香港40亿+澳门10亿，深圳今年已发行50亿离岸人民币地方债

Group 1 - Shenzhen Municipal Government successfully issued 40 billion RMB offshore local government bonds in Hong Kong, marking the fifth consecutive year of such issuances [1] - The bond issuance includes 15 billion RMB for 2-year bonds at a rate of 1.61%, 10 billion RMB for 5-year sustainable development bonds at 1.80%, and 15 billion RMB for 10-year social responsibility bonds at 2.08% [1] - The issuance attracted significant interest from international investors, with a peak order book multiple of 4.7 times [1] Group 2 - On September 9, Shenzhen also issued 10 billion RMB offshore local government bonds in Macau, which is the first time for such an issuance in that region [2] - The Macau issuance was a 3-year green bond with a rate of 1.74%, aimed at funding clean transportation projects, and saw a peak order book of 66.2 billion RMB, achieving a subscription multiple of 6.62 times [2] - The total offshore RMB local government bonds issued by Shenzhen in 2025 amounts to 50 billion RMB, supporting major infrastructure projects in the Guangdong-Hong Kong-Macao Greater Bay Area [2] Group 3 - Other regions, such as Guangdong and Hainan, have also been active in issuing offshore RMB local government bonds, indicating a broader trend [3] - Reasons for local governments issuing bonds abroad include lower borrowing costs, diversification of offshore RMB bond offerings, and enhancing international visibility to attract foreign investment [3] - The expansion of the local bond market is seen as a way to reflect regional funding costs and credit risks, thereby motivating local governments to develop their economies sustainably [3]