Morgan Stanley(US:MS) Sou Hu Cai Jing·2025-07-30 00:17Core 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 with a coupon rate of only 1.98, indicating strong investor demand [1] - Hungary has also entered the Panda bond market with a 3-year bond of 4 billion yuan and a 5-year bond of 1 billion yuan, marking the largest single issuance by a foreign government and the first 5-year foreign government Panda bond [1] Group 1 - The issuance scale of Panda bonds in the interbank market has exceeded 100 billion yuan this year, reflecting the growing willingness of foreign capital to enter the domestic bond market for RMB financing [2] - The comparative advantage of financing costs under the low-interest RMB environment has been highlighted, especially as the China-U.S. interest rate differential continues to widen since 2021 [2] - The stability of the RMB exchange rate amid international trade tensions has enhanced the investment appeal of Panda bonds for both foreign issuers and investors [2] Group 2 - The growth of the Panda bond market is driven by deeper financial institutional openness and the expansion of international economic and trade partnerships [2] - Recent policy changes since 2022 have facilitated Panda bond issuance by optimizing registration mechanisms and relaxing regulations on the use of raised funds, allowing for more flexible fund allocation [2] - China's ongoing high-level opening-up and the widespread use of RMB in cross-border trade transactions have bolstered confidence in holding and using RMB, further promoting the development of the Panda bond market [2][3] Group 3 - The Panda bond market is demonstrating greater depth and diversity, with each successful issuance and enthusiastic subscription contributing to the internationalization of the RMB [3] - Continuous financial reform and opening-up in China are expected to make RMB assets more attractive to global investors [3]