China primary bond market:

Rising trend in subscription

• Offshore new issuance: Twenty-five Chinese issuers issued debt in the offshore market in February. Most of them were banks for example Bank of China Hong Kong.
   
• New issuance amount: Issuance amount by Chinese entities dropped in February from $200 billion to $158 billion.
  .

• Subscription rates for dollar bonds issued by Chinese entities reached the highest among all Asia-Pacific ex-Japan entities in September 2021, but dropped for the remainder of 2021. This year has seen a slight pickup.
   

• The industrial sector didn't have the highest volume of debut issues for the first time in a rolling year.

Issuance amount across currencies ($ millions)

Source: Bloomberg Quant Platform (BQuant), Global Data

New issuance subscription by market of risk

Source: Bloomberg Quant Platform (BQuant), Global Data

 

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Debut issue volume by industry

Source: Bloomberg Quant Platform (BQuant), Global Data

China offshore new issuance breakdown

Source: LEAG <GO>