规模突破万亿、“科技板”启航——2025澳门债券市场实现跨越式发展

Core Insights - The Macau bond market has achieved a historic milestone, surpassing 10 billion MOP in cumulative listing scale, with the Ministry of Finance and local governments regularly issuing RMB government bonds and local bonds to support the technology innovation bond sector [1][2] - The market has undergone a profound transformation, moving from scale accumulation to a leap in capability, integrating deeply into the national financial opening strategy [1][2] Market Performance - As of mid-December 2025, the Macau bond market has listed over 1,000 bonds, with a total scale exceeding 10,549 million MOP; the annual issuance of new bonds reached 319, raising 2,523.75 million MOP, reflecting an 11.1% increase year-on-year [2] - Green finance has emerged as a significant growth area, with 36 green bonds listed in 2025, raising 369.20 million MOP, indicating a strong market response to sustainable development [2] Issuance Dynamics - Corporate bonds remain the dominant force in the market, with an issuance scale exceeding 2,416 million MOP, attracting local leading enterprises and international institutions [3] - The issuance of local government bonds and national bonds has been steady, with the central government issuing RMB government bonds in Macau, totaling 67.96 million MOP across three issuances, enhancing market stability [3] Innovation and Strategic Positioning - The introduction of the "Technology Innovation Bond" sector marks a key institutional innovation, with the first certified technology bond issued in October, amounting to approximately 1 billion USD [4] - The strategic positioning of the Macau bond market aims to become a new point for RMB internationalization, enhancing safety, vitality, and connectivity through continuous innovation and cross-border cooperation [4][5] Future Outlook - The Macau bond market is poised for unprecedented growth, driven by national industrial policies and evolving market demands, particularly in sectors like high technology and green transformation [7] - The market is actively working towards internationalization, aiming to align with global ESG standards and enhance its attractiveness to long-term institutional investors [7][8] Conclusion - The Macau bond market is on a trajectory towards becoming a significant investment and asset management market, leveraging its unique role in the RMB internationalization strategy and contributing to the broader financial development goals of the nation [8]