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
2 1 Shi Ji Jing Ji Bao Dao·2025-09-23 17:57

Core Viewpoint - Shenzhen government successfully issued offshore RMB local government bonds in Hong Kong, marking the fifth consecutive year of such issuances, aimed at enhancing financial market connectivity in the Guangdong-Hong Kong-Macao Greater Bay Area [1][2]. Group 1: Bond Issuance Details - The total issuance scale for this round of bonds is 4 billion RMB, with maturities of 2, 5, and 10 years, and a decreasing interest rate structure [1]. - The 2-year bond has an issuance scale of 1.5 billion RMB with a pricing rate of 1.61%; the 5-year bond (thematic sustainable development bond) has a scale of 1 billion RMB with a rate of 1.80%, funding projects in clean transportation and water management; the 10-year bond (social responsibility bond) has a scale of 1.5 billion RMB with a rate of 2.08%, funding healthcare, education, affordable housing, and urban village renovation projects [1]. - The issuance attracted significant interest from international investors, with a peak order book multiple of 4.7 times [1]. Group 2: Macau Bond Issuance - On September 9, Shenzhen government issued 1 billion RMB of offshore RMB local government bonds in Macau, marking the first such issuance in the region [2]. - The Macau issuance was a 3-year green bond with a pricing rate of 1.74%, aimed at funding clean transportation projects [2]. - The peak order book for the Macau issuance reached 6.62 billion RMB, achieving a subscription multiple of 6.62 times, setting a historical high for RMB bond issuance in Macau [2]. Group 3: Strategic Importance of Offshore Bond Issuance - Reasons for local governments issuing RMB bonds abroad include lower borrowing costs compared to domestic markets, diversification of offshore RMB bond offerings, and enhancing international visibility to attract foreign investment [3]. - Issuing bonds abroad allows local governments to increase their debt issuance authority and efficiency, promoting sustainable economic development [3]. - For investors, these bonds provide a wider range of investment options and better asset allocation opportunities [3].