The China offshore USD bond new issuance climbed to USD38.5 billion in 1H2024, representing a year-on-year (“y-o-y”) growth of 51.1% compared with the first half of 2023 (“1H2023”), which was mainly boosted by more favorable financing conditions, strong refinancing needs of some existing issuers and debts restructuring of some defaulted issuers. On the other hand, the new issuance amount of China offshore RMB bonds in 1H2024 (USD16.73 billion) was almost the same as 1H2023, decreasing marginally by 0.1% y-o-y.