时报观察 主权债券屡受热捧 中国资产“圈粉”全球

Group 1 - The Ministry of Finance successfully issued €4 billion in sovereign bonds in Luxembourg, attracting over 1,000 institutional investors with a subscription rate of 25 times, setting a record for China's euro-denominated sovereign bond issuance [1] - Two weeks prior, a $4 billion sovereign bond issuance also saw strong market demand with a subscription rate of nearly 30 times, indicating unprecedented global investment demand for Chinese sovereign bonds [1] - The distribution of international investors shows a significant presence of long-term investors such as central banks and sovereign wealth funds, with over 60% of allocations going to regions outside Asia, reflecting confidence in the safety and sustainability of Chinese assets [1] Group 2 - In 2023, China has significantly expanded its overseas sovereign bond issuance, surpassing the total amount issued in the previous year, supported by a favorable global financing environment due to central bank interest rate cuts [1] - The increasing overseas bond issuance is also driven by the rising financing needs of Chinese enterprises expanding internationally, providing a pricing benchmark for their offshore financing and helping to reduce costs and uncertainties [1] - The inflow of foreign capital into Chinese assets is also evident domestically, with the State Administration of Foreign Exchange reporting a record $31 billion in securities investment settlement in October, indicating a positive outlook for China's stock and foreign exchange markets [2]