亚投行新发20亿元熊猫债，获3.2倍超额认购创纪录

Core Insights - The Asian Infrastructure Investment Bank (AIIB) successfully issued 2-year panda bonds worth 2 billion yuan with a coupon rate of 1.64%, marking a record participation of over 30 institutions in the issuance [1] - The issuance attracted a total subscription of 6.4 billion yuan, achieving a 3.2 times oversubscription, which is the highest in AIIB's panda bond history [1] - The diverse investor structure included 57.5% from foreign investors and 42.5% from domestic investors, with foreign commercial banks holding the largest share at 47% [2] Group 1 - AIIB has issued a total of 7 panda bonds, accumulating a total issuance scale of 16.5 billion yuan since its operations began in 2016 [1] - The final pricing of the bonds was set at a spread of +7 basis points compared to similar maturity bonds from the China Development Bank, indicating strong investor confidence in AIIB's creditworthiness [1] - The panda bond market has seen rapid growth, with cumulative issuance exceeding 1 trillion yuan and over 90 issuing entities, reflecting a broadening of the market [2] Group 2 - The demand for the recent issuance was primarily driven by the asset management departments of both domestic and foreign banks, accounting for 88% of the final allocation [2] - The panda bonds provide high-quality RMB assets for both domestic and foreign investors, contributing to a diversified asset allocation [3] - The ongoing development of the panda bond market is supported by improved institutional arrangements and increased flexibility in fund usage [2]