时报观察｜主权债券屡受热捧 中国资产“圈粉”全球

Group 1 - The core viewpoint of the articles highlights the strong global demand for Chinese sovereign bonds, evidenced by the record-breaking issuance of €4 billion in Luxembourg, which attracted over 1,000 institutional investors and achieved a subscription multiple of 25 times [1] - The issuance of $4 billion in sovereign bonds two weeks prior also saw a high subscription multiple of nearly 30 times, indicating robust global investment interest in Chinese sovereign debt [1] - The distribution of international investors shows a significant allocation to long-term investors such as central banks and sovereign wealth funds, with over 60% of the bonds allocated to regions outside Asia, reflecting confidence in the safety and sustainability of Chinese assets [1] Group 2 - In 2023, China has significantly expanded its overseas sovereign bond issuance, surpassing the total amount issued in the previous year, supported by a favorable global interest rate environment and increasing financing needs of Chinese enterprises going abroad [1] - The issuance of multi-currency sovereign bonds provides a pricing benchmark for Chinese companies seeking overseas financing, helping to reduce their financing costs and uncertainties [1] - The continuous inflow of foreign capital into Chinese assets is also evident domestically, with a record high of $31 billion in securities investment settlement in October, indicating a positive outlook from foreign institutions on China's stock and currency markets [2]