Last week, China issued a 10-year bond with a coupon of 2.74 per cent, lower than the previous most active 10-year bond maturing on May 5, 2026, which had a 2.9 per cent coupon. These are not dim sum bonds that are denominated in yuan but are issued and held outside the country. The lower coupon can be explained by current global trends and catches up with the current market yield of 2.72 per cent (bid) and 2.69 per cent (offered). It is this year’s lowest level and perilously close to 2009’s low point of 2.64 per cent. This may sound awfully low, but is many multiples of that on comparable Group of 10 sovereign debt. Willing buyers out in force.