4 billion yuan RMB green bonds issued for the first time in Canada... subscriptions 13.5 times

China’s Ministry of Finance issued 4 billion yuan of yuan-denominated green sovereign bonds in Toronto on July 9, its first such sale in Canada, split evenly between 3-year notes at 1.4% and 5-year notes at 1.5%. Total bids reached 54.04 billion yuan, 13.5 times the offering and the maximum size flagged after State Council approval on July 5. Asia-Pacific investors took 77% of the deal, the Americas 15% and Europe 8%, underscoring demand from outside the issuance venue. The result matters as a test of offshore yuan appetite for Chinese sovereign green debt and of Beijing’s push to widen its investor base beyond Asia. Watch for follow-on issuance in other offshore hubs and whether the tight pricing holds as more supply arrives.