Core Insights - The issuance of $4 billion sovereign bonds led by CICC was successfully completed, with a strong demand from investors [1] - The total subscription amount reached $118.2 billion, indicating a subscription multiple of 30 times the issuance amount, with the 5-year bond having a subscription multiple of 33 times [1] - CICC's role as the sole Chinese underwriter highlights its deep understanding of the market and its ability to attract nearly 500 investors [1] Group 1 - CICC assisted the Ministry of Finance in issuing $4 billion in sovereign bonds, consisting of $2 billion in 3-year bonds priced at U.S. Treasuries T+0bp and $2 billion in 5-year bonds priced at U.S. Treasuries T+2bp [1] - The issuance occurred against a backdrop of a shortage of high-quality Chinese credit assets, leading to unprecedented demand [1] - The successful issuance is expected to draw more attention from investors towards Chinese overseas assets [1]