Highlights of the Month

• In May, the monthly trading volume was RMB 979.2 billion, and the monthly average daily turnover stood at RMB 46.6 billion. Chinese government bond and policy financial bond were the most popular bond types, accounting for 42% and 41% of the trading volume respectively.
• In May, 687 transactions were traded through the Northbound Swap Connect, with volume of RMB 402.987 billion. By the end of May, 61 overseas institutions were onboarded under Northbound Swap Connect.
• To mark the 1st year milestone of Swap Connect, BCCL held an online seminar titled “The Next Phase of Swap Connect” on 16 May. The seminar invited CFETS, SHCH, HKEX and NAFMII to introduce the important progress and latest enhancements of Swap Connect scheme, and to discuss relevant market feedback.
• ePrime Issuance Service successfully facilitated 5 issuances with total issue size of RMB 6.736 billion equivalent in May. Participating underwriters, listed in alphabetical order, included China Securities International, CITIC Securities, Guotai Junan International, Huatai International, ICBC International, and TF International.
• On 23 May, ePrime Northbound Subscription Service supported offshore investors’ cross-border subscription of Bank of Nanjing Co., Ltd.’s RMB 26 billion 3-year 2024 Financial Bonds (Series 1) priced at a 2.24% yield. The seamless connectivity actualized between ePrime and the Bond Issuance, Underwriting and Distribution system of CFETS (iDeal) allowed offshore investors to complete their subscriptions successfully, which encompassed order placement, allocations, and the generation of confirmation tickets.
• On 14 May, BCCL and ICBC International jointly hosted an online event themed “Thriving in Flux: Unlocking China's Bond Market Value”. Joined by ICBC, Fidelity International and Manulife Investment Management HK, the event shared insights on China's macroeconomy in the second half of 2024, investment opportunities in China’s bond market, the market opening-up and development, as well as Swap Connect scheme.
• PMIP disclosed the pre- and post-issuance information of 197 primary bonds in May, including policy financial bonds, financial bonds, tier-2 capital bonds and medium-term notes.

Northbound Investors and Trading Data