亚投行发行熊猫债获3.2倍超额认购 熊猫债累计发行突破一万亿元

Core Insights - The Asian Infrastructure Investment Bank (AIIB) has returned to the Chinese bond market by issuing a 2-year Panda bond, raising 2 billion RMB, marking a significant milestone in its funding strategy [1] - The issuance received a strong response with 6.4 billion RMB in subscription orders, achieving a 3.2 times oversubscription, which is the highest in AIIB's Panda bond issuance history [1] - The coupon rate for this bond was set at 1.64%, with a spread of +7 basis points over similar bonds issued by the China Development Bank, indicating strong investor confidence in AIIB's creditworthiness [1][2] Group 1 - The total issuance of Panda bonds has surpassed 1 trillion RMB, with over 90 issuers, positioning it as the second-largest international financing tool in RMB [1] - The recent issuance has broadened AIIB's investor base, attracting over 30 institutions, including 12 new investors, which is a record for AIIB's Panda bond participation [1] - The final allocation saw 57.5% going to foreign investors and 42.5% to domestic investors, with several foreign central banks and institutions participating for the first time in the onshore RMB market [1] Group 2 - The Panda bond market has been expanding in depth and breadth due to improved institutional arrangements and more flexible funding usage [3] - Notable issuers in the Panda bond market this year include AIIB, New Development Bank, and various international corporations, reflecting strong confidence in the Chinese market [3] - The Panda bond provides high-quality RMB assets for both domestic and foreign investors, with foreign banks and investors holding nearly one-quarter of the total issuance [3]