The enthusiasm for offshore Chinese convertible bonds is on the rise, with the issuance scale exceeding $21 billion this year.

Against the backdrop of relatively high global interest rates, offshore convertible bonds have become increasingly popular among enterprises due to their advantages of low cost, high efficiency, and flexible terms. According to Wind data, based on the issuance start date, the number of convertible bonds issued by Chinese enterprises in overseas capital markets this year is close to 100, with a corresponding issuance scale exceeding $21 billion, representing a year-on-year growth of over 10%. Industry insiders told reporters that under the resonance of multiple factors such as large-scale capital expenditures in artificial intelligence computing power, the high interest rate environment set by the Federal Reserve, and differences in domestic and foreign financing rules, Chinese offshore convertible bonds have become an important tool for technology and high-end manufacturing companies to secure long-term funds and optimize capital structures. A wave of offshore convertible bond issuance driven by industrial demand is continuing to unfold.