2025年度，中资离岸债券市场呈现"多元化深化、创新加速"的新格局。随着全球投资者对人民币资产认可度持续提升，离岸人民币债券发行规模延续高增 长态势，国际多边机构积极参与，发行规模较去年同期大幅增长。在币种结构上，美元债发行受降息预期影响出现阶段性收缩，发行人倾向等待更优融资 窗口；离岸人民币、欧元、港币等非美元债券占比进一步提升。市场创新亮点纷呈，香港数字债券资助计划落地，长期限债券发行成为新趋势。 根据万得最新统计，2025年度中资离岸债共新参与承销统计1461只，合计2,097.5亿美元。其中，离岸城投债总计参与承销统计305只，合计285.7亿美元； 离岸金融债总计参与承销统计817只，合计824.9亿美元。 各机构在中资离岸债承销方面表现如何？万得正式发布2025年度中资离岸债券承销排行榜，呈现市场参与者的最新竞争格局。 总承销排行榜 1.1 中资离岸债承销规模排行榜 2025年度中国银行共承销281只债，总承销金额147.0亿美元，位居第一；汇丰银行共承销229只债，总承销金额120.9亿美元，位居第二；工商银行共承销 250只债，总承销金额82.4亿美元，名列第三。 | 排名 | 机构名称 | ...

Core Viewpoint - The demand for refinancing of urban investment bonds is expected to be concentrated before the third quarter of 2025, with the Federal Reserve's interest rate cuts in September providing a loose liquidity environment, which together drives a rebound in the issuance scale of Chinese offshore bonds in the primary market. However, there is a clear differentiation in risk appetite, with some low-quality enterprises still facing refinancing challenges [2]. Group 1: Overall Market Performance - In the first three quarters of 2025, a total of 1,108 Chinese offshore bonds were newly underwritten, amounting to $145.46 billion. Among these, urban investment bonds accounted for 235 bonds totaling $22.87 billion, while financial bonds accounted for 590 bonds totaling $55.54 billion [2]. - The underwriting performance of various institutions in the Chinese offshore bond market is highlighted, with a focus on the leading underwriters [2]. Group 2: Underwriting Rankings - The top three institutions in terms of underwriting scale for Chinese offshore bonds are: 1. Bank of China with 209 bonds totaling $9.85 billion 2. HSBC with 169 bonds totaling $8.01 billion 3. Guotai Junan International with 243 bonds totaling $6.33 billion [4][5]. - In terms of the number of projects underwritten, CITIC Securities led with 380 bonds, followed by Haitong International with 271 bonds and Minsheng Bank with 264 bonds [9][10]. Group 3: Institutional Distribution - HSBC ranked first in total underwriting amount with $8.01 billion, followed by Guotai Junan International with $6.33 billion, and Bank of China (Hong Kong) with $4.61 billion [13]. - The ranking of banks in underwriting scale shows Bank of China at the top with $9.85 billion, followed by HSBC and Industrial and Commercial Bank of China with $4.78 billion [17][18]. Group 4: Specific Bond Types - For US dollar bonds, Guotai Junan International led with 157 bonds totaling $5.04 billion, followed by Bank of China with 100 bonds totaling $4.75 billion [25]. - In the urban investment bond category, Guotai Junan International also ranked first with 92 bonds totaling $2.12 billion, followed by Dongfang Securities with 61 bonds totaling $1.47 billion [30]. - In the financial bond category, Bank of China led with 110 bonds totaling $5.45 billion, followed by HSBC with 95 bonds totaling $3.85 billion [35]. - For green bonds, Bank of China ranked first with 32 bonds totaling $1.23 billion, followed by Industrial and Commercial Bank of China with 33 bonds totaling $1.12 billion [39].

Core Viewpoint - The article highlights the diversification of currency structures in offshore bond issuance by Chinese enterprises, with a notable increase in non-US dollar bonds such as offshore RMB, Euro, and Hong Kong Dollar bonds. The total issuance in the first half of 2025 reached 399.04 billion USD, marking a 12.74% increase year-on-year, despite significant refinancing pressures in the market [1]. Group 1: Offshore Bond Market Overview - The offshore bond market for Chinese enterprises saw a total of 837 new bonds issued in the first half of 2025, amounting to 3990.44 billion USD, reflecting a 12.74% growth compared to the same period last year [1]. - The market continues to experience a significant net financing gap, indicating ongoing refinancing pressures from existing debt [1]. Group 2: Underwriting Rankings - In the underwriting rankings for offshore bonds, Bank of China led with 56.3 billion USD from 115 bonds, followed by HSBC with 51.8 billion USD from 83 bonds, and Guotai Junan International with 43.1 billion USD from 155 bonds [3][4]. - The total underwriting amount for the top three institutions reflects the competitive landscape in the offshore bond market [3][4]. Group 3: Project Count Rankings - CITIC Securities topped the project count rankings with 227 bonds underwritten, followed by Haitong International with 180 bonds, and CITIC Jianan with 165 bonds [8][9]. - This indicates a strong performance in terms of the number of projects handled by these institutions in the offshore bond market [8][9]. Group 4: Bank Underwriting Rankings - The bank underwriting rankings show Bank of China at the top with 56.3 billion USD from 115 bonds, followed by HSBC with 51.8 billion USD from 83 bonds, and CITIC Bank with 35.5 billion USD from 151 bonds [17][18]. - This highlights the dominance of these banks in the offshore bond underwriting space [17][18]. Group 5: Securities Firm Underwriting Rankings - Guotai Junan International led the securities firm rankings with 43.1 billion USD from 155 bonds, followed by CICC with 27.1 billion USD from 127 bonds, and CITIC Lyon with 26.7 billion USD from 170 bonds [20][21]. - This showcases the competitive positioning of securities firms in the offshore bond market [20][21]. Group 6: Specific Bond Type Rankings - For offshore municipal bonds, Guotai Junan International ranked first with 14.9 billion USD from 57 bonds, followed by Dongfang Securities with 9.8 billion USD from 39 bonds, and CITIC Bank with 9.5 billion USD from 55 bonds [30]. - In the offshore financial bond category, Bank of China led with 34.4 billion USD from 62 bonds, followed by HSBC with 20.6 billion USD from 41 bonds [34]. - For green bonds, Bank of China also ranked first with 6.2 billion USD from 17 bonds, closely followed by Industrial and Commercial Bank of China with 6.1 billion USD from 17 bonds [38].