The Chinese securities house delivered a stable issuance in H1 21 year-on-year (YoY) as the decrease in short-term notes was offset by an increase of long-dated structures.

New issuance of short-term structured notes with a tenor of no more than one year raised CNY13 billion (US$2 billion) across 435 tranches, down 28.8% YoY, according to Shenwan Hongyuan (SWHY) Group’s H1 21 financial report. In the meantime, there were 429 tranches redeemed at CNY17.5 billion, which led to a book value of CNY11.6 billion as of 30 June, down 20.3% YoY.  By the end of the first half, the structured notes issued used fixed rates or floating rates to accrue interest, in