离岸观澜 | 11月中资离岸债发行规模创年内新高 年末兑付压力平稳可控

Core Viewpoint - In November 2025, the issuance of offshore bonds by Chinese entities reached a record high for the year, totaling approximately $35.9 billion, driven by a surge in sovereign and government bond issuance alongside a recovery in corporate financing demand, reflecting global investors' strong recognition of Chinese assets [1][2]. Group 1: Issuance Statistics - A total of 119 offshore bonds were issued in November, marking the highest monthly issuance in the past 12 months [2]. - The Ministry of Finance issued $4 billion in sovereign bonds in Hong Kong and €4 billion in Luxembourg, with total subscription amounts reaching $118.2 billion and €100.1 billion, indicating a subscription multiple of 30 times and 25 times, respectively [2]. - The issuance by 47 Chinese enterprises amounted to $18.3 billion, with an average bond size of $250 million, showing multi-dimensional growth [3]. Group 2: Bond Types and Currencies - Government bonds accounted for approximately $17.5 billion (49%), financial bonds for about $9.1 billion (25%), industrial bonds for $4.3 billion (12%), city investment bonds for $2.5 billion (7%), and real estate bonds for $2.5 billion (7%) [3]. - The 119 offshore bonds included 47 RMB bonds, 50 USD bonds, 8 HKD bonds, 8 EUR bonds, and 6 bonds in other currencies [4]. Group 3: Secondary Market Performance - The secondary market for Chinese offshore bonds experienced narrow fluctuations, with investment-grade bonds outperforming high-yield bonds [5]. - As of the end of November, the Markit iBoxx Asian Chinese USD bond index was at 251.23, with a monthly increase of 0.07%, while the high-yield index decreased by 2.18% [5][8]. Group 4: Future Outlook and Debt Repayment Pressure - The overall repayment pressure for Chinese offshore bonds remains manageable, with $11.28 billion due in December 2025 and $15.81 billion in January 2026, which is expected to be the highest repayment pressure in the next six months [9][12]. - Analysts predict that investment-grade bonds will perform better in the future, driven by improving financing conditions and ongoing support for cross-border financing [12].