進(jìn)入人民幣債券一級發(fā)行市場的新渠道和新舉措 （英）-香港交易所 202207

July2022ResearchReportTheRenminbibondprimarymarket:AccesschannelsandnewinitiativesfChinaEconomistsOfficeangesandClearingLimitedtCompanyLimitedlySummary 11.Introduction 2USdomesticbondmarket―Foreigninvestors’participationandprimarymarketbondissuance 33.Mainlandbondmarket―Opening-upandbondissuanceintheprimarymarket 8MajorChina-relatedoffshorebondsegments―Chinese-issuedUSDbondsanddim-sumbonds 94.1USD-denominatedbondsissuedbyChinesedomesticinstitutions 104.2Dim-sumbonds 135.NewfinancialinfrastructuretosupportHongKongfixedincomemarket 155.1OffshoreissuanceofChinesebonds:Preparationandprocedures 165.2ePrimeataglance 176.Conclusion 18TheRenminbibondprimarymarket:Accesschannelsandnewinitiatives5July20221aryandsecondarybondmarketsintheMainlandhavebeenopenedtointernationalinvestorsinrecentyears.Asonshoreaccesshasimproved,theoffshoremarkethasalsobecomeamainvenueforoverseasinvestorstotradeorinvestinbondsissuedbyChineseinstitutions.AstheChinese-issuedUSDbondmarkethasthrivedinrecentyears,themarkethasgraduallyturneditsfocusontohowtoincreaseoverseasinvestors’participationintheChinesebondmarket,especiallyintheprimarymarketofRMBbondsintheonshoreandoffshoremarket.ThisreportwillfirstlyintroducebrieflytheUSD-denominatedbondmarket,whichprovidesareferencepointfortheinternationalisationoftheRMBbondmarket.ThereportwillthengiveanoverviewoftheliberalisationofbondofferingsintheMainlandandtherecentdevelopmentoftheChineseissuedUSDbondmarketFinally,thereportwilloutlinerecentdevelopmentsofHongKong’sfinancialinfrastructuretoenhancethefixedincomemarket.ndmarketsinAsiaaregainingmomentumwithanumberoffixedincomefinancialinfrastructureunderdevelopmentAcceleratingthedevelopmentofsuchinfrastructurecanenhanceinformationtransparencyandefficiencyMoreover,givenhowChinesefinancialinstitutionsareincreasinglyactiveinoffshorebondmarkets,theprovisionofappropriatefinancialinfrastructuretoChinesebondissuersandrelatedparticipantsmayfacilitateinternationalinvestors’accesstofixedincomeproductsconnectedwithChineseassets.2Overthepastdecadeinternationalinvestorssearchforreturnsamidalow-yieldenvironmenthasdrivenasteadyflowofcapitalintoAsiasbondmarketsandparticularlythosewithinemergingeconomiesintheregion.Atthesametime,internationalinvestors’demandforRenminbi(RMB)assetshasbeenontheriseparticularlyaftertheinclusionoftheRMBinthecurrencybasketoftheInternationalMonetaryFundIMF)’sSpecialDrawingRights(SDR)in2016.Forsovereign-levelinvestmententitiessuchascentralbanksRMBassetscanhelpdiversifytheirforeignexchangereserveassetsandcurrentdatashowsthatoverseasinvestorshaveraisedtheirholdingsofRMBassetsafterthecurrencywasincludedintheSDRbasket.Morethan70centralbanksandeshaveincludedtheRMBintheirforeignexchangereservesBythesecondquarterof2021,theshareoftheRMBinglobalofficialforeignexchangereserveshadAttheendofNovember2021,thedomesticbondmarketofMainlandChinareachedavaluenCurrentlythereareanumberofchannelsforforeigninvestorstoparticipateintheMainlandRMBbondmarket,includingallowingforeigncentralbanks,internationalfinancialorganisationssovereignwealthfunds,etc.todirectlyinvestintheChinaInterbankBondMarketCIBM,theQualifiedForeignInstitutionalInvestor(QFII)Scheme,theRMBQualifiedForeignInstitutionalInvestor(RQFII)4SchemeandNorthboundtradingofBondConnectschemelaunchedinJuly2017.ThesechannelshavegreatlyfacilitatedtheflowofoverseascapitalintotheMainlandbondmarketOntheotherhand,theoffshoremarkethasalsobecomeamainvenueforoverseasinvestorstotradeorinvestinbondsissuedbyChineseinstitutions.BondmarketsinAsiaarealsogainingmomentumbutinmanycasesfixedincomefinancialinfrastructureisstillinthedevelopmentphase.Theissuanceofbonds,whichareamajorfinancingtoolinthemarket,entailsmanyaspects,frompreparationofprospectusestoratings,marketingbookbuilding,pricing,distribution,settlementanddelivery,etc.,involvingmanyparticipantsintheprocess.AcceleratingthedevelopmentofrelevantinfrastructurecanenhanceinformationtransparencyandefficiencyMoreovergivenhowChinesefinancialenterprisesareincreasinglyactiveinoffshorebondmarkets,theprovisionofappropriatefinancialinfrastructuretoChinesebondissuersandrelatedparticipantswouldhelpfacilitateinternationalinvestors’accesstofixedincomeproductsconnectedwithChineseassets.Theopening-upoftheRMBbondmarketintheMainlandtoforeigninvestorsisapplicabletobothprimaryandsecondarymarkets.Themarkethasgraduallyturneditsfocusontohowtofacilitateinternationalinvestors’participationintheMainlandRMBbondmarketortheissuanceofChina-relatedbonds,particularlyintheprimarymarketofRMBbondsintheonshoreandoffshoremarket.ThisreportwillfirstlyintroducetheUSDdomesticbondmarket,whichprovidesthereferencebasisfortheinternationalisationoftheRMBbondmarket,andperhapsalsoasignpostfortheopeningupoftheMainlandbondmarkettoforeigninvestors.ThereportwillthengiveanoverviewoftheliberalisationofbondofferinginMainlandChinaandtherecentdevelopment1Source:People’sBankofChina,RMBInternationlisationReport2021.ourceDatabaseoftheIMFsCurrencyCompositionofOfficialForeignExchangeReserves3Source:Wind.4TheregulatoryregimesforQFIIandRQFIIhavebeenunifiedon1November2020.3SbondmarketSbondmarketsizeShareinglobalbondmarket0%%oftheoffshoreChineseissuedUSDbondmarket.Lastbutnotleast,itwilloutlineHongKongsprogressindevelopingfinancialinfrastructurefortheoffshorefixedincomemarketUSDOMESTICBONDMARKET―FOREIGNINVESTORS’PARTICIPATIONANDNDISSUANCETheUSbondmarketistheworld’slargest,measuredatUS$47.94trillionattheendofthefirstquarterof2021andaccountingfor39%oftheglobalbondmarket(seeFigure1).TheUSbondmarketoffersawidearrayofproducts,includingtreasuries,municipalbonds,ketinstrumentsrepurchaseagreementscorporatebondsSecuredOvernightFinancingRate,etc.,servingawiderangeofparticipantssuchascentralbanks,depositoryinstitutions,brokersanddealers,investmentfunds,pensionsandretirementfunds,insurancecompanies,localandforeigninvestors,retailandinstitutionalinvestors.FigureFigure1.USbondmarketsize(2010–2021Q1)Stri6050%0001201020112012201320142015201620172018201920202021Q1USbondmarketsizeShareinglobalbondmarketNoteQ1=firstquarter;Q2=secondquarter;Q3=thirdquarter;Q4=fourthquarter(samehereinafter).Source:BankforInternationalSettlements.ForeigninvestorsareimportantparticipantsintheUSbondmarketespeciallyinthemidtolongtermbondmarketTheyholdasignificantproportionofUStreasuriesandagencybonds,andarealsoactiveintradingcorporatebonds.Attheendofthesecondquarterof2021,USmid-tolong-termtreasuriesheldbyforeigninvestorsamountedtoUS7trillion,ofwhichUSD3.96trillionwasheldbyforeigngovernmentinstitutionsandUS1trillionbytheprivatesector,togethermakingup30.24%oftheUSbondmarket(seeFigure2).5USagencybondsgenerallyrefertosecuritiesissuedbyagovernment-sponsoredenterpriseorbyafederalgovernmentdepartmentotherthantheUSTreasury.TheRenminbibondprimarymarket:Accesschannelsandnewinitiatives5July20224Holdingvalue2018Q12018Q32018Q42019Q12019Q22Holdingvalue2018Q12018Q32018Q42019Q12019Q22019Q32019Q42020Q12020Q22020Q32020Q42021Q12021Q2ShareinUSgovernmentbondmarkettotalHoldingvalueShareinUSagencybondmarkettotal40%30%0%20%%FigureFigure2.USmid-tolong-termgovernmentbondsheldbyforeigninvestors(2018–2021Q2)US$tri4.03.02.01.00.02.6HoldingsofforeigngovernmentinstitutionsHoldingsofforeignprivatesectorShareinUSgovernmentbondmarkettotalSourceUSDepartmentoftheTreasuryandUSSecuritiesIndustryandFinancialMarketsAssociation.Attheendofthesecondquarterof2021,foreigngovernmentinstitutionsandprivatesectorheldUSbillionandUS93.18billionoflong-termagencybonds,respectively,whichinaggregateaccountedfor82%ofthetotalagencybondmarket(seeFigure3).FigureFigure3.Long-termUSagencybondsheldbyforeigninvestors(2018–2021Q2)US$tri82%2018Q12018Q22018Q32018Q42019Q12019Q22019Q32019Q42020Q12020Q22020Q32020Q42021Q12021Q2%%5%%HoldingsofforeigngovernmentinstitutionsHoldingsofforeignprivatesectorShareinUSagencybondmarkettotalourceUSDepartmentoftheTreasuryandUSSecuritiesIndustryandFinancialMarketsAssociationorporatebondmarketlongtermcorporatebondsheldbyforeigngovernmentinstitutionsandtheprivatesectortotalledUS$4.66trillion,accountingfor47%ofthetotalcorporatebondmarket.articularholdingsbytheforeignprivatesectorintheentireUScorporatebondmarketballoonedfromUS.78trillioninthefirstquarterof2018toUS$4.47trillioninthesecondquarterof2021(seeFigure4).TheRenminbibondprimarymarket:Accesschannelsandnewinitiatives5July20225Holdingvalue2018Q12018Q22018Q32018Q42019Q12019Q22019Q32Holdingvalue2018Q12018Q22018Q32018Q42019Q12019Q22019Q32019Q42020Q12020Q22020Q32020Q42021Q12021Q2ShareinUScorporatebondmarkettotal47%48%46%44%4.542%40%%0.236%4.24.098FigureFigure4.Long-termUScorporatebondsheldbyforeigninvestors(2018–2021Q2)US$tri5.04.54.0050505022HoldingsofforeigngovernmentinstitutionsHoldingsofforeignprivatesectorShareinUScorporatebondmarkettotalSourceUSDepartmentoftheTreasuryandUSSecuritiesIndustryandFinancialMarketsAssociation.ForeigninvestorsmayalsoparticipateintheissuanceofUStreasuriesintheprimarymarket.AtthetimeoftheissuanceofUStreasuries,theUSFederalReserveSystem,actingonbehalfoftheUSDepartmentoftheTreasury(theTreasury),willconductregularauctionsattheprimarymarketthatareopentothepublic,includingretailinvestorsanddifferenttypesofforeignparticipants.Insuchauctions,authorisedfinancialinstitutionsactingforforeignparticipantswillsubmittheirbidstotheTreasury.OnissuedaytheTreasurydeliverssecuritiestobidderswhowereawardedsecuritiesinaparticularauctionInexchangetheTreasurychargestheaccountsofthosebiddersforpaymentofthesecuritiesAftereachauction,theauctionresults,includingtheauctionrate,maximumyieldbiddingamountissueamount,bid-to-coverratio,etc.aswellastheauctionallocationamount,willbeannounced.AccordingtothehistoricalallocationresultsofUStreasuries,foreigninvestorsareoneofthemajorparticipantsintheprimarymarketforUStreasuries.From2018toOctober2021,themonthlyaverageamountofUStreasurybillsallocatedtoforeigninvestorsinprimaryauctionsisUS8.47billion,representing5.3%ofthetotalauctionallocationduringtheperiod(seeFigures5and6).ThemonthlyaverageamountofUStreasurynotesandbondsallocatedtoforeigninvestorsduringprimaryauctionswasUS$39.08billion,accountingfor13.2%ofthetotalamountallocatedduringtheperiod(seeFigures7and8).688888888899999999900888888888999999999000000000111111111FigureFigure5.MonthlyaverageamountofUStreasurybillsallocatedatprimaryauctions(Jan2018–Oct2021)US$bil2,5002,0001,5001,0005000SOMARetailinvestorsPension,retirementfundsandinsuranceForeignandinternationalDepositoryinstitutionsDealersandbrokersInvestmentfundsOthersNoteSOMAreferstoSystemOpenMarketAccountoftheUSFederalReserveusedforopenmarketoperations.partmentoftheTreasuryFigureFigure6.DistributionofUStreasurybillsallocatedatprimaryauctions(Jan2018–Oct2021)OthersSOMADepository0.19%investors0.24%2.80%0.19%investorsrnationalForeignandrnational0%tfunds.85%and.93%etirementfundsandinsurancepartmentoftheTreasury701/201802/201803/201804/201805/201806/201807/201808/201809/201810/201811/201812/201801/201902/201903/201904/201905/201906/201907/201908/201909/201910/201911/201912/201901/202002/202003/202004/20201/201802/201803/201804/201805/201806/201807/201808/201809/201810/201811/201812/201801/201902/201903/201904/201905/201906/201907/201908/201909/201910/201911/201912/201901/202002/202003/202004/202005/202006/202007/202008/202009/202010/202011/202012/202001/202102/202103/202104/202105/202106/202107/202108/202109/202110/2021700600500400300200FigureFigure7.MonthlyaverageamountofUStreasurynotesandbondsallocatedatprimaryauctions(Jan2018–Oct2021)US$bil8000SOMARetailinvestorsPension,retirementfundsandinsuranceForeignandinternationalpartmentoftheTreasuryDepositoryinstitutionsDealersandbrokersInvestmentfundsOthersFigureFigure8.DistributionofUStreasurynotesandbondsallocatedatprimaryauctions(Jan2018–Oct2021)rs6%sitoryitutions8%rsrs4%nandernationalersandbrokers28.22%ntfunds46.74%netirementfundsandinsurance8%partmentoftheTreasury8Valueofforeignholdings01/201703/201705/201707/201709/20171701/201803/20Valueofforeignholdings01/201703/201705/201707/201709/20171701/201803/201805/201807/201809/20181801/201903/201905/201907/201909/201901901/202003/202005/202007/202009/20202001/202103/202105/202107/202109/2021%shareinCIBMtotalaunchofConnectMAINLANDBONDMARKETOPENINGUPANDBONDISSUANCEINTHEPRIMARYTheMainlandbondmarkethasgrownrapidly,reachingRMB128trillionbytheendofrSinceChinahasintroducedanumberofmeasurestoencourageforeignparticipationandinvestordiversificationintheonshorebondmarket.Thesemeasuresinclude:allowingqualifiedinstitutionstoinvestintheCIBMwithoffshoreRMBsince2010,launchingtheRQFIIschemein2011,easingQFIIinvestmentrestrictionsin2013,andrelaxingrulesgoverninginstitutionalinvestors’participationintheCIBMin2015.ThelaunchofNorthboundtradingunderBondConnectinJuly2017hasprovidednewchannelsforoffshoreinvestorstoinvestintheMainlandbondmarketandhasquickenedthepaceofinternationalisation.InSeptemberthePeoplesBankofChinaPBOC,theChinaSecuritiesRegulatoryCommission(CSRC)andtheStateAdministrationofForeignExchange(SAFE)jointlyissuedtheAnnouncementonMattersConcerningtheInvestmentofForeignInstitutionalInvestorsinChinasBondMarket(DraftforComments)tostandardiseentryrequirementsandstreamlinetheentryprocess,makingiteasierforoffshoreinvestorstoinvestintheMainlandbondmarket.AttheendofSeptember2021,foreignholdingsofRMBbondsreachedRMB3.94trillion,abigjumpof322%comparedwiththelevelbeforethelaunchofBondConnect,andthepercentageofforeignholdingshasincreasedfrom1.3%to3.1%overthesameperiod(seeFigure9).FigureFigure9.ForeignholdingsandpercentageshareintheCIBM(Jan2017–Sep2021)4,5004,0003,5003,0002,5002,0005000Source:Wind. 3,939.43.5%2.5%2.0%1.5%1.0%0.5%0.0%933.2Valueofforeignholdings%shareinCIBMtotalThroughBondConnect,offshoreinvestorsareabletonotonlytakepartinthetradingofMainlandbondsinthesecondarymarketbutalsoinbondissuanceintheprimarymarket.ForexampleonthefirstdayofthelaunchofBondConnectinJuly017,theAgriculturalevelopmentBankofChinaADBCissuedfinancialbondsworthofRMBbillionthrough6Source:Wind.9publictenderunderBondConnectraisingfundsfrombothonshoreandoffshoreinvestorsinmarymarketunderBondConnectAccordingtoWinddatabase,attheendofOctober2021,therewere1,460RMBbondsmarkedasbeingissuedunderBondConnect,i.e.foreignparticipantsauthorisedtoparticipateinCIBMwereallowedtosubscribetothesebondsthroughBondConnect.Figure10showsthedistributionofbondsissuedthroughBondConnect.FigureFigure10.DistributionofbondsissuedunderBondConnectbytype(intermsofnumber)(upto19November2021) lacementInternationacommerciallagencypapersbonds1.3%0.1%Asset-backedsecurities25.8%umtermnotesll70.4%rises%Totalnumber:1,460Source:Wind.ReferringtotheexperienceofbondmarketdevelopmentintheUSforeigninvestorscanparticipateintheprimarymarketforUSbondsandhaveaconsiderableshareofsubscriptionsinbondissuanceItisbelievedthat,withthecontinuousexpansionofChina’sbondmarket,offshoreinvestordemandincludingretailinvestors)forChinesebondswillalsoescalate,makingthemimportantparticipantsintheMainlandbondmarket.thereforeimportanttodevelopfinancialinfrastructureandsubscriptionsystemsandprovideoverseassubscriberswithmoreconvenientservicesthatareinlinewithinternationalpractices,soastoexpeditetheopening-upoftheprimarymarketinMainlandbonds.MAJORCHINA-RELATEDOFFSHOREBONDSEGMENTS―CHINESE-ISSUEDUSDUMBONDSAlongsidethefurtherprogressinthetwo-wayopening-upoftheMainlandbondmarket,theinteractionbetweentheonshoreandoffshoremarketshasalsoincreasedinbothdepthandbreath.TheoffshoremarkethasgraduallybecomeakeyfinancingchannelfordomesticinstitutionsandenterprisesintheMainland,withoffshoreChinese-issuedUSDbondsanddim-sumbonds7ForthebiddingprocessofADBC’sfinancialbondsissuance,seethebank’spaper(2019),“BondConnectandopeningofChina’sprimarybondmarketinBondConnectSchemeNewStrategyforInternationalisationofChina’sBondMarket.HongKong:TheCommercialPress(H.K.)Ltd.TheRenminbibondprimarymarket:Accesschannelsandnewinitiatives5July2022IssueamountNumberofIssueamountNumberofissuance5ieRMBbondsissuedoverseasbecomingimportantChinarelatedbondsegmentswhichoffshoreinvestorscouldtakeupateaseintheirportfolioallocations.USD-denominatedbondsissuedbyChinesedomesticinstitutionsChineseissuedUSDbondsrefertoUSDdenominatedbondsissuedtooverseasinvestorsbyMainlanddomesticinstitutionsortheiroverseasbranchesorsubsidiaries.Since2010,theissuancemomentumofChinese-issuedUSDbondshaspickedup.Themarketsizeofthesebondscontinuedtoexpand,withtotalissuancevaluereachingalmostUS$200billionin2017.Afterthat,themarketcontinuedtomaintainmomentum,thankstothedemandforrefinancingandinvestmentportfolioallocations.Chinese-issuedUSDbondshavethusbecomeanimportantchannelforforeigninvestorstogetChinaexposure.From2010totheendofOctober2021,atotalof4,335Chinese-issuedUSDbondswereissued,withatotalissueamountofUS$1.47trillion8(seeFigure11).FigureFigure11.IssueamountandnumberofChinese-issuedUSDbonds(2010-Oct2021)bil50000675173.1164.5433 2982.7.420.643196.5596.9217.0202.921.648201020112012201320142015201620172018201920202021*004000000IssueamountNumberofissuanceUpto31October2021.Source:Bloomberg.BelowisareviewoftheChineseissuedUSDbondsissuedduringJanuary2017toOctoberwithafocusontheirfeaturesofmaturity,rating,industryandlistingstatus.(1)MaturityFigureshowsthematuritystructureofChineseissuedUSDbondsissuedduringtheperiodfromJanuary017toOctober2021.ThemajorityofChinese-issuedUSDbondsintermsofissueamount)wereintherangeofthreetofiveyears,reflectingthedemandofChineseissuersformid-tolong-termfinancing.8Source:Bloomberg.FigureFigure12.DistributionofChinese-issuedUSDbondsbymaturity(intermsofissueamount)(2017–Oct2021)rTotalissueamount：US42billionSource:Bloomberg.(2)RatingTheabsenceofratingsiscommoninChinese-issuedUSDbonds.Amongthe2,826ChineseissuedUSDbondsissuedbetweenJanuary2017andOctober2021,79%wereunratedbySPMoodysorFitch,while15%wereofinvestmentgradeand6%high-yieldgrade(seeFigure13).FigureFigure13.DistributionofChinese-issuedUSDbondsbyrating(intermsofnumberofissues)(2017–Oct2021)dgradeTotalnumberofissues:26edbySPrFitchurceBloombergtatealsonsumerdiscretionaryCommunicationsvernmenttatealsonsumerdiscretionaryCommunicationsvernmentlssTechnologyonsumerapleshcare(3)IndustryChineseissuedUSDbondsissuedduringJanuarytoOctober2021coverawiderangeofindustriesThoseintherealestate,financialservicesandindustrialssectorsconstitutedthebiggestshareofissuanceseeFigure14),whilesectorsincludingconsumergoodscommunications,materialsandenergyaccountedforasmallerpercentage.FigureFigure14.DistributionofChinese-issuedUSDbondsbyindustry(intermsofissuesize)(2017–Oct2021)l0050000297.68.5%)(0.7%)(0.5%) (8.3%)(.)(.)(.)(.)(.)(.)(0.7%)(0.5%)Note:Thepercentageinbracketistheshareinthetotalissueamount;percentagesmaynotaddupto100%duetorounding.Source:Bloomberg.(4)ListingstatusThemajorityofChinese-issuedUSDbondsissuedbetweenJanuary2017andOctober2021werelistedonoverseasexchanges.Manyofthebondissueswerelistedsimultaneouslyonmultipleoverseasexchanges.Intermsofthenumberofissues,48%werelistedonHKEX(including1,367bondsthatwerelistedonHKEXonlyorsimultaneouslylistedonHKEXandotherexchanges),26%werelistedoutsideHongKongand26%wereunlisted(seeFigure15).0025020000250200FigureFigure15.DistributionofChinese-issuedUSDbondsbylistingstatus(intermsofnumberofissues)(2017–Oct2021)Totalnumberofissues:6istedtsideHongSource:Bloomberg.Dim-sumbondsnHKEXudingthoseltaneouslyedonotherseasnges8%Thedimsumbondmarketstartedin2007,peakedin2014,thensawadownturnin2017,beforereboundinginseeFigure16).Dim-sumbondsaremostlyissuedbyChineseissuersintheMainlandandHongKong.LargeinternationalorganisationssuchasBankforInternationalSettlementsandAsianDevelopmentBankhavealsoissueddim-sumbondsofacertainsizeTheanalysesbelowarebasedondim-sumbondsissuedduringJanuary2017toOctober2021,withafocusonmaturity,ratingandindustry.FigureFigure16.Annualissueamountofdim-sumbondsbyissuerorigin(2007–Oct2021)OffshoreRMBbil500200720082009201020112012201320142015201620172018201920202021*ChinaHongKongGermanyInternationalorganisationsKoreaOthersUpto31October2021.Source:Bloomberg.(1)MaturityUnlikeChineseissuedUSDbondsdimsumbondsusuallycomewithashort-ormedium-termmaturityFortheperiodfromJanuary2017toOctober2021,dim-sumbondswithamaturityofoneyearorlessaccountedfornearlyhalfofthetotalamountissued,whilethoseofamaturityofover5yearsrepresentedonly8%(seeFigure17).Withsuchshort-termmaturity,manyofthemwillexpirebetween2022and2024.FigureFigure17.Distributionofdim-sumbondsbymaturity(intermsofissueamount)(2017–Oct2021)>3-5years25%Source:Bloomberg.>5years%TotalTotalissueamount:RMB967.96billionrs21%≤1year46%(2)RatingMostdimsumbondsbyissuesizeissuedbetweenJanuary2017andOctober2021wereunratedbyinternationalratingagencies.Theratedonesaccountedforlessthan15%(seeFigure18).FigureFigure18.Distributionofdim-sumbondsbyrating(intermsofnumberofissues)(2017–Oct2021)High-yieldgradeTotalnumberofissues:UnratedbyS&P,Moody’sorFitch85.7%Source:Bloomberg.vernmenttateonsumerdiscretionarysvernmenttateonsumerdiscretionaryshcareals(3)IndustryFordimsumbondsissuedbetweenJanuaryandOctober21,theissuersweremainlygovernmentbodiesincludinggovernmentagenciesandpolicybanks(accountinginaggregatefor68.9%intermsofissueamount).Theywerefollowedbythoseinfinancialservicesandrealestatesectors(seeFigure19).sworthnotingthattheShenzhenMunicipalPeoplesGovernmentissuedRMBbillionofoffshoreRMBlocalgovernmentbondsinHongKongon11October2021,withtenorsofyearsyearsand5yearsandtherespectiveissuesizesofRMB1.1billion,RMB1.5billionandRMB2.4billion,ofwhichthe3-yearand5-yearonesweregreenbonds.ThesebondsdrewtheattentionofinternationalinvestorsandenjoyedhighsubscriptionratesAmongthesubscribers%werefromEuropeandtheMiddleEast,includinggloballywellknowninstitutionalinvestorsSubscriptionsfrominstitutionslikeassetmanagersfundsandinsurersreachedRMBbillionor4%ofthetotal9.FigureFigure19.Distributionofdim-sumbondsbyindustry(intermsofissuesize)(2017–Oct2021)RMBbil0667.08.9%)667.08.9%)00400024.0%)005%)42.25%)42.24%)83%)2%)1%)1%)6%)0Note:Thepercentageinbracketistheshareinthetotalissueamount;percentagesmaynotaddupto100%duetorounding.Source:Bloomberg.NEWFINANCIALINFRASTRUCTURETOSUPPORTHONGKONGFIXEDINCOMETohelpoffshoreinvestorsbetterunderstandmarketinformationforMainlandbonds,BondonnectCompanyLimitedBCCLlaunchedthePrimaryMarketInformationPlatformPMIPinFebruary2019.9Source:“ShenzhenissuedoffshoreRMBmunicipalgovernmentbondsinHongKong”(深圳市在港發(fā)行離岸人民幣地方政府債券),ShenzhenGovernmentOnline