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BondsMedium•10 November 2026•
2 min read

China Issues 4 Billion Yuan of Green Bonds in Canada

Key Facts

1Total orders exceeded 59 billion yuan, including 22.34 billion yuan of interest from joint lead managers.
2The issuance totaled 4 billion yuan, split equally between 3- and 5-year tranches.
3The final yield was 1.40% for the 3-year tranche and 1.50% for the 5-year tranche.
4Chinese imports grew 41.6% year on year in October, versus expectations for a 32% increase and growth of 31% in September.

China’s Ministry of Finance launched a 4 billion yuan issuance of yuan-denominated sovereign green bonds in Canada, split equally between 3- and 5-year tranches, Reuters reported. Total orders exceeded 59 billion yuan, Reuters reported via The Standard. The ministry announced on November 5 that the issuance would take place during the week of November 9, with a cap of 4 billion yuan. The order figure could not be verified from a primary source.

The issuance was split equally between two tranches, each valued at 2 billion yuan. The final yield was set at 1.40% for the 3-year tranche and 1.50% for the 5-year tranche, Reuters reported. The first tranche matures on November 16, 2029, while the second matures on November 16, 2031. The pricing gives investors a higher yield on the longer-dated tranche, according to the published issuance terms. Reuters reported that total orders included 22.34 billion yuan of interest from joint lead managers.

China earmarked the bond proceeds to finance or refinance eligible green expenditures in its budget, under its sovereign green bond framework, Reuters reported. This use links the issuance to government spending that China classifies as eligible green categories. The Ministry of Finance had previously announced plans to issue yuan-denominated sovereign green bonds in the Canadian market during the week of November 9, setting a cap of 4 billion yuan. The plan included two maturities, reflected in the final issuance structure reported by Reuters.

The issuance follows an earlier Chinese offering in London in April 2025, comprising two tranches of 3 billion yuan each. The 3-year tranche carried an interest rate of 1.88% at the time, while the 5-year tranche was priced at 1.93%, according to China’s Ministry of Finance. This allows a direct comparison with the Canadian issuance yields: 1.40% for the 3-year tranche and 1.50% for the 5-year tranche, with differences in issuance timing and market. In a separate trade development, Chinese imports rose 41.6% year on year in October, exceeding the Reuters poll average forecast of 32%, after growing 31% in September. The source did not establish a link between the trade data and investor demand for the bonds.