The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

China’s corporate bond market: China fills corporate pipeline

Maturity of bond market will be tested as issuance builds.

China’s developing corporate bond market is set to undergo perhaps the sternest test yet of its depth and sophistication. The volume of deals priced so far this year testifies to the immense demand for cash, as the economy slows and banks face pressure to lend to state infrastructure projects. According to figures from Dealogic, nine of the top 20 debt deals by size in Asia (excluding Japan) this year have come from China, as opposed to just two in the corresponding period last year.

Total volume this year for all Chinese debt deals has reached $28.5 billion from 53 deals, compared with $5.4 billion from 12 deals during the same period last year and just $3.9 billion from four deals in 2007. Bankers in Beijing say that the deal pipeline is fuller than they have ever seen it, and expect the demand to increase as the year progresses. But some are worried that the country’s domestic bond market is not sufficiently developed to meet this demand, and see the present crisis as a chance to build on the progress that has been made in developing the market infrastructure.

"Great progress has been made in recent years," says Feng Gao, head of global markets China at Deutsche Bank, "but there is still an imperative for further development.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree