JPMorgan Econ FI-China Bond Analytics For the month ended March 31, 2024-107490396

AsiaPacificCreditResearchApril2024ChinaBondAnalyticsForthemonthendedMarch31,2024SherryNingACTiffanyWangAC(852)2800-8262(852)2800-1726sherry.ning@jpmorgan.comtiffany.r.wang@jpmorgan.comJ.P.MorganSecurities(AsiaPacific)LimitedJ.P.MorganSecurities(AsiaPacific)LimitedFrankPanAC(852)2800-0989frank.pan@jpmorgan.comJ.P.MorganSecurities(AsiaPacific)LimitedSeepage38foranalystcertificationandimportantdisclosures.J.P.Morgandoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.ContentsOnshoreCorporateDefaultsSummary2DefaultRatioAnalysis22ExecutiveSummaryPerformanceOverview3DefaultRatioAnalysisForKeySectors23RollingLast12-MonthDefaults24ChinaBondAnalyticsOnshoreRatingsChinaOnshoreBondYields4RecentOnshoreRatingActions32ChinaOnshoreMarketOverview6BondLiquidityOverview8TradingPriceOfOnshoreBonds9InterbankBondHoldings-ChinaBond11ChinaMacroInterbankBondHoldings-ShanghaiClearingHouse12ChinaMacroEnvironment33OverallOnshoreIssuanceTrends13ChinaOnshoreLiquidityEnvironment34OnshoreIssuanceTrendByOwnershipandIndustry16ChinaFXLoanandDeposit36OnshoreIssuanceTrendsByRatings17OnshoreIssuanceTrendsForKeySectors18OnshoreLGFVIssuanceTren...