State Grid raises 14.9B yuan 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 14.9 billion yuan ($2.2 billion) 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 — 3.9 billion yuan of five-year bonds yielding 1.86%, 7 billion yuan of ten-year notes at 2.18%, and 4 billion yuan of twenty-year debt at 2.46%. Orders reached 193.8 billion yuan, 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 500 billion yuan of offshore yuan bonds were sold in the first seven months of 2026, with the lender underwriting over 100 billion yuan of that.

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Image credit: Brandon Zhang