20251203-招银国际-Fixed_Income_Daily_Market_Update_6页_1003kb

Fixed Income Market Update Summary

Date: 13 Dec 2025

Market Overview

1. Bond Yields and Rates:

   • US Treasury yields showed little movement for longer maturities, with the 2/5-year yield down, while the 10/30-year yields remained unchanged. The 10-year yield was recorded at 4.09%.

2. Asia Bonds Issuance:

   • USD-denominated bond gross issuance in Asia Pacific increased 28.9% YoY in the first 11 months of 2025 to USD356.8bn, led by China (USD93.2bn), Japan, and Australia.
   • Financials (38.4%) and sovereigns (15.3%) were top issuers among sectors.

3. Dim Sum Bonds:

   • Dim Sum bond issuance in Nov’25 rose 5.5% YoY to RMB98.7bn, indicating a healthy market outlook.

Today's Price Movement Summary

Asset Class Performance

• Chinese Dollar Bonds: GICMOOs continued their trend of widening, though bank papers closed tighter due to institutional buying.
• LGFV Bonds: Dim Sum bonds issuance decreased 19.4% YoY to RMB12.1bn in Nov’25, mainly due to regulatory tightening.
• Asian High Yield (HY): Corporates like NOMURA saw an AT1 yield pick-up.

Debt Desk Comments

• US Market: Macro indicators (S&P, Dow, Nasdaq) positive.
• Yield Curve: Short-end of the curve softened, while longer end unchanged.

News Recap

• Taiwan Semiconductor and Tokyo Electron faces trade secrets probe.
• VGFI plans RMB2bn guaranteed bond issuance.
• Fitch revised rating outlooks for Beijing Capital Development and Country Garden.
• Vanke placed on Rating Watch Negative due to restructuring risks.

Author Certification

Authors are responsible for the views expressed and declare no conflicts of interest.