Euroclear supports BOCOM Leasing in landmark Yulan bond issuance

Brussels/Shanghai, 27 October 2025 - Euroclear today announced the issuance of a RMB 1 billion Yulan bond by Bank of Communications Financial Leasing (BOCOM Leasing) structured through the Shanghai Clearing House with a three-year tenor.

Launched in 2020, Yulan bonds are Chinese issued corporate bonds denominated in all Euroclear eligible currencies and issued via the Shanghai Clearing House. They enable international investors to benefit from real-time, multi-currency DVP settlement through Euroclear’s ICSD network — giving Chinese issuers broader access to global liquidity.

The Yulan bond framework was formed through a longstanding collaboration between Euroclear and Shanghai Clearing House, combining Euroclear’s extensive settlement infrastructure — connecting over 2,000 international investors — with Shanghai Clearing House’s deep market reach into China’s issuer base.

Huang Ning, Deputy General Manager, Shanghai Clearing House commented: "Congratulations to BOCOM Leasing on the first Yulan bond issued by a Chinese financial leasing company in the global market. I believe it will further drive Yulan bonds in China's financial leasing industry. Under the guidance of regulatory authorities, and together with Euroclear and other market participants, Shanghai Clearing House will continue to utilise the Yulan bond. The objective being to enhance market cooperation and expand the supply of issuance, to further contribute to the blossoming of Yulan bonds and making them a symbolic brand of offshore bonds issued by Chinese institutions."

Philippe Laurensy, CEO of Asia Pacific, Euroclear said: "We welcome this latest issuance by Bank of Communications Financial Leasing. It reflects the importance of our continued strategy of forming strategic partnerships to deliver liquidity via our network and ecosystem, as China continues to open its bond markets and promote renminbi internationalisation."

Euroclear group is the financial industry’s trusted provider of post trade services. Guided by its purpose, Euroclear innovates to bring safety, efficiency and connections to financial markets for sustainable economic growth. Euroclear provides settlement and custody of domestic and cross-border securities for bonds, equities and derivatives and investment funds. As a proven, resilient capital market infrastructure, Euroclear is committed to delivering risk-mitigation, automation and efficiency at scale for its global client franchise. The Euroclear group comprises Euroclear Bank, the International CSD, as well as Euroclear Belgium, Euroclear Finland, Euroclear France, Euroclear Nederland, Euroclear Sweden, Euroclear UK & International.