Zheng Quan Shi Bao·2025-09-10 02:57Core Viewpoint - Shenzhen Municipal Government successfully issued offshore RMB local government bonds in Macau, with a scale of 1 billion yuan, marking a significant milestone in diversifying financing channels and supporting green projects [1][2]. Group 1: Bond Issuance Details - The bond issuance scale was 1 billion yuan, with a maturity of 3 years and a coupon rate of 1.74% [1]. - The issuance attracted significant investor interest, with a peak order book size of 6.62 billion yuan, resulting in a subscription multiple of 6.62 times, setting a historical high for RMB bonds issued in Macau [1]. - More than 50% of the market orders exceeded the issuance scale, indicating strong investor confidence in Shenzhen [1]. Group 2: Strategic Importance - This issuance coincides with the 45th anniversary of the establishment of the Shenzhen Special Economic Zone and represents a strategic move to expand financing channels beyond Hong Kong to Macau [1]. - The bonds are themed around climate change and green projects, with funds allocated for clean transportation initiatives in Shenzhen, reflecting the city's commitment to sustainable development and the national "dual carbon" strategy [1]. - The issuance enhances the interconnectivity of the bond markets between Shenzhen and Macau and strengthens cooperation in green finance [1]. Group 3: Role of China Bank - China Bank acted as the sole global coordinator and green structuring advisor for the bond issuance, showcasing its global service capabilities [1]. - The bank provided professional support for Shenzhen Municipal Government to obtain green certification from the Hong Kong Quality Assurance Agency [2]. - China Bank aims to continue supporting the development of Macau's modern financial industry and contribute to the steady progress of RMB internationalization [2].