国际市场环境向好为“玉兰债”扩容打开想象空间

Core Viewpoint - The "Yulan Bond" market is experiencing significant growth, driven by China's financial market opening policies, strong offshore RMB liquidity, and increasing international investor demand for quality RMB assets [1][2]. Group 1: Issuance Growth - In 2025, a record 11 "Yulan Bonds" were issued, totaling approximately 8 billion RMB, marking a year-on-year growth rate exceeding 40% [1]. - As of early 2026, two "Yulan Bonds" have already been issued, with a total scale of 3.3 billion RMB [1]. - Cumulative issuance of "Yulan Bonds" has surpassed 25 billion RMB, covering both financial and non-financial institutions [2][3]. Group 2: Strategic Importance - "Yulan Bonds," named after Shanghai's city flower, are a unique issuance model for Chinese issuers to access international markets, supporting multiple currencies [2]. - The bonds enhance cooperation between domestic and international financial infrastructures, providing a new financing option for domestic entities [2]. Group 3: Market Dynamics - The issuance of "Yulan Bonds" is supported by the strengthening of China-Europe economic relations, with lower financing costs in RMB compared to EUR and USD [3]. - The first "Yulan Bond" from a free trade zone issuer was launched in January 2026, raising 3 billion RMB with a 1.95% interest rate, reflecting strong market demand [4][5]. Group 4: Future Outlook - The Shanghai Clearing House aims to further enhance the "Yulan Bond" market by introducing market-making systems and developing innovative products like green bonds [6]. - Expectations for 2026 include continued growth in issuance scale and diversification of participants, contributing to the internationalization of the RMB and the opening of financial markets [6].