5月中资美元债发行回暖 金融债规模占比超七成

Core Viewpoint - In May, the issuance of Chinese dollar bonds showed signs of recovery, with a total issuance exceeding $16 billion, marking a year-on-year and month-on-month increase, indicating a positive trend in the market [1][3]. Group 1: Issuance Data - The overall issuance scale of Chinese dollar bonds in May reached $16.131 billion, representing a month-on-month growth of 38.94% [3]. - Year-to-date, the total issuance of Chinese dollar bonds has surpassed $62.211 billion, reflecting a nearly 40% increase compared to the same period last year [1][5]. - Financial institutions dominated the issuance, accounting for 76.81% of the total in May, with $12.390 billion issued by financial entities [5]. Group 2: Bond Characteristics - The majority of the bonds issued this year have medium to long-term maturities, with bonds maturing in 1-3 years making up 54.68% of the total issuance [5]. - The net financing amount for Chinese dollar bonds remains negative at -$17.155 billion year-to-date, indicating ongoing challenges in the market [6]. Group 3: Future Outlook - The issuance of Chinese dollar bonds is expected to continue to increase in 2025, despite high refinancing pressures, with significant amounts maturing in the coming years [8]. - The market is showing signs of recovery, with the Markit iBoxx Asian Chinese dollar bond index rising over 3% year-to-date, suggesting improved investor sentiment [8].