二级市场方面，中资美元债投资级市场走势分化，国企板块，中石油、国家电网收窄2-3bps；科技板块，百度走阔2bps；金融板块，中国银行收窄4bps；AMC板块，东方资产收窄2bps左右。Produced jointly by China-Thai International and Cai Lian She.
Market Review
In the primary market, Airport Xingcheng Group and Salt High-tech participated in the new issuance of US dollar Bonds.
In the secondary market, the trend of Chinese US dollar investment-grade bonds is diverging. In the State-owned Enterprises Sector, China National Petroleum and State Grid narrowed by 2-3 bps; in the Technology Sector, Baidu widened by 2 bps; in the Financial Sector, Bank Of China narrowed by 4 bps; in the AMC Sector, Dongfang Assets narrowed by about 2 bps.
Bond market performance
New Issuance News
Airport Xingcheng Group issued a 3-year term senior unsecured bond based on USD, with a coupon rate of 5.4%, totaling 0.25 billion USD.
Salt High-tech issued a 3-year term senior unsecured credit-enhanced sustainable bond based on USD, with a coupon rate of 4.8%, totaling 99.5 million USD.
Figure 1. Trends of Chinese and Asian US dollar bond indices (base=100)
Figure 2. Trends of Chinese real estate and urban investment US dollar bond indices (base=100)
Figure 3. Trends in US treasury bond yields (%)
Market news summary
Alibaba: Alibaba Group Holding Limited announced that the company has agreed with another minority Shareholder to sell 100% of Intime's equity to a consortium of buyers consisting of members from Youngor Group and Intime's management team. Alibaba currently holds approximately 99% of Intime's equity, and the total amount from the sale of Intime is about 7.4 billion yuan. Alibaba expects to record a loss of approximately 9.3 billion yuan due to the sale of Intime. The completion of the sale of Intime is subject to the concentration review by Chinese operators and other customary closing conditions.
CHINA JINMAO: On December 16, CHINA JINMAO Holdings Group Limited issued an announcement, stating that it is selling 100% of the equity of JY Sanya and the related Bonds of Hainan JINMAO to JY Sanya in a public offering transfer. The announcement period for this transaction ended on December 12, 2024, and the final buyer is Hainan Lichi Consulting Co., Ltd. On December 16, CHINA JINMAO and Hainan JINMAO, as the sellers, entered into a property transaction contract with Hainan Lichi. Accordingly, Hainan Lichi agrees to acquire, while CHINA JINMAO and Hainan JINMAO agree to sell the shares for sale and Hainan JINMAO agrees to transfer the relevant Bonds. The total consideration for the final transfer of this transaction is 1.849 billion yuan, with the valuation report estimating the value of the JY Sanya Hilton Worldwide owned by the target company at 1.606 billion yuan.
R&F PROPERTIES: On December 16, R&F PROPERTIES subsidiary Yilue announced plans to restructure three dollar bonds including GZRFPR 6.5 07/11/25, providing three options.
New bond issuance
(Jointly produced by Zhongtai International and Caixin Media, data sources include Bloomberg, bond trading platform summary, and corporate announcements)
