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China's Q1 ESG Bond Issuance Down 21%

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China's onshore ESG-labeled bond issuance dropped 21% year on year in the first quarter, following a strong 70% rebound in 2025, according to a Wednesday news release from Sustainable Fitch.

Offshore issuance remained subdued, though sovereign activity supported early Q2 momentum.

Onshore social bonds were resilient, with corporate participation broadening across utilities and infrastructure.

ESG-labeled panda bond issuance doubled annually in Q1, driven by competitive renminbi funding rates, but remained a small fraction of total panda bonds.

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