财政部发行！40亿美元，30倍认购

Core Points - The Ministry of Finance of the People's Republic of China successfully issued $4 billion in sovereign bonds in Hong Kong, with a strong market response and a total subscription amount of $118.2 billion, 30 times the issuance amount [1] - The issuance of these bonds reflects China's commitment to further opening its financial markets and is a strategic move to integrate into the global financial system, promoting the internationalization of the Renminbi and enhancing cross-border capital flows [2] - The bonds attracted a diverse range of investors from Asia, Europe, the Middle East, and the United States, with significant participation from sovereign, banking, insurance, and fund management sectors [3] Group 1 - The issuance included $2 billion in 3-year bonds at a rate of 3.646% and $2 billion in 5-year bonds at a rate of 3.787%, marking the narrowest pricing spread in a Fed rate cut environment [2] - The issuance is double the scale planned for 2024 and aims to provide high-quality assets in a market with limited supply of premium Chinese assets [2] - The bonds will be listed on the Hong Kong Stock Exchange, enhancing the connectivity between mainland and Hong Kong financial markets [3] Group 2 - The continuous issuance of sovereign dollar bonds is expected to deepen the integration of China's financial market with global capital markets and provide a key pricing benchmark for Chinese enterprises in overseas bond issuance [3] - The participation of long-term institutional investors is anticipated to boost international confidence in China's economic transformation and high-quality growth [4] - Morgan Stanley acted as a joint lead underwriter for this transaction, marking its sixth consecutive year serving the Ministry of Finance for sovereign bond issuance [4]