The People's Government of Guangdong Province has issued 2.5 billion yuan ($350 million) in offshore RMB-denominated local government bonds in Macao, according to the Monetary Authority of Macao. Bank of China Macau Branch served as the sole global coordinator for the issuance, a role it has held for six consecutive years since 2021. The bonds were structured in three tranches: 500 million yuan in 2-year Hengqin construction-themed bonds with a 1.42% coupon, 1.5 billion yuan in 3-year green bonds with a 1.46% coupon, and 500 million yuan in 5-year blue bonds with a 1.57% coupon.