China offshore USD bond new issuance amount showed a slight rebound of 5.0% year-on-year in 1H2021, but the amount was still lower than those in 2H2020 and 1H2019. The majority of the new issuance amount (72%) was related to bonds with maturity of 1-5 years. At end-1H2021, 32% of the total outstanding amount will mature on or before end-2022, so we expect the refinancing demand remains intact going into 2H2021.