Researches & Commentaries

CCXI & CCXAP Weekly Series: Cross-border Bond (2021 Issue 7)

Proactive Fiscal Policy Is Still Expectable, and Mitigation of Local Debt Risks May Be Further Ramped up

As the LGFV Bonds to Be Issued in 2021 May Reach RMB 4.3-4.6 Trillion, Particular Attention Needs to be Paid to the Structural Risks Possibly Arising from the Peak Maturity

Marginal Tightening of the Financing Environment Leads to Bond Repricing; Meticulous Bond Selection Unlocks Structural Opportunities

CCXI & CCXAP Weekly Series: Cross-border Bond (2021 Issue 6)

Yield of 10-year Government Bonds Likely to Reach Its Peak to 3.5% in Q3

Credit Bond Market After Policy Returns to Normal: Market Expansion Slows Down and Spread Divergence Intensifies

The Quota of New Special Bonds Shouldn’t be Cut Significantly and Attention Should be Paid to Risk Prevention If More Special Bonds Are Issued

Default Rate of the Public Offering Market Is Expected to Rise to 0.70-0.80% in 2021, and Investors Should Pay Attention to Three Credit Risk Types