The Ministry of Finance said in its 1H 2026 fiscal report it has begun orderly
2026 sovereign bond issuance and will calibrate external‑debt currency and tenor
mix, issuance locations and innovative products. It has issued 572 billion yuan
of ultra‑long special sovereign bonds in 1H, completing 44% of the year’s
issuance plan. In May it sold 60 billion yuan of green sovereign bonds in Hong
Kong via bookbuild; the yield was a record low for RMB sovereign bookbuilds,
subscription was 10.4x and the order book set an offshore RMB record, with
sovereign investor allocations and share at new highs. In June it issued €5bn in
Luxembourg, marking the largest APAC euro bond and the lowest issuance spread on
record. Regular Hong Kong RMB government bond issuance reached 50.5 billion yuan
in H1.
