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China Q1 bond issues up 11.22pct y-o-y amid fluid liquidity

May 08, 2019


Abstract : China hailed an 11.22 percent year on year hike in quarterly bond issues at 9.54 trillion yuan in the first quarter, driven mainly by the loose liquidity environment, according to China Lianhe Credit Rating Co., Ltd.

BEIJING, May 8 (Xinhua) – China reported an 11.22 percent year on year hike in quarterly bond issues at 9.54 trillion yuan in the first quarter of this year, which was driven mainly by the loose liquidity, according to China Lianhe Credit Rating Co., Ltd.

The busy quarterly bond issuance made total outstanding bonds in China up 16.75 percent year on year to 88.35 trillion yuan by end March.

Analysts attributed the prosperous primary bond market to boosts from multiple measures rolled out by Chinese regulators to encourage bond issues and investment and the loosening monetary and credit environment, which guided down the auction yields of new bonds.

In the first quarter, bonds issued by non-financial enterprises reached 1.945075 trillion yuan, contributed by 1,804 batches of issues from 998 issuers, both up more than 40 percent from the same period of 2018.

Enterprises bonds issues, referring to bonds sold by state-owned or controlled enterprises or institutions under governmental departments, surged over 150 percent year on year due to some issuers’ needs for replacing old bonds with new ones.

Corporate bonds issues edged up more than 50 percent year on year in the first quarter.

Noticeably, there were overall 337 batches of local government bonds issued in the first quarter, totaling 1.406652 trillion yuan in value, 4.41 times more than the comparable data in the same period of last year. (Edited by Duan Jing, duanjing@xinhua.org)

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Keyword: China Q1 bond

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