2025年11月，中国财政部在卢森堡首次发行40亿欧元主权债券，这是中国连续第17年开展境外主权债券发行。此次发行获得国际投资者踊跃认购，总订单规模达发行额的25倍，其中欧洲投资者占比51%。此举被视为中国推进金融市场高水平开放、深化中欧金融合作的重要举措，也展现了国际资本市场对中国经济前景的信心。对此，我院赖雪仪副教授接受了中国日报网的采访。
赖雪仪副教授表示，中国在卢森堡发行欧元主权债券获得国际投资者热烈认购，充分体现了全球市场对中国经济前景和主权信用的坚定信心。她强调，尽管欧洲存在某些政治杂音，投资者仍然用行动投下了"信心票"。此外，选择卢森堡这一欧洲金融枢纽发行债券，不仅支持了欧元国际化，也表现了中国对欧洲多中心金融体系及卢森堡作为领先金融中心的认可，有力促进了中欧金融合作的深化。
Enthusiastic response to China's sovereign bond issuance in Luxembourg
China has made a significant move to strengthen its financial presence in Europe by issuing 4 billion euros ($4.61 billion) of sovereign bonds in Luxembourg, the first time the Chinese government has sold euro-denominated debt in the nation.
Tuesday's issuance by China's Ministry of Finance received an overwhelmingly positive reception from global investors.
The operation included two tranches: a 2 billion-euro four-year bond priced at a coupon rate of 2.40 percent, and a 2-euro billion seven-year bond at 2.70 percent. Market participants showed enthusiasm, with total orders reaching 100.1 billion euros, or 25 times the size of the issuance. Demand for the seven-year tranche was particularly notable, with a subscription rate of 26.5 times its size.
The investor base demonstrated broad diversity, both geographically and institutionally. European buyers represented the largest share at 51 percent of allocations, followed by Asia with 35 percent, the Middle East with 8 percent and offshore US investors with 6 percent. Institutional categories included sovereign investors (26 percent), fund and asset managers (39 percent), banks and insurers (32 percent), and trading institutions (3 percent). All bonds issued will be held in the Hong Kong Monetary Authority's Central Moneymarkets Unit (CMU) and be listed on both the Hong Kong Stock and the Luxembourg stock exchanges.
China has issued sovereign debt abroad in each of the last 17 years, beginning in 2009, while the Ministry of Finance has gradually expanded its portfolio of foreign-currency sovereign issuance, covering offshore renminbi bonds, US dollar bonds and euro-denominated securities as part of the country's broader financial-sector opening-up strategy.
International experts view the new euro bond issuance as an important signal of China's deepening engagement with European markets.
"The Ministry of Finance's decision to issue sovereign bonds in Luxembourg, a prominent European financial center, helps foster deeper engagement with European institutional investors, signaling China's ongoing commitment to further market liberation and enhancing interconnectivity with European and global financial markets," said Timothy Huang, head of Global Corporate Banking for Greater China at JP Morgan.
"This issuance will also assist in amplifying China's influence in the international financial markets, while strengthening collaboration with Europe in areas such as financing, investment and risk management."
Lai Suetyi, an associate professor at the Center for European Studies at Guangdong University of Foreign Studies, emphasized that investor response reflects strong confidence in China, despite political rhetoric in Europe.
"Both the sale of China's US-dollar-denominated bond earlier this month in Hong Kong and today's issuance of euro-denominated bond in Luxembourg are being received well by the international investors," Lai said
"It is a vote of confidence from the international investors in China's economic prospects and creditworthiness."
Lai also noted that the choice of Luxembourg supports not only the euro and China-Europe engagement, but also "the Grand Duchy as a leading financial hub in Europe, as well as Europe's multiple financial center system".
文章来源：China Daily
发布日期：2025年11月22日
