The Issuance of China's Urban Investment Bonds
In the first half of 2021, a total of 3,792 municipal bonds of various varieties were issued in China, with an issue size of 2.79 trillion yuan, representing a 35% and 23% increase in the number and size of issues, respectively, compared with the same period last year. From the viewpoint of monthly issuance, affected by the tightening of urban investment bond issuance policy, the issuance scale of urban investment bonds in January-April was larger, the issuance scale of urban investment bonds in May dropped significantly, and the issuance scale in June rebounded, but still at a lower issuance level in the past two years. Among them, the recovery of exchange general corporate bonds and private placement bonds is weaker than other varieties. In June, the scale of urban investment corporate bonds and major interbank bond varieties increased by more than 100% YoY, while the issuance scale of general corporate bonds and private placement bonds was 25% and 91% YoY.
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