Ultra-long debt boom prompts Chinese banks to shift strategy 

Since last year, China’s bond market has seen a notable emergence of ultra-long corporate bonds. State-owned enterprises (SOEs) and blue-chip private firms are increasingly issuing debt with maturities exceeding 20 years – a notable departure from the three- to five-year tenors that have traditionally dominated Asia’s largest fixed-income arena. 

Fuelled by regulatory innovation and a hunt for yield in a low-rate environment, this shift signals a recalibration in how investors allocate capital and how banks secure deals and manage balance sheets.