自贸试验区债券（下称"自贸债"）作为我国金融高水平开放的关键创新载体，自2016年首次发行以来， 历经十余年探索实践，已逐步构建起兼具跨境特色与风险韧性的市场生态。 从上海首单地方政府自贸债的"先行先试"，到"玉兰债""明珠债"等创新品种的"百花齐放"，从阶段性探 索到立法规范，自贸债市场的每一步迈进，都深深烙刻着"大胆试、大胆闯、自主改"的基因。它不仅为 实体经济跨境融资铺设了高效通道，也为制度型开放积累了生动注脚。 面向未来，借鉴伦敦、香港等成熟市场的经验，立足国情推进制度系统升级，必将进一步激活市场潜 能，让境内外资本共享中国机遇，让企业畅享开放红利。 创新实践：十年筑基，双向桥梁显担当 自贸债的核心价值在于立足自贸区制度优势，搭建链接境内外资本市场的"双向桥梁"。这种被业内称 为"在岸的离岸债"的创新工具，依托FT账户（自由贸易账户）体系，以多币种计价、资金跨境流动便 利等优势，迅速赢得市场瞩目。截至2025年6月末，全市场累计发行自贸离岸债规模约1300亿元，发行 人涵盖金融机构、实体企业、"一带一路"共建国家和地区等多元主体，投资者也从境内分账核算单元逐 步拓展至全球专业机构，峰值认购倍数逾4.3 ...

在庞大的中国债券市场中，仅看规模，"玉兰债"确属小众品种，但其战略意义却不容小觑。 扩容，已成"玉兰债"市场的现在进行时。 上海清算所发布的数据显示，2025年共有11单"玉兰债"完成发行，发行金额约80亿元（按2026年1 月20日人民币汇率计算，下同），创下历史新高，同比增速超40%； 2026年伊始，已有两单"玉兰债"率先落地，发行规模33亿元。 但这并非简单的数量增长。"'玉兰债'扩容主要受益于我国金融市场高水平开放政策的有力推动、 离岸人民币市场流动性持续充裕，以及发行机制不断优化带来的便利性提升。同时，国际投资者对优质 人民币资产配置需求的稳步增长，也提供了重要支撑。"中信证券首席经济学家明明告诉《金融时报》 记者。 另据彭博社报道，在全球地缘政治变局下，中国与欧洲关系有望更加密切，这也为"玉兰债"后续增 长打开了想象空间。 "玉兰债"缘何受青睐 "玉兰债"因上海市市花白玉兰而得名，于2020年12月推出，是中资发行人依托上海清算所与欧洲清 算银行建立的跨境托管联通安排、面向国际市场发行境外债券的一种发行模式，可支持人民币、美元、 欧元等多币种计价。 在中国人民银行指导下，"玉兰债"作为境内外金融 ...

扩容，已成"玉兰债"市场的现在进行时。 "玉兰债"因上海市市花白玉兰而得名，于2020年12月推出，是中资发行人依托上海清算所与欧洲清算银行建立的跨境托 管联通安排、面向国际市场发行境外债券的一种发行模式，可支持人民币、美元、欧元等多币种计价。 在中国人民银行指导下，"玉兰债"作为境内外金融基础设施加强合作、服务我国债券市场高水平对外开放的一项实践探 索，为境内主体面向国际市场发债融资提供了新的优质选择。 "'玉兰债'依托上海清算所与欧洲清算银行的跨境联通优势，发行效率更高，具有发行交割、上市挂牌、二级市场流通、 存续期管理等丰富的发行服务工具箱。"中泰证券（600918）固收首席分析师吕品对《金融时报》记者表示，此外，"玉 兰债"为境内企业提供了跨市场、跨币种融资渠道，直接吸引国际机构投资者资金，有效提升了融资多样性。 上海清算所数据显示，截至目前，"玉兰债"发行人已全面覆盖中资金融机构和非金融企业，累计发行规模突破250亿元。 | | | "玉兰债"发行情况 | | --- | --- | --- | | 年份 | 发行只数 | 发行规模(亿等值人民币) | | 2021年 | 2 | 56.00 | | ...

Core Viewpoint - Industrial Bank has successfully issued the first "Yulan Bond" under the Free Trade Zone (FTZ) model, raising 3 billion RMB with a 3-year term and a coupon rate of 1.95%, significantly narrowing from the initial guidance by 50 basis points. The funds raised will be allocated to sectors such as information communication, advanced materials, and biomedicine [2] Group 1 - The issuance attracted diverse participation from banks, securities firms, asset management companies, and insurance institutions, with a peak subscription multiple exceeding 4.3 times, marking a significant expansion of the "Yulan Bond" issuer types [2] - The Shanghai Clearing House aims to enhance the influence of the "Yulan Bond" brand while supporting the internationalization of the RMB and the construction of Shanghai as an international financial center [2] - The issuance represents a dual breakthrough in offshore financing channels and financial infrastructure innovation for banks, providing new pathways for bank financing through innovative institutional combinations and specific market structures [2][3] Group 2 - Since its launch in 2020, the "Yulan Bond" has expanded its issuer base from state-owned banks and securities firms to include non-financial and private enterprises, indicating a mature ecosystem for major Chinese issuers [3] - The combination of the FTZ's policy advantages and the cross-border financial infrastructure of the "Yulan Bond" offers banks a tool that integrates offshore market financing, support for specific regional and industrial development, and optimization of their liability structure [3] - The issuance of thematic bonds like the "Yulan Bond" is seen as a new trend for banks to optimize their liability structures and serve the real economy, especially in the context of intensified competition in traditional bond issuance channels and pressure on asset yields [3][4] Group 3 - Banks must consider market interest rates, expected returns, and risk conditions when balancing financing costs with asset allocation, ensuring optimal cost control on the liability side and investment returns on the asset side [4] - To promote the sustainable expansion and high-quality development of the bond issuance system, particularly for innovative financial products like the "Yulan Bond," supportive mechanisms from government and regulatory bodies are essential, including tax incentives and streamlined approval processes [4] - Strengthening risk management measures, such as improving information disclosure systems and establishing effective risk warning mechanisms, is crucial for facilitating cross-border financing activities [4]

Core Viewpoint - The issuance of the "Yulan Bond" by Industrial Bank marks a significant expansion of cross-border financing channels, with a total issuance of 3 billion RMB and a coupon rate of 1.95%, indicating a 50 basis point tightening from the initial price guidance [1] Group 1: Issuance Details - Industrial Bank issued the first "Yulan Bond" for a bank in the free trade zone, with a scale of 30 billion RMB and a maturity of 3 years [1] - The bond proceeds are earmarked for sectors such as information communication, advanced materials, and biomedicine [1] - The issuance attracted significant interest, with a peak subscription multiple exceeding 4.3 times from various domestic and foreign investors [1] Group 2: Market Impact and Trends - The inclusion of free trade zone banks in the "Yulan Bond" framework signifies a mature ecosystem covering major types of Chinese issuers [2] - The "Yulan Bond" combines the advantages of policy experimentation in free trade zones with cross-border financial infrastructure, providing banks with tools for offshore financing and supporting specific regional and industrial developments [2] - The trend of issuing thematic bonds like the "Yulan Bond" represents a new exploration for banks to optimize their liability structures and serve the real economy amid intensified competition and pressure on asset yields [2][3] Group 3: Recommendations for Future Development - To ensure the sustainable expansion and high-quality development of the bond issuance system, supportive mechanisms from the government and regulatory bodies are essential, including tax incentives and simplified approval processes [3] - Strengthening risk management measures, such as improving information disclosure and establishing effective risk warning mechanisms, is crucial for promoting cross-border financing activities [3] - Enhancing international cooperation and aligning domestic and international financial market rules will create more favorable conditions for banks' cross-border financing [3]

兴业银行在微信公众号发布消息称，1月15日，兴业银行在全市场首次以"玉兰债"模式发行银行自贸区 主体境外债券，发行规模30亿元人民币，期限3年。兴业银行称，本次债券募集资金专项用于信息通 讯、先进材料、生物医药等新质生产力领域。票面利率1.95%，较初始价格指引大幅收窄50个基点，本 次发行吸引了银行、券商、资管、保险等多类型投资机构积极参与。峰值认购倍数超过4.3倍，创造玉 兰债券峰值订单规模及认购倍数历史记录。 ...

在离岸人民币债券领域，本周人民币企业债单笔最大发行规模为35亿元人民币，由快手科技发行。最高票息为6.95%，由泰安市国泰民安投 资集团有限公司发行。 在中资美元债券市场，本周美元企业债单笔最大发行规模9亿美元，由快手科技发行。本周最高美元债发行票息 6.75%，由新鸿基有限公司发 行。 二级速览： 本周中资美元债收益率全线上涨。截至1月16日，Markit iBoxx中资美元债综合指数与上行0.05%，报251.79；投资级美元债指数周度上涨 0.03%，报 244.71；高收益美元债指数周度上涨0.23%，报243.28。本周，地产美元债指数周度上涨0.34%，报 180.33；城投美元债指数周度 上涨0.14%，报154.63；金融美元债指数周度上涨0.1%，报 291.98。 本周市场情况 一级市场： 据新华财经统计，本周（2026年1月12日-1月16日）共发行14笔中资离岸债券，其中包括4笔人民币债券、6笔美元债券、3笔港币债券、1笔欧 元债券。本周共发行约38.55亿美元离岸债券。本周发行方式为直接发行的债券共6只，担保发行的债券共 3只，直接+担保发行的共1只，维 好协议发行的债券共2只，SB ...

"本次发行创市场之先，首次将自贸区政策优势与离岸人民币工具深度耦合，为全球投资者提供了更具 吸引力的人民币资产配置选择。下一步，我行将不断探索发行多币种境外债券，持续为实体经济引入长 期、稳定、低成本的离岸资金活水。"兴业银行相关负责人表示。 "玉兰债"是上海清算所和欧洲清算银行于2020年联合推出的创新金融产品，通过境内外金融基础设施互 联互通模式，为中资企业在国际市场融资提供支持。 （文章来源：新华财经） 新华财经上海1月16日电（记者杨溢仁桑彤）本周，兴业银行在全市场首次以"玉兰债"模式发行了银行 自贸区主体境外债券，发行规模30亿元人民币，期限3年，票面利率1.95%，较初始价格指引大幅收窄 50个基点。本次债券的募集资金将专项用于信息通讯、先进材料、生物医药等新质生产力领域。 无疑，本次发行标志着"玉兰债"发行人类型进一步扩容。据记者了解，该产品吸引了银行、券商、资 管、保险等多类型投资机构积极参与，峰值认购倍数超过4.3倍，创造玉兰债券峰值订单规模及认购倍 数历史记录，有效拓宽了自贸区金融机构离岸融资渠道，助力人民币国际化。 值得一提的是，发行阶段，兴业银行在香港举行了国际交易路演，上海清算所、本 ...

Primary Market - A total of 41 offshore bonds were issued this week (January 5-9, 2026), including 1 RMB bond, 29 USD bonds, 10 HKD bonds, and 1 EUR bond, with issuance sizes of 100 million RMB, 9.3675 billion USD, 17.475 billion HKD, and 2.5 billion EUR respectively [2] - In the offshore RMB bond market, the largest single issuance was 100 million RMB with a maximum coupon rate of 1.7%, all issued by the International Finance Corporation [2] - In the USD bond market, the largest single issuance was 3.5 billion USD by the Asian Development Bank, with the highest coupon rate of 6.25% issued by PCCW Limited [2] Secondary Market Overview - The yield on Chinese USD bonds rose across the board this week. As of January 9, the Markit iBoxx Chinese USD Bond Composite Index increased by 0.13% to 251.66; the investment-grade USD bond index rose by 0.1% to 244.63; and the high-yield USD bond index increased by 0.28% to 183.71 [3] - The real estate USD bond index rose by 0.58% to 179.72, while the city investment USD bond index fell by 0.12% to 154.4; the financial USD bond index increased by 0.15% to 291.69 [3] Benchmark Spread - As of January 9, the spread between the 10-year benchmark government bonds of China and the U.S. narrowed to 229.73 basis points, a decrease of 1.58 basis points from the end of 2025 [4] Rating Changes - On January 5, the credit rating of Wuxi Liangxi Urban Operation Service Group Co., Ltd. was withdrawn by China Chengxin International Credit Rating due to insufficient information [6] - On January 7, Zhengzhou Zhongrui Industrial Group Co., Ltd.'s credit rating was downgraded from AA+ to AA- by Dagong Global Credit Rating [6] Domestic News - The Shanghai Clearing House is promoting the quality and expansion of Yulan bonds and free trade offshore bonds, aiming to enhance cross-border connectivity and optimize the "swap + direct clearing" path [8] - Local government bond issuance for 2026 has commenced, with Shandong Province issuing 72.381 billion RMB in local bonds on January 5. The total planned issuance for the first quarter exceeds 2.1 trillion RMB, which is significantly higher than previous years [9] - The Panda bond market officially opened this week with an issuance of 7 billion RMB, including a 1.5 billion RMB Panda bond from Henkel Group, marking its first appearance in this market [10] Overseas News - The U.S. Congressional Budget Office (CBO) predicts that the Federal Reserve may implement a slight interest rate cut this year to address labor market downturn risks, with expected rates dropping to 3.4% by the fourth quarter [12] Offshore Debt Alerts - Huaxia Happiness Holdings Co., Ltd. is facing arbitration requests from Ping An Asset Management and Ping An Life Insurance for performance compensation and overdue payment totaling approximately 6.4 billion RMB [13] - China International Capital Corporation is convening a meeting to discuss not requiring early debt repayment or additional guarantees, indicating strong asset strength and repayment capability [14] - Minmetals Land plans to repurchase approximately 251 million USD of bonds and exercise early redemption rights, with settlement expected around January 15, 2026 [15]

Core Viewpoint - The Shanghai Clearing House emphasizes the need to balance quality and quantity in its operations for 2026, focusing on innovation in foreign exchange clearing products and services while enhancing domestic currency centralized clearing capabilities [1] Group 1: Business Development - The organization aims to develop commodity clearing and carbon finance businesses to improve service quality and efficiency [1] - There is a commitment to strengthen the dual pillar linkage of clearing and custody services [1] Group 2: International Strategy - The strategy includes consolidating and expanding cross-border hub connectivity while ensuring safety [1] - The promotion of Yulan bonds and free trade offshore bonds is part of the plan to enhance quality and capacity [1] - The optimization of the "swap + direct clearing" approach is intended to deepen international engagement and support a stable internationalization strategy [1]