Largest Panda Bond for a Financial Entity Issued on Our Site Since 2018
In a significant development, a leading financial institution has secured the largest panda bond issuance by a foreign entity since 2018. The issuance, amounting to RMB 3 billion (approximately 415 million US dollars), was approved by China's interbank bond market (CIBM).
Panda bonds, as they are known, are renminbi-denominated bonds issued by foreign entities in the Chinese mainland bond market. This latest issuance marks the bank's third under the People's Bank of China (PBOC) program in 2023.
The data source for this record-breaking issuance is Wind, a reputable financial market data platform. However, a direct comparison with the largest panda bond issuance since 2018 is challenging, as no explicit record was found in the available search results from 2025.
The bank's CEO for Asia Pacific, Europe, Middle East & Africa (EMEA) and Germany, Alexander von zur Muehlen, expressed his satisfaction with the bank's longstanding track record in China's onshore bond market. He also highlighted the bank's continued support for the internationalization of the RMB and the continuous opening-up of the capital markets in China.
The proceeds from this transaction will be utilised for general business activities and development. The bank's success in the panda bond market follows its recent return to the Singapore Dollar bond market last month.
The issuance attracted robust investor demand and priced attractively versus the bank's existing debt. The transaction saw an order book of over 8 billion renminbi (approximately 1.1 billion US dollars), demonstrating the strong interest from the market.
The bank has been the leading foreign bank for NAFMII-registered bonds in the China interbank bond market for the past four consecutive years, including local and panda bond issuers. The National Association of Financial Market Institutional Investors (NAFMII) promotes the development of China's Over-The-Counter (OTC) market.
This latest panda bond issuance is a testament to the bank's commitment to the Chinese market and its strategic approach to capitalising on opportunities in the growing panda bond market. With historic levels of issuance seen in 2023, the panda bond market is set to continue its growth trajectory throughout this year.
The bank's recent success in securing the largest panda bond issuance since 2018, amounting to RMB 3 billion, demonstrates its significant engagement in the capital markets, particularly in finance. Alexander von zur Muehlen, the bank's CEO for Asia Pacific, Europe, Middle East & Africa (EMEA) and Germany, underscored the bank's ongoing commitment to the internationalization of the RMB and the continuous opening-up of the capital markets in China.
