“去美元化”趋势下 亚洲本币债券发行创纪录高位

Core Insights - The unpredictable policy moves by President Trump are driving investor demand for Asian local currency bonds, sparking renewed interest in the region [1] - The issuance of local currency bonds in the Asia-Pacific region has reached approximately $1.5 trillion in 2025, marking a 6% increase and setting a record for the period [1] - The trend of de-dollarization is shifting focus towards local currency credit bonds, particularly in markets with AAA sovereign ratings like Australia and Singapore [2] Group 1 - The issuance of local currency bonds in the Asia-Pacific region has reached a record high, with the second quarter seeing the highest issuance volume [1] - There has been an increase in buyers of Asian local currency bonds, particularly from pension funds and sovereign wealth funds seeking diversification away from dollar assets [1] - The Bloomberg Asia-Pacific Composite Index tracking various local currency bonds has risen by 3.9% this year, outperforming the U.S. equivalent index which has returned 3.5% [1] Group 2 - Indian companies raised a record 6.6 trillion rupees (approximately $764 million) through local currency bond issuance in the first half of 2025, reflecting a 29% year-on-year increase [2] - China has issued over $1 trillion in local currency bonds this year, with lower borrowing costs making financing more attractive for domestic companies [3] - The gap between the fiscal conditions of the Asia-Pacific region and the U.S. has widened due to tariff policies, with Australia maintaining a AAA rating from major credit agencies [3] Group 3 - The issuance of dollar bonds in Asia is recovering from a slump caused by record defaults among Chinese real estate developers, with Japanese companies leading in issuance this year [4] - The euro-denominated bond issuance from Asia-Pacific borrowers has exceeded €49 billion (approximately $57.6 billion) this year, surpassing the total for the previous year [4] - There is a growing preference among Asian investors for issuers to frequently issue bonds in euros, offshore renminbi, or other currencies [4]