一级市场： 据新华财经统计，本周（2025年8月18日-8月22日）共发行31笔中资离岸债券，其中包括2笔离岸人民币 债券、19笔美元债券、8笔港币债券，1笔泰铢债券、1笔日元债券。发行规模分别为14.84亿人民币、 100.97亿美元、42.5亿港币、7亿泰铢和101亿日元。本周发行方式为直接发行的债券共20只，担保发行 的债券共5只，直接发行+担保发行的债券共4只，维好协议发行的债券共1只，SBLC发行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7.74亿元人民币，由杭州富阳交通发展 投资集团有限公司发行。本周人民币债券发行最高票息5%，由郑州建中建设开发（集团）有限责任公 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50亿美元，由国际复兴开发银行发行。本周最 高美元债发行票息 7%，由漳州圆山发展有限公司发行。 二级市场： 本周中资美元债收益率多数上行。截至北京时间8月22日18时，Markit iBoxx 中资美元债综合指数上涨 0.03%，报246.82；投资级美元债指数周度上涨0.03%，报239.26；高收益美元债指数周度上涨0.04%， 报246.82。本周 ...

二级速览： 本周市场情况 一级市场： 据新华财经统计，本周（8月4日至8日）市场共发行25笔中资离岸债券，其中包括9笔离岸人民币债券、10笔美元债券、4笔港币债券，1 笔新加坡元债券，1笔日元债券，发行规模分别为186.38亿人民币、14.28亿美元、15.5亿港币，3.5亿新加坡元和104.6亿日元。本周发行 方式为直接发行的债券共16只，担保发行的债券共 4只，直接发行+担保发行的债券共3只，维好协议发行1只，采用银行备用信用证 （SBLC）方式发行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40亿元人民币，由国家电网有限公司发行，人民币债券发行最高票息为 7%，由中牟兴旅文化投资发展集团有限公司发行。 在中资美元债券市场，本周美元企业债单笔最大发行规模5亿美元，由国际复兴开发银行发行，最高美元债发行票息为 6.8%，由滨州智 慧城市运营有限公司发行。 违约与展期： 无 本周市场要闻 国内要闻： 1.国家电网完成发行100亿人民币境外点心债券 据农银国际官微，8月7日，国家电网发行5年期、10年期、20年期合计100亿元人民币境外高级无抵押点心债券。本次发行主体为国家电 网海外投资（B ...

Primary Market - A total of 42 offshore bonds were issued this week, including 9 offshore RMB bonds, 27 USD bonds, and 6 HKD bonds, with issuance scales of 88.55 billion RMB, 21.63 billion USD, and 4.05 billion HKD respectively [2] - The largest single issuance in the offshore RMB bond market was 2 billion RMB by China Mengniu Dairy Company Limited, while the highest coupon rate was 5.5% issued by Shaodong City Urban Development Group [2] - In the USD bond market, the largest single issuance was approximately 3.367 billion USD by Shimao Group Holdings Limited, with the highest coupon rate of 6.5% issued by Jiaozuo State-owned Capital Operation (Holding) Group [2] Secondary Market - The yield on Chinese USD bonds rose across the board this week, with the Markit iBoxx Chinese USD Bond Composite Index up 0.24% to 244.89 [3] - The investment-grade USD bond index increased by 0.24% to 237.44, while the high-yield USD bond index rose by 0.28% to 240.6 [3] - The real estate USD bond index increased by 0.18% to 181.27, and the city investment USD bond index rose by 0.11% to 150.14 [3] Benchmark Spread - The spread between the 10-year benchmark government bonds of China and the US narrowed to 267.22 basis points, a decrease of 9.08 basis points from the previous week [4] Rating Changes - Fitch confirmed and withdrew the long-term issuer rating of "A-" for Guangzhou Urban Construction Investment Group on July 23 for commercial reasons [6] - Fitch also confirmed and withdrew the long-term issuer rating of "BBB" for Shaoxing Keqiao State-owned Assets Investment and Operation Group on July 23 for commercial reasons [6] - Moody's confirmed the "Ba2" corporate family rating of Li & Fung Limited, changing the outlook from "stable" to "negative" on July 24 [6] Domestic News - The Bank of China assisted Hungary in issuing the largest sovereign panda bond of 5 billion RMB, which is the largest single issuance in the panda bond market to date [8] - The Ministry of Finance issued 6 billion RMB of government bonds in Macau, with a subscription multiple of 6.08 times, setting a record for the highest subscription multiple for government bonds issued in Macau [9] - The Shanghai Clearing House supported the issuance of the world's first offshore bond from the Shanghai Free Trade Zone, with an issuance scale of 500 million RMB [11] Overseas News - The European Central Bank decided to maintain key interest rates unchanged after eight consecutive rate cuts, with the deposit facility rate at 2.00%, the main refinancing operations rate at 2.15%, and the marginal lending facility rate at 2.40% [12] Default and Extension - No significant defaults or extensions were reported this week [7] Default Alerts - Pan Ocean Holdings announced that the public auction of its 10.8628% stake in Wuhan Central Business District Co., Ltd. ended without any bids [13] - Shimao Group announced that its offshore debt restructuring became effective on July 21 [14] - Jinbei Automotive reported the recovery of 138 million RMB from Huachen Automotive Group, which will positively impact its 2025 performance [15] - Chow Tai Fook Jewelry Group completed the issuance of 850 million HKD convertible bonds and the simultaneous buyback of existing bonds [16]

Primary Market - A total of 49 offshore bonds were issued in the past two weeks (from June 30 to July 11, 2025), including 8 offshore RMB bonds, 25 USD bonds, 6 HKD bonds, and 10 EUR bonds, with issuance scales of 6.687 billion RMB, 3.5652 billion USD, 3.25 billion HKD, and 2.124 billion EUR respectively [1] - The largest single issuance in the offshore RMB bond market was 3.5 billion RMB by Xiamen Xiangyu Group Co., Ltd. The highest coupon rate for RMB bonds was 7.5%, issued by Yichuan Caiyuan Industrial Investment Co., Ltd. [1] - In the USD bond market, the largest single issuance was 600 million USD by CITIC Securities International Co., Ltd., with the highest coupon rate of 6.9% issued by Tai'an High-tech Construction Group Co., Ltd. [1] Secondary Market Overview - The yield on most Chinese USD bonds increased this week, with the Markit iBoxx Chinese USD Bond Composite Index rising by 0.12% to 244.3 [2] - The investment-grade USD bond index increased by 0.14% to 236.96, while the high-yield USD bond index decreased by 0.03% to 239.29 [2] - The real estate USD bond index fell by 0.1% to 180.51, while the city investment USD bond index rose by 0.12% to 149.75, and the financial USD bond index increased by 0.07% to 284.41 [2] Benchmark Spread - As of July 11, 2025, the spread between the 10-year benchmark government bonds of China and the US widened to 268.43 basis points, an increase of 8.32 basis points compared to the previous two weeks [3] Rating Changes - On July 10, the credit rating of Guangdong Shenshan Investment Holding Group Co., Ltd. was downgraded to AA+ by China Chengxin International Credit Rating Co., Ltd. [5] - On July 11, the rating of Zhengzhou Coal Industry (Group) Co., Ltd. was downgraded to BB by Dagong Global Credit Rating Co., Ltd. [5] Market News - The first batch of 10 Sci-Tech Innovation Bond ETFs raised a total of 29.988 billion RMB in just one day [6][7] - The "Southbound Bond Connect" pilot program will be expanded to include non-bank institutions, allowing more domestic investors to invest in the offshore bond market [8] - The Ministry of Finance will issue 6 billion RMB in government bonds in Macau on July 16, 2025, marking the fourth consecutive year of such issuances [9] Offshore Bond Alerts - Chow Tai Fook Enterprises announced plans to issue 850 million HKD in 2.8% convertible bonds while repurchasing 780 million HKD in 4.0% convertible bonds due in 2025 [11] - Sunac China plans to issue 754 million shares to raise funds for repaying approximately 5.6 billion RMB in domestic bonds [12] - Longfor Group's restructuring plan for 21 domestic bonds has been approved by bondholders [13] - Vanke applied for a loan of up to 6.249 billion RMB from Shenzhen Metro Group to repay bond principal and interest [14]

Primary Market - A total of 28 offshore bonds were issued this week, including 4 offshore RMB bonds, 17 USD bonds, 3 HKD bonds, and 4 EUR bonds, with issuance scales of 30 billion RMB, 5.525 billion USD, 839.9 billion HKD, and 825 million EUR respectively [2] - The largest single issuance in the offshore RMB bond market was 2 billion RMB by Wuhan Optics Valley Financial Holdings Group Co., Ltd., while the highest coupon rate was 5.5% issued by Taizhou Chemical New Materials Industry Development Group Co., Ltd. [2] - In the USD bond market, the largest single issuance was 2 billion USD by the International Finance Corporation, with the highest coupon rate of 6.8% issued by Binzhou Smart City Operation Co., Ltd. [2] Secondary Market - The yield of Chinese offshore USD bonds decreased across the board this week, with the Markit iBoxx Chinese USD Bond Composite Index rising by 0.47% to 244.11 [3] - The investment-grade USD bond index increased by 0.17% to 142.21, while the high-yield USD bond index rose by 0.44% to 238.27 [3] - The real estate USD bond index increased by 0.64% to 181, and the city investment USD bond index rose by 0.18% to 149.41 [3] Price Changes - The largest weekly price increase in Chinese offshore bonds was for the CAPG 0% 9/30/28 bond issued by China Aoyuan Group Co., Ltd., which rose by 188.89% to 6.50 [4] - The largest weekly price decrease was for the GRNLHK PERP bond issued by Greenland Holdings Group Co., Ltd., which fell by 39.74% to 7.05 [6] Benchmark Spread - As of June 27, the spread between the 10-year benchmark government bonds of China and the US widened to 260.11 basis points, a decrease of 13.94 basis points from the previous week [7] Credit Rating Changes - Fitch announced plans to withdraw the "A-" long-term issuer rating for Guangzhou Urban Investment Group around July 18 for commercial reasons [10] - China Chengxin International downgraded the credit rating of Mengzi New Urbanization Development Investment Co., Ltd. from AA to AA- on June 26 [10] Domestic News - In May, the Ministry of Finance reported that 443.2 billion RMB of new special bonds were issued nationwide, with a total of 779.5 billion RMB in local government bonds issued [12] - The Macau Stock Exchange announced the launch of Macau Science and Technology Innovation Bonds to support the financing needs of enterprises in the technology innovation sector [13] Overseas News - The probability of the Federal Reserve maintaining interest rates in July is 79.3%, with a 20.7% chance of a 25 basis point cut [15] - Zhongjun Group announced significant progress in its offshore debt restructuring plan, proposing to restructure 2.271 billion USD of debt [15] - Sunac China reported that approximately 75% of its existing debt holders have joined the offshore debt restructuring support agreement [16]

Primary Market - A total of 24 offshore bonds were issued this week, including 4 offshore RMB bonds, 11 USD bonds, 7 HKD bonds, 1 SGD bond, and 1 EUR bond, with issuance scales of 14.2717 billion RMB, 1.9226 billion USD, 78.486 billion HKD, 125 million SGD, and 150 million EUR respectively [2] - The largest single issuance in the offshore RMB bond market was 1.1 billion RMB by Xinyin (Hong Kong) Investment Co., Ltd. The highest coupon rate for RMB bonds this week was 6.9%, issued by Zoucheng City Investment Holding Group Co., Ltd. [2] - In the USD bond market, the largest single issuance was 500 million USD by Guangdong Hengjian Investment Holdings Co., Ltd., with the highest coupon rate of 11.88% from New Town Development Holdings Limited [2] Secondary Market - The yield of Chinese offshore USD bonds rose across the board this week, with the Markit iBoxx Chinese USD bond composite index increasing by 0.27% to 243 [3] - The real estate USD bond index rose by 0.6% to 179.89, while the city investment USD bond index increased by 0.3% to 149.02 [3] - The largest weekly increase in Chinese offshore bonds was seen in the USD bond issued by Peng Bo Telecom, which surged by 365.79% to 8.85 [3][4] Credit Ratings - On June 9, Mudanjiang Urban Investment Group's "BB+" international long-term issuer rating was withdrawn at the company's request [9] - On June 10, Chengdu Jiaozi Modern Urban Industrial Development Co., Ltd.'s "BBB" international long-term issuer rating was also withdrawn for commercial reasons [9] Domestic News - As of June 7, the issuance of technology innovation bonds exceeded 370 billion RMB, with 147 institutions participating [11] - The total issuance of MOX bonds reached approximately 938.943 billion MOP, with RMB-denominated bonds accounting for about 39.067 billion MOP [12] - Public funds have distributed over 95.643 billion RMB in dividends this year, with bond funds being the main contributors [13] Offshore Debt Alerts - New Town Development announced a cash tender offer for two USD bonds maturing this year, issuing 300 million USD in new bonds with a coupon rate of 11.88% [15] - Rongsheng Development plans to settle debts of approximately 810 million RMB through asset swaps [16] - Kaisa Group seeks to extend its restructuring deadline to September 30, 2025, due to regulatory approval delays [17] - Yuexiu Property secured a sustainable development-linked loan of 1.56 billion HKD with a three-year term [18]

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]

Primary Market - A total of 18 offshore bonds were issued by Chinese companies this week, including 12 USD bonds and 6 HKD bonds, with issuance sizes of $2.2774 billion and HKD 83.878 billion respectively. No offshore RMB bonds were issued this week [2] - The largest single issuance in the HKD bond market was HKD 1 billion by Hong Kong Mortgage Corporation Limited, with the highest coupon rate of 3.3% issued by Henderson Land Development Company Limited [2] - In the USD bond market, the largest single issuance was $600 million by Shanghai Construction Group Co., Ltd., with the highest coupon rate of 7% issued by Chengdu Ronghe Jiatai Modern Agriculture Development Co., Ltd. and Chengdu Tianfu Dagan Group Co., Ltd. [2] Secondary Market Overview - The yield on Chinese USD bonds has mostly increased over the past two weeks. As of May 30, the Markit iBoxx Chinese USD Bond Composite Index rose by 0.42% to 242.22, while the investment-grade USD bond index increased by 0.49% to 234.97. The high-yield USD bond index decreased by 0.06% to 237.09 [3] - The real estate USD bond index fell by 0.33% to 180.27, while the city investment bond index rose by 0.11% to 148.72, and the financial bond index increased by 0.12% to 282.57 [3] Price Movements - The largest weekly price increase in offshore Chinese bonds was seen in the USD bond issued by Zhengrong Real Estate Group Co., Ltd. (ZHPRHK 9.15% 5/6/23), which rose by 148.37% to 0.75 [4] - The largest weekly price decrease was also in a USD bond issued by Zhengrong Real Estate Group Co., Ltd. (ZHPRHK 8.7% 8/3/22), which fell by 63.33% to 0.41 [6] Credit Rating Adjustments - On May 27, the credit rating of Jinneng Technology Co., Ltd. was downgraded to "AA-" with a stable outlook by United Ratings [9] - On May 27, Suqian Canal Port Development Group Co., Ltd. had its "BBB-" international long-term issuer rating withdrawn for commercial reasons by United International [9] - On May 29, the credit rating of Taikang Insurance Group Co., Ltd. was confirmed at "A-" with a stable outlook by Fitch, but subsequently withdrawn for commercial reasons [9] Default and Extension - Pengbo Telecom Media announced that the principal repayment date for the "18 Pengbo Bond" has been adjusted from May 25, 2025, to August 25, 2025, with a full principal repayment scheduled for that date [10] Domestic News - In April 2025, the Ministry of Finance reported that a total of CNY 693.3 billion in local government bonds were issued, including CNY 2.534 billion in new bonds [12] - The China Securities Investment Fund Association reported that 914.59 billion in asset-backed special plans were newly filed in April, with the top three asset types being financing lease receivables, micro-loan receivables, and accounts receivable [13] Offshore Debt Alerts - Zhengrong Real Estate announced that "H20 Zhengrong 3" will resume trading on June 3, 2025 [17] - CIFI Group announced that seven company bonds will be suspended from trading starting June 3, 2025, to ensure fair information disclosure and protect bond investors [19] - Vanke's subsidiary applied for a loan of up to HKD 6.872 billion from an overseas bank, with a term of up to two years [20] - Hailong Holdings received a winding-up petition involving $379.135 million in unpaid notes [21]

Primary Market - A total of 18 offshore bonds were issued this week (May 19-23, 2025), including 4 offshore RMB bonds, 11 USD bonds, and 3 HKD bonds, with issuance scales of 3.33396 billion RMB, 3.3429 billion USD, and 81.531 billion HKD respectively [2] - The largest single issuance in the offshore RMB bond market was 2 billion RMB by China Construction Bank Hong Kong Branch, 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 1 billion USD by China Construction Bank Hong Kong Branch, with the highest coupon rate of 6.925% issued by China Hongqiao Group [2] Secondary Market Overview - The Markit iBoxx China USD Bond Composite Index fell by 0.06% this week, closing at 241.2, while the investment-grade USD bond index decreased by 0.07% to 233.82 [3] - The real estate USD bond index dropped by 0.33% to 180.87, while the city investment USD bond index rose by 0.12% to 148.55 [3] - The highest weekly increase in offshore USD bonds was seen in the REDSUN 7.3% 5/21/24 bond from Hongyang Real Estate, which rose by 63.71% to 1.84 [3] Price Changes - The largest weekly price increase in offshore bonds was for REDSUN 7.3% 5/21/24 from Hongyang Real Estate, priced at 1.84 [4] - The largest weekly price decrease was for REDSUN 9.5% 9/20/23 from Hongyang Real Estate, which fell by 73.33% to 1.95 [6] Benchmark Spread - The spread between the 10-year benchmark government bonds of China and the US widened to 285.32 basis points, an increase of 8.73 basis points from the previous week [7] Rating Changes - On May 20, S&P confirmed China Tourism Group's long-term issuer credit rating at "A-" with a negative outlook [10] - Moody's downgraded the corporate family rating of R&F Properties to "B2" with a stable outlook on May 20 [10] - On May 21, China Chengxin (Asia Pacific) Credit Rating Co. withdrew the rating for Zhengzhou Road and Bridge Construction Investment Group for commercial reasons [10] Domestic News - The People's Bank of China announced that the bond market "Technology Board" will support leading private equity investment institutions in issuing bonds, aiming to address financing challenges faced by these institutions [12] - In April, foreign investors increased their holdings of domestic bonds by 10.9 billion USD, indicating a strong willingness to invest in RMB assets [13] - The Shanghai Clearing House announced a full waiver of account maintenance fees for certain foreign institutional investors to enhance the investment environment [14] Overseas News - The US House of Representatives passed a large tax cut bill, raising concerns about increased federal debt and leading to a sell-off in US Treasuries, with the 10-year yield reaching 4.62% [15] - Both Japan and the US experienced weak demand in their long-term bond auctions, with Japan's 20-year bond auction showing the lowest bid-to-cover ratio since 2012 [16] Offshore Debt Alerts - Country Garden reported that over 70% of bondholders have joined the offshore debt restructuring support agreement as of May 23 [17] - China Hongqiao announced plans to issue 270 million USD of senior notes due in 2028 with a coupon rate of 6.925% [18] - CIFI Holdings announced a preliminary restructuring plan for its domestic bonds, involving a total principal balance of 10.06 billion RMB across seven bonds [19] - Vanke received a loan of 4.2 billion RMB from Shenzhen Metro Group, with additional agreements regarding stock pledges [20]

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]