China primary bond market:

China ESG issuance led in April

• Offshore new issuance: Only 42 Chinese issuers issued debt in the offshore market in April. Bank of China was the largest issuer.
   
• New issuance amount: Issuance amount by Chinese entities increased slightly in April by around 6%, to the highest monthly issuance amount since May 2021.
   

• Subscription rates for dollar bonds issued by Chinese entities were the highest among all Asia-Pacific ex-Japan entities in September 2021, but dropped for the remainder of 2021. In April 2022, the subscription rate was the highest of the year.
   

• The industrial sector is experiencing a slight drop but still dominates among industries in debut issue volumes.

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>

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• APAC ESG bonds issuance: China's ESG bond issuance led in April 2022 after being overtaken by Japan in February.
• China ESG bonds issuance: Green bonds continued to dominate ESG bond issuance. However, the total volume of issuance in April fell vs. March.
• China ESG bonds issuance by industry: The utilities sector remained the sector with the highest volume of ESG securities issuance in April.

ESG bonds issuance volume in APAC

Source: Bloomberg Quant Platform (BQuant), Global Data

ESG debt issue volume 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