时报观察丨主权债券屡受热捧 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 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 high proportion of long-term investors such as central banks, sovereign wealth funds, and banks, 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 increased 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 [2] - The ongoing overseas bond issuance provides a pricing benchmark for Chinese enterprises seeking to finance abroad, helping to reduce their financing costs and uncertainties [1] - The recent data from the State Administration of Foreign Exchange indicates that in October, the scale of securities investment settlement reached a historical high of $31 billion, with a surplus of $5 billion, suggesting a continued inflow of foreign capital into Chinese assets [2]