"云吞债"飘香 ◎记者 黄冰玉 2026年1月，亚洲基础设施投资银行（简称"亚投行"）再度发行了规模达40亿港元的公募债券，让云吞 债(境外发行人在香港市场发行、以港元计价的债券)这一小众债券品种吸引了市场目光。 去年以来，云吞债发行持续升温，发行规模与数量均大幅增长。业内人士普遍认为，这得益于港元低利 率优势、本地机构资产配置和融资多元化需求等因素驱动。云吞债与点心债形成互补，有望进一步提升 香港债市的深度与广度。 公开发行持续升温 在全球债券市场，常有"地域文化符号+债券类型"的命名传统，如点心债、熊猫债等。云吞债则是境外 发行人在香港发行、以港元计价的债券品种。与同样在港发行且已被市场所熟知的点心债相比，二者核 心区别在计价货币，点心债是离岸人民币债券，而云吞债是港元债券。 去年以来，云吞债发行规模及频率持续提升。据彭博数据，2025年云吞债总发行规模达814.4亿港元， 发行笔数共计105笔，较上年分别大幅增长216.6%、98.1%，市场发行热度大幅提升。 多因素推动云吞债发行升温 业内人士看来，多重因素推动了云吞债发行升温，二级市场活跃度有望进一步提升。 当前，港元流动性充裕形成显著的低利率比较优 ...

Group 1 - The core viewpoint of the article highlights the successful issuance of the first Hong Kong dollar "Wonton Bond" by the Export-Import Bank of Korea, facilitated by the Bank of China as the settlement and managing agent [1] - The "Wonton Bond" is defined as public bonds issued in Hong Kong's offshore market, denominated in Hong Kong dollars, aimed at meeting institutional demand for HKD funds, thereby enriching the variety of the Hong Kong offshore bond market [1] - The bond received ratings of Aa2 from Moody's, AA from S&P, and AA- from Fitch, with a total issuance size of HKD 2.4 billion for a 3-year term, priced at 2.969% [1] Group 2 - The order book peaked at HKD 8.7 billion, achieving a subscription multiple of 3.625 times, setting a new record for the issuance multiple of "Wonton Bonds" [1] - This issuance marks the first "Wonton Bond" issued by a sovereign policy financial institution globally, showcasing the Bank of China's professional advantages in cross-border financial services [1]

Core Viewpoint - The issuance of the Hong Kong dollar "Wonton Bond" by the Export-Import Bank of Korea, assisted by the Bank of China, marks a significant milestone in international capital markets and showcases the strong collaboration between China and South Korea in financial sectors [1][3]. Group 1: Bond Issuance Details - The Export-Import Bank of Korea has successfully issued a 3-year bond worth 2.4 billion Hong Kong dollars, with a pricing of 2.969% [1]. - This bond is rated Aa2 by Moody's, AA by S&P, and AA- by Fitch, indicating a strong credit quality [1]. - The order book peaked at 8.7 billion Hong Kong dollars, achieving a subscription rate of 3.625 times, setting a new record for "Wonton Bond" issuance [1]. Group 2: Strategic Importance - The successful issuance reflects the strong market recognition and attractiveness of the Export-Import Bank of Korea as a leading bond issuer [3]. - The Bank of China plays a crucial role in facilitating international currency financing for its clients, demonstrating its global operational capabilities and cross-border collaboration mechanisms [3]. - The bond issuance is expected to inject new momentum into regional financial cooperation between China and South Korea, enhancing economic and financial ties [3].