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.
Issuance of ultra-long corporate bonds in the first half of 2024 surpassed the total for all of 2023.
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