China primary bond market:

Pearl-bond issuance has surged more than 10x this year

• Offshore credit bonds new issuance: 49 Chinese issuers raised $8.8 billion of debt in the offshore market in November. Bank of China was the largest issuer.
   
• Onshore credit bonds new issuance: 474 issuers raised 765 billion yuan of bonds in the China onshore credit market in November, with new issuance volume slightly decreasing from the previous month.
   
• Pearl bonds issuance surges: Pearl bonds, also known as Shanghai Free Trade Zone (FTZ) offshore bonds, have seen year-to-date issuance denominated in yuan surge to more than 10x the total in 2021.

Issuance amount across currencies ($ millions)

Source: Bloomberg Quant Platform (BQuant), Global Data

Offshore new issuance subscription by market of risk

Source: Bloomberg Quant Platform (BQuant), Global Data

 

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Debut issue by industry

Source: Bloomberg Quant Platform (BQuant), Bloomberg Data

China onshore new issuance monthly (CNY:MM)

Source: LEAG <GO>

Shanghai free-trade-zone bond offshore issuance

Source: Bloomberg

• APAC ESG bonds issuance: ESG issuance volume in China led the APAC market in November after being surpassed by the Japanese market in October.
• China ESG bonds issuance: Green bonds continued to dominate ESG issuance in the Chinese market. The size of sustainable bond issuance surged in November.
• China ESG bonds issuance by industry: The financial sector's ESG bond issuance volume has regained its leading position among other sectors for two consecutive months since October, after being surpassed by industrials in September.

ESG bonds issuance volume in Asia-Pacific

Source: Bloomberg Quant Platform (BQuant), Global Data

ESG debt issue by theme in Chinese market

Source: Bloomberg Quant Platform (BQuant), Global Data

ESG debt issue volume by industry in Chinese market

Source: Bloomberg Quant Platform (BQuant), Global Data