State Grid raises US$2.05B in largest SOE dim sum bond deal
What's the deal? State Grid Corporation of ChinaDealroom has a profile for this one. Try Dealroom → raised US$2.05B through dim sum bonds, the largest single issuance by a Chinese state-owned enterprise. Bank of ChinaDealroom has a profile for this one. Try Dealroom → led the deal, which was announced in a statement on 17 August 2026.
The details. The offering came in three tranches — US$536.3M of five-year bonds yielding 1.86%, US$962.5M of ten-year notes at 2.18%, and US$550M of twenty-year debt at 2.46%. Orders reached US$26.6B, more than 13 times the amount on offer.
The signal. Hong Kong's offshore yuan bond market continues to expand. Bank of China said nearly US$68.8B of offshore yuan bonds were sold in the first seven months of 2026, with the lender underwriting over US$13.8B of that.
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Image credit: Brandon Zhang
