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今年以来银行间市场熊猫债发行规模已达1112亿元
Xin Hua Cai Jing·2025-07-28 09:17

Core Insights - The issuance of Panda bonds in the interbank market has reached 111.2 billion yuan this year, with foreign government agencies, international development institutions, and multinational corporations accounting for 50% of the total issuance, an increase of 27 percentage points compared to the entire year of 2024 [1] - Morgan Stanley and the Hungarian government have recently issued Panda bonds in the interbank market, with Morgan Stanley's bond being the first issued by a US-based company, totaling 2 billion yuan with a 5-year term and a coupon rate of 1.98% [1] - Hungary is currently the largest issuer of foreign government Panda bonds, having successfully issued 4 billion yuan in 3-year and 1 billion yuan in 5-year bonds, with coupon rates of 2.5% and 2.9% respectively [1] Group 1 - The total issuance of Panda bonds in 2023 has reached 111.2 billion yuan, with a significant participation from foreign entities [1] - Morgan Stanley's Panda bond issuance marks a milestone as the first by a US company, indicating growing international interest in the Panda bond market [1] - Hungary has established itself as a leading issuer in the Panda bond market, reflecting the increasing involvement of foreign governments [1][2] Group 2 - Hungary has issued a total of 11 billion yuan in Panda bonds across 6 transactions, showcasing its commitment to the Chinese bond market [2] - Other foreign government entities, including South Korea, Canada, Poland, and Egypt, have also participated in the Panda bond market, contributing to a cumulative issuance of 35.46 billion yuan [2] - The participation of foreign financial institutions such as the Canadian Imperial Bank of Commerce and Deutsche Bank in the Panda bond market is creating a demonstration effect, attracting more international players [2]