China Issues RMB 6bn Green Sovereign Bonds in Hong Kong with Overwhelming Global Investor Demand

Xinhua News Agency reports China’s Ministry of Finance successfully issued RMB 6 billion worth of renminbi-denominated green sovereign bonds in Hong Kong on 28 May, with an official issuance ceremony held at the Hong Kong Monetary Authority on 29 May. The offering received robust subscriptions from international institutional investors, recording a total subscription volume of RMB 62.4 billion, equivalent to 10.4 times the original issuance size.

The dual-tranche bond offering comprises two tenors with balanced scale and competitive coupon rates. The three-year green sovereign bond totals RMB 3 billion with a coupon rate of 1.42 percent, while the five-year tranche stands at RMB 3 billion with a coupon rate of 1.56 percent. The issuance features a highly diversified investor base with broad geographical coverage across global markets. All bonds have been listed on the Hong Kong Stock Exchange to enhance market liquidity and transparent secondary trading.

This marks the second issuance of China’s renminbi green sovereign bonds, building on the solid foundation of the previous offering. BNP Paribas has served as joint lead underwriter, joint bookrunner and green structuring advisor for both issuances, supporting the standardised and professional delivery of China’s sovereign green financing projects. Global financial institutions continue to recognise the credibility and compliance of China’s green bond framework.

Global financial market participants acknowledge that the latest offering further expands cross-border financing channels for China’s green and low-carbon development agenda. It reinforces China’s established position within the global green finance landscape and increases the supply of high-quality sovereign green assets for international investors. Continuous green sovereign bond issuance fuels the iterative upgrading and sound development of the global green financial system.

China has maintained regular offshore sovereign bond issuance for 18 consecutive years since 2009, in line with national financial opening-up strategies. The diversified offshore issuance portfolio covers renminbi, US dollar and euro-denominated sovereign bonds, forming a mature and standardised offshore issuance mechanism. Accumulated issuance volume in Hong Kong has reached RMB 463.5 billion in renminbi treasury bonds up to April 2026. Since 2017, Hong Kong has hosted issuances of USD 25 billion and EUR 8 billion worth of Chinese sovereign bonds.

The consistent offshore sovereign bond programme strengthens Hong Kong’s role as a premier global offshore renminbi hub. Future issuances will continue to optimise product structure, broaden global investor outreach and enrich diversified offshore asset options for international market participants. The steady development of offshore sovereign financing will further support high-standard financial opening and green economic transformation.