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China's Bond Market Shifts: Ultra-Long Debt Takes Center Stage

5/24/2025

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Summary

Story summary

China's bond market is evolving as state-owned enterprises and blue-chip firms embrace ultra-long corporate bonds, issuing debt that stretches beyond 20 years. This significant shift from the usual three- to five-year maturities is driven by regulatory changes and a quest for better yields in a low-rate landscape, reshaping capital allocation and transforming how banks manage deals.

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Story summary

China's bond market is evolving as state-owned enterprises and blue-chip firms embrace ultra-long corporate bonds, issuing debt that stretches beyond 20 years. This significant shift from the usual three- to five-year maturities is driven by regulatory changes and a quest for better yields in a low-rate landscape, reshaping capital allocation and transforming how banks manage deals.