Crédit Agricole CIB supports the People’s Republic of China Government in record-breaking US dollar sovereign bond issuance

On 5 November 2025, China’s Ministry of Finance (China MoF), on behalf of the People’s Republic of China, successfully priced US$4 billion of sovereign bonds in the Hong Kong Special Administrative Region. The offering comprised a US$2 billion 3-year tranche priced at par to US Treasuries and a US$2 billion 5-year tranche priced two basis points above US Treasuries, achieving a historically tight credit spread for China’s USD sovereign bonds.

The transaction attracted strong demand with subscriptions from 1,048 investors - the highest number ever recorded for a MoF issuance. Investor participation was broad and diversified, with close to 50% of demand from non-Asian investors, while central banks, sovereign wealth funds and public institutions accounted for 26% of the total demand. Amid overwhelming demand, the peak orderbook volume exceeded US$121 billion, placing it among the largest USD orderbooks globally. The final oversubscription ratios were 26 times and 33 times for the 3- and 5-year tranches respectively.

This issuance coincided with the launch of China’s 15th Five-Year Plan, signalling to international markets the country’s growth potential and new opportunities arising from its economic and social development. Following the MoF’s return to the US dollar sovereign bond market last year, this issuance once again underscores China’s strong commitment to maintaining connectivity with global financial markets.

Crédit Agricole CIB acted as joint lead manager and joint bookrunner on this transaction, marking its 11th consecutive participation in the MoF’s international bond issuance since 2018. Earlier this year, the Bank also served as one of the two green structuring advisors on the MoF’s inaugural international green bond issuance.