Chinese Firms Issue Nearly 100 Offshore Convertible Bonds Since 2026, Raising Over $21 Billion
Chinese companies have issued nearly 100 convertible bonds in offshore capital markets since the start of 2026, with total proceeds exceeding US$21 billion, up more than 10% year on year. Based on issuance start dates, the financing pace underscores sustained demand for offshore convertibles, which offer low cost, high efficiency and flexible terms amid still-elevated global interest rates. The channel remains active as issuers seek to manage borrowing costs effectively.
Global interest rates remain relatively elevated, giving offshore convertible bonds advantages such as low cost, high efficiency and flexible terms. Based on issuance start dates, Chinese companies have issued nearly 100 convertible bonds in overseas capital markets since 2026, with total issuance exceeding US$21 billion, up more than 10% year on year.