Core Viewpoint - The bond financing activities of securities firms in China are expected to remain robust into 2026, driven by policy guidance and declining interest rates, with a significant increase in issuance observed in 2025 [1][2]. Group 1: Bond Financing Scale and Growth - In 2025, 77 securities firms issued a total of 1,004 domestic bonds, amounting to CNY 1.89 trillion, representing a year-on-year increase of nearly 40% [2][3]. - Major players in the bond issuance include China Galaxy Securities, Guotai Junan, Huatai Securities, CITIC Securities, and others, with each issuing over CNY 100 billion [2]. - The primary uses of the raised funds are to repay short-term debts and supplement operational capital, with short-term financing bonds primarily aimed at operational funding [2][3]. Group 2: Types of Bonds and Financing Channels - The issuance of perpetual subordinated bonds has seen a significant rise, with 14 securities firms issuing a total of CNY 668 billion in 2025, marking an increase of over 40% from 2024 [4][5]. - The issuance of sci-tech bonds has also grown, with CNY 834.4 billion issued in 2025, reflecting a rising share of the overall bond issuance by securities firms [4][5]. - The average financing cost for outstanding securities company bonds is 1.97%, with some high-rated firms achieving rates as low as 1.54% [3]. Group 3: International Financing Activities - In 2025, seven securities firms issued 30 offshore bonds totaling USD 4.703 billion, with growth exceeding 30% compared to 2024 [5][6]. - The offshore bonds primarily serve to supplement the operational capital of international subsidiaries and repay existing offshore debts [5]. - The trend of increasing offshore bond issuance is expected to continue, supported by a favorable environment for USD bond issuance as US Treasury rates decline [6].
2025年券商发债规模激增近四成 科创债崛起、境外融资升温
Zhong Guo Jin Rong Xin Xi Wang·2026-01-09 02:25