中资美元债跟踪笔记（六十四）：美债波动放大，承压程度提升

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - In March 2025, the net financing scale of Chinese - issued US - dollar bonds in the primary market was positive, with an increase in issuance volume month - on - month. The main issuers were comprehensive banks, integrated oil companies, and sovereign bonds. In the secondary market, the long - and short - term interest rates of US Treasury bonds fluctuated, and the pressure on US Treasury bonds increased. The overall yield of the Xingzheng Chinese - issued US - dollar bond tracking index declined, and the spread widened [4][37][39] 3. Summary by Directory 3.1 Primary Market of Chinese - issued US - dollar Bonds - Overall Situation: In March, the issuance volume increased month - on - month, and the net financing scale was positive. The main issuers were comprehensive banks, integrated oil companies, and sovereign bonds. The issuance volume in March was 207, compared with 37.79 in February 2025 and 76.85 in 2024. The net financing amount was 151.79 [4] - Key Industry Tracking - Real Estate Industry: In March, there were 7 issuances with a total amount of 61.14 [22] - Banking and Urban Investment Financing Platforms: In March, 10 issuances totaled 20.67, and 27 issuances totaled 46.01 [31] 3.2 Secondary Market of Chinese - issued US - dollar Bonds - Market Overview: In March, the long - and short - term interest rates of US Treasury bonds fluctuated, and the pressure on US Treasury bonds increased. The 2 - year US Treasury bond yield decreased from 4.08% in February to 4.03% in March, a decrease of 5bp; the 10 - year US Treasury bond yield decreased from 4.24% in February to 4.23% in March [37] - Xingzheng Chinese - issued US - dollar Bond Tracking Index: The overall yield declined, and the spread widened. The yield changes were 0.05, 0.41, 0.91, and the spread changes were 30.74bp, 19.19bp, 16.47bp [39][41] - Tracking of Active Bonds and Active Issuers in the Month - Active Issuers in March: There were several active Chinese - issued US - dollar bond issuers in March, but there may be deviations in statistical data [44] - Valuation Changes of Active Bonds in March: There were significant valuation changes in some bonds in March. For example, the valuation yield of BN3850672 changed by 815.13bp, and that of BQ3057743 changed by 288.40bp [49]