International debtors are flooding into Asia-Pacific bond markets. So-called Kangaroo, panda, and dim sum bond gross sales all hit data in 2026.
Kangaroo bonds, bought in Australian {dollars} by international debtors, reached about 42 billion US {dollars} this 12 months. That may be a 40% bounce from 2025, per LSEG information cited by Reuters.
Hong Kong and Yuan Bond Debuts Hit Information
Hong Kong greenback bond issuance has additionally hit a document excessive in 2026. Commerzbank, Engie, and Singapore Airways bought Australian greenback or yuan bonds for the primary time this 12 months, Reuters reported.
Chinese language onshore panda bonds and offshore dim sum bonds additionally hit data within the first half of 2026. Panda bond gross sales reached about 160 billion yuan, or 24 billion US {dollars}. Dim sum gross sales hit 350 billion yuan.
Each figures mark features of greater than 60% from a 12 months earlier, in response to Goldman Sachs information cited by Reuters. Worldwide debtors accounted for about half of that quantity.
“We’ve reached a tipping level the place these markets have tipped over into being considerably extra significant each to native names and inevitably to worldwide names.”
Carla Goudge, head of debt syndicate for Asia-Pacific at HSBC, informed Reuters.
Yen Bonds and the AI Borrowing Increase
Yen bond gross sales by international debtors have additionally doubled this 12 months. Alphabet’s document bond sale drove a lot of the rise, although yen issuance is at a seven-year excessive even with out it.
International bond gross sales topped 4 trillion US {dollars} by late July, up from about 3.5 trillion {dollars} a 12 months earlier. Rising synthetic intelligence (AI) infrastructure spending and authorities deficits are straining main bond markets.
Large Tech’s heavy AI spending has already squeezed hyperscaler free money move. That provides strain on the identical bond markets these corporations rely upon.
The pattern additionally displays Beijing’s push to internationalize the yuan. It follows a stretch of sharp swings in Asian equities, together with the Kospi and Nikkei sell-off earlier this 12 months.
German carmakers and European monetary establishments have been particularly lively panda bond issuers. That’s in response to Clifford Lee, world head of funding banking at Singapore’s DBS.
Extra Governments Eye the Panda Bond Market
Portugal grew to become the primary eurozone authorities to promote a dim sum bond in April. The sale raised nearly 2 billion yuan, or 300 million US {dollars}.
Portugal later swapped the proceeds again to euros at a small financial savings, Rui Amaral of the debt company stated.
Brazil plans to promote its first-ever panda bond later this 12 months, Reuters reported. Kenya can also be weighing a debut available in the market.
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