十字路口的自贸离岸债——进展、困境及推进建议｜资本市场

Core Viewpoint - The offshore bond business in free trade zones has seen significant development, but it also faces challenges that need to be addressed for sustainable growth [4][8]. Development Status of Offshore Bonds - The overall structure of the offshore bond market is gradually optimizing, with a cumulative issuance amount of approximately 130 billion yuan by June 2025, primarily from urban investment companies, with participation from financial, real estate, leasing, and industrial companies [6]. - The service model for overseas investors is becoming more diverse, with the introduction of a "primary custody + tiered service" model by the central clearing company, enhancing outreach to overseas investors [6]. - The trading functions are improving, allowing transactions through platforms like Bloomberg and Tradeweb, and facilitating automatic bond settlement [6]. - Theoretical research on offshore bonds is deepening, with collaborations between banks and academic institutions to create research platforms [7]. - There is an increasing expectation from various sectors regarding the significance of offshore bonds in Shanghai's financial system development, with multiple supportive measures being introduced [7]. Challenges and Reasons - The offshore bond business faces several challenges, including insufficient policy supply, with delays in financial legislation and unclear policy directives [9]. - The business scale is under pressure, with no new issuances since November 2023 and a peak period for principal and interest repayments approaching in 2025-2026, with approximately 116.8 billion yuan of bonds maturing [9]. - There is a need for improved communication between regulators and the market, as misunderstandings about regulatory policies persist [9]. - The growth of dim sum bonds has created a competitive environment, with an average annual growth rate of 62% in new issuances from 2022 to 2024, impacting the demand for offshore bonds [10]. - Concerns about the risks associated with innovative businesses are rising, particularly due to the high proportion of urban investment companies among issuers [11].