Crédit Agricole CIB supports People’s Republic of China Government again to price its EUR 5 billion sovereign bond issuance

Acting as Joint Lead Manager and Joint Bookrunner, Crédit Agricole CIB supports China’s Ministry of Finance, on behalf of the People’s Republic of China, to price its landmark EUR 5 billion sovereign bond offering in Luxembourg.

This bond offering sets a few benchmarks:

•    High oversubscription rate for China’s EUR bond with total subscriptions amounted to 24.8 billion euros, nearly five times the offering amount, underscoring the robust demand from investors

•    Tightest spreads achieved by China’s Ministry of Finance in a EUR bond offering, proving the market’s confidence in it

This sovereign bond attracted strong interest from high-quality investors, with participation from global multi-lateral organisations, central banks, sovereign wealth funds, pension funds, commercial banks, and insurance companies.

Moreover, this offering also drew appetite from diversified geographies, with 51% from Asian investors, 28% from European investors, 18% from the Middle East and 3% from the offshore US market, reflecting genuine global demand.

This transaction signifies a strategic development in China-Europe financial connectivity. By choosing Luxembourg, the premier listing venue in Europe for international bonds, and maintaining Hong Kong as the clearing centre, China is reinforcing its commitment to both European and Asian financial markets. This dual-listing approach is seen as a sophisticated strategy to deepen cross-continental capital markets integration and signals China's long-term commitment to European capital markets.

This issuance represents a significant milestone in China's international capital markets engagement and demonstrates that, despite various global challenges, there remains robust international appetite for high-quality Chinese sovereign debt.

The Bank has been actively facilitating China’s Ministry of Finance’s bond issuance, as our second collaboration with them within a month, on the back of our support for its:

•    RMB 6 billion second sovereign green bond offering in Hong Kong in May 2026

•    EUR 2 billion sovereign bond offering in Luxembourg in November 2025

•    US$ 4 billion sovereign bond issuance in Hong Kong in November 2025

•    CNH 6 billion green bond offering in London in April 2025 Will open in a new tab

To celebrate this milestone sovereign bond issuance, Olivier Bélorgey, Deputy Chief Executive Officer of Crédit Agricole CIB has attended the launch ceremony in Luxembourg to express the Bank’s pride in taking part in this transaction.