Highlights of the Month

• Northbound Bond Connect: The monthly trading volume of January 2025 was RMB 872.6 billion, and the monthly average daily turnover stood at RMB 45.9 billion. Chinese government bond and policy financial bond were the most popular bond types, accounting for 34% and 44% of the trading volume, respectively. In terms of tenors, 7-10Y made up 34% of the trading volume, followed by 0-1Y (31%).
• Northbound Swap Connect: 790 transactions were traded in January 2025, with volume of RMB 459.003 billion. By the end of January, 76 overseas institutions were onboarded under Northbound Swap Connect.
• ePrime Issuance Service successfully facilitated 16 issuances with total issue size of RMB 11.39 billion equivalent in January. Participating underwriters of this month, listed in alphabetical order, included China CITIC Bank International, China International Capital Corporation, China Securities International, CITIC Securities, CMB International, Guotai Junan International, Shanghai Pudong Development Bank Hong Kong Branch, and TF International.
• On 18 January, the latest round of enhancements for ePrime Issuance Service were launched, introducing new features such as multi-window/tab, additional orderbook fields (cap % and order type), different price type for multi-tranche deals, etc.
• BCCL was invited to speak at the Asia Futurists Leadership Festival, organized by the Association of Family Offices in Asia. BCCL introduced the initiatives supporting the opening-up of China’s green bond market, the achievements of the Bond Connect scheme in supporting the development of green finance in China, as well as the ePrime Issuance and Northbound subscription services, which aid in the primary issuance of green bonds.
• PMIP disclosed the pre- and post-issuance information of 65 primary bonds in January.

Northbound Bond Connect Investors and Trading Data