Highlights of the Month

• Northbound Bond Connect: The monthly trading volume for November was RMB 718.3 billion, with the monthly average daily turnover of RMB 34.2 billion. Policy financial bond and Chinese government bond were the most active bond types, accounting for 46% and 36% of the monthly trading volume respectively.
• Northbound Swap Connect: 610 transactions were traded in November, with volume of RMB 382.586 billion. By the end of November, 71 overseas institutions were onboarded under Northbound Swap Connect.
• ePrime Issuance Service successfully facilitated 23 issuances with total issue size of RMB 16.044 billion equivalent in November. Participating underwriters of this month, listed in alphabetical order, included Bank of China, China CITIC Bank International, China Industrial Securities International, China International Capital Corporation, China Securities International, CITIC Securities, CNCB Capital, Guotai Junan International, Haitong International, ICBC International, Orient Securities (Hong Kong), and TF International.
• On 24 November, BCCL hosted its first in-person event at the new office, the “ePrime Issuance Service 2024 Networking Event”. The gathering included various offshore underwriters, where BCCL shared key milestones of ePrime in 2024 and exchanged opinions and insights to foster development of cross-border business.
• ePrime Northbound Subscription Service facilitated offshore investors’ cross-border subscription of China Development Bank’s (“CDB”) 7-day Reference Rate Reset DR Floating Rate Bonds on 21 November, with an issuance amount of RMB 3 billion each on the 10 and 5-year bonds. The seamless connectivity between ePrime and iDeal (the Bond Issuance, Underwriting and Distribution system of CFETS) allowed Bank of Communications (Hong Kong) to successfully complete their online subscription, encompassing order placement and allocation. Before the issuance, BCCL was invited by CDB to participate in "CDB’s DR Floating Rate Bonds Promotional Event" on 18 November. BCCL introduced initiatives for facilitating cross-border subscription including the latest achievements of PMIP, ePrime Issuance and Northbound Subscription services, as well as the key areas of development in promoting connectivity.
• BCCL traveled to Australia to understand local investors' pain points and preferences when investing in RMB bonds, aiming to enhance the attractiveness of China's bond market. During the trip, BCCL participated in an event “Integrating China-Australia Economic Trade, Facilitating Capital Flows” held by Bank of China Sydney Branch and Bank of China (Hong Kong) as a panelist to share the latest updates of Bond Connect.
• PMIP disclosed the pre- and post-issuance information of 102 primary bonds in November, including policy financial bonds and financial bonds.

Northbound Bond Connect Investors and Trading Data