Euro-denominated bond issuance may have fallen to its lowest level since 2003, but investors are snapping up renminbi-denominated bonds as they continue to diversify into new currencies.

Renminbi-denominated bond deals surged by 37% to a record high of $238.2bn this year to date, according to data from data provider Dealogic. Corporate issuance rose 43% to $158.4bn.