offshore bonds were issued this week (August 18-22, 2025), including 2 offshore RMB bonds, 19 USD bonds, 8 HKD bonds, 1 THB bond, and 1 JPY bond, with issuance scales of 1.484 billion RMB, 10.097 billion USD, 4.25 billion HKD, 700 million THB, and 10.1 billion JPY [1] - The largest single issuance in the offshore RMB bond market was 774 million RMB by Hangzhou Fuyang Transportation Development Investment Group [1] - The highest coupon rate for RMB bonds this week was 5%, issued by Zhengzhou Jianzhong Construction Development 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% issued by Zhangzhou Yuanshan Development Co., Ltd. [1] Secondary Market - The yield on Chinese USD bonds mostly increased this week, with the Markit iBoxx Chinese USD bond composite index rising by 0.03% to 246.82 [2] - The investment-grade USD bond index also increased by 0.03% to 239.26, while the high-yield USD bond index rose by 0.04% to 246.82 [2] - The real estate USD bond index decreased by 0.09% to 183.34, while the city investment USD bond index increased by 0.1% to 150.95 [2] - The financial USD bond index rose by 0.04% to 286.88 [2] Default and Restructuring - China Glass announced a default on a loan of 140 million USD, failing to make a payment of 141.7 million USD on the due date [4] - Country Garden is working towards completing its overseas debt restructuring by the end of 2025, with strong support from creditors [10] - Sunac China announced plans to restructure 9.552 billion USD of debt, with approximately 75% of creditors signing a support agreement [11] - Guangzhou Times Holdings announced a suspension of all outstanding corporate bonds starting August 25, 2025, to arrange for future debt repayments [12] - Yuzhou Group's restructuring proposal for its 375 million USD offshore debt due in 2027 has been approved by a majority of qualified bondholders [13] Market News - The Bond Connect Northbound trading volume reached 957.6 billion RMB in July, with policy financial bonds and government bonds being the most active [5] - A total of 14 new science and technology innovation bond ETFs were reported on August 20, indicating rapid expansion in this category [6][7] - The People's Bank of China announced the issuance of 45 billion RMB central bank bills in Hong Kong, with two different maturities [8] Overseas News - The Federal Reserve's July meeting minutes indicated expectations of rising inflation in the short term, with most officials believing inflation risks outweigh employment risks [9]

Primary Market - A total of 25 offshore bonds were issued this week, including 9 offshore RMB bonds, 10 USD bonds, 4 HKD bonds, 1 SGD bond, and 1 JPY bond, with issuance scales of 18.638 billion RMB, 1.428 billion USD, 1.55 billion HKD, 0.35 billion SGD, and 10.46 billion JPY respectively [2] - The largest single issuance in the offshore RMB bond sector was 4 billion RMB by State Grid Corporation, while the highest coupon rate for RMB bonds was 7% issued by Zhongmu Xinglv Cultural Investment Development Group [2] - In the USD bond market, the largest single issuance was 500 million USD by the International Bank for Reconstruction and Development, with the highest coupon rate of 6.8% issued by Binzhou Smart City Operation Co., Ltd. [2] Secondary Market Overview - The yield on Chinese USD bonds rose across the board this week, with the Markit iBoxx Chinese USD Bond Composite Index increasing by 0.44% to 246.48 [3] - The investment-grade USD bond index rose by 0.45% to 239, while the high-yield USD bond index increased by 0.36% to 242 [3] - The real estate USD bond index rose by 0.51% to 182.94, and the city investment USD bond index increased by 0.18% to 150.58 [3] Benchmark Spread - The spread between 10-year US and Chinese government bonds widened to 255.67 basis points, an increase of 3.78 basis points from the previous week [4] Domestic News - State Grid completed the issuance of 10 billion RMB in offshore dim sum bonds, setting records for the first central enterprise offshore RMB bond exceeding 10 billion and the first 20-year term issuance [7] - In July, the total bond financing for the real estate sector reached 71.39 billion RMB, a year-on-year increase of 90.3%, with credit bond financing accounting for 64% [8] - The China Securities Association announced an increase in the upper limit of lead underwriters for large bond issuances to 8 [9][10] Overseas News - The US Treasury's auction of 30-year bonds faced weak demand, with a yield of 4.813%, indicating that investors are seeking higher returns [11] Offshore Bond Alerts - ZTE Corporation successfully issued 3.584 billion RMB (equivalent to 500 million USD) in zero-coupon convertible bonds, marking the largest offshore refinancing since its Hong Kong listing [12] - Ocean Capital reported a recovery of 655 million RMB in bad debt provisions through various means [13] - KWG Group announced that its offshore bond will be delisted after defaulting, as it seeks a comprehensive solution for its offshore debt situation [14] - Sunac China announced the resumption of trading for three bonds following debt restructuring operations [15]