The China offshore USD bond new issuance amount dropped significantly to USD37.8 billion in in the first half of 2026 (“1H2026”), representing a year-on-year (“y-o-y”) decrease of 41.7% compared with the first half of 2025 (“1H2025”), owing to high financing costs of USD bonds. Meanwhile, the new issuance amount of China offshore RMB bonds reached USD57.1 billion in 1H2025, up by 32.3% y-o-y.