Morgan Stanley(US:MS) Sou Hu Cai Jing·2025-07-29 22:15Core Insights - The panda bond market has seen its first successful issuance by a U.S. company, Morgan Stanley, which issued a 5-year panda bond worth 2 billion yuan at a coupon rate of only 1.98, indicating strong investor demand [1] - Hungary has also issued two panda bonds, a 3-year bond worth 4 billion yuan and a 5-year bond worth 1 billion yuan, marking significant milestones in the panda bond market [1] - The issuance scale of panda bonds in the interbank market has exceeded 100 billion yuan this year, reflecting the growing interest of foreign investors in renminbi financing [1] Market Dynamics - The low interest rate environment for renminbi financing is a key factor driving the increase in panda bond issuances, alongside the deepening of China's financial market opening and the expansion of international trade partnerships [2] - Since 2022, regulatory policies have been implemented to facilitate panda bond issuance, optimizing the registration process and allowing more flexible use of raised funds, including overseas usage [2] - China's ongoing high-level opening up and the widespread use of renminbi in cross-border trade have bolstered confidence among domestic and foreign entities in holding and using renminbi, further promoting the development of the panda bond market [2]