TREE NEWS reports: China’s credit bond primary market issuance expanded to 20 trillion yuan this year, with AAA-rated issuers accounting for 72.3% of the total, as of November 8. The volume of postponed or cancelled issuance fell 45.07% year-on-year to about 149.381 billion yuan. Since late October, however, postponed issuance has rebounded, led by high-grade state-owned enterprises, as issuers time windows amid secondary market volatility.
China Credit Bond Issuance Hits 20 Trillion Yuan, AAA Issuers at 72.3%
AI take
The striking detail is the divergence between a record-sized primary market and a sharp drop in failed deals, which suggests strong demand absorbing supply—until late October. The rebound in postponements, concentrated among high-grade SOEs, points to issuers prioritizing pricing windows over volume, a sign that secondary volatility is now feeding back into primary timing. Whether that rebound persists into year-end is the open question, and it matters most for state-linked issuers and their underwriters.
Generated by AI for reference only.
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