熊猫债、点心债，这些“萌萌哒”名字怎么来的？

Core Insights - The popularity of Panda bonds and Dim Sum bonds has been rising, with Dim Sum bonds becoming a favored option for domestic tech companies seeking overseas financing [1] Group 1: Panda Bonds - Panda bonds are defined as bonds issued by foreign entities in China, denominated in RMB, and are categorized as foreign bonds [2] - The name "Panda bond" was established in 2005 when the International Finance Corporation and the Asian Development Bank were approved to issue RMB bonds in China, symbolizing China's national treasure [3] - The issuance of Panda bonds has surged, with 44 entities issuing 109 Panda bonds in 2024, totaling a scale of 194.8 billion RMB, representing a year-on-year growth of 26.1% [7] - The total issuance of Panda bonds in 2023 reached 156.85 billion RMB, with total outstanding bonds increasing by 26.84% to 400.33 billion RMB [7] - The growth of Panda bonds is attributed to China's ongoing opening-up policy, a large market, and the internationalization of the RMB, alongside favorable financing costs compared to USD [7][8] Group 2: Dim Sum Bonds - Dim Sum bonds refer to RMB-denominated offshore bonds issued in Hong Kong, initially named for their small scale, akin to dim sum [5][6] - The market for Dim Sum bonds has expanded significantly over the past decade, with a notable increase in issuance and diversity of issuers, including local governments and multinational corporations [6][9] - By 2025, the issuance of Dim Sum bonds is expected to be dominated by central banks, sovereigns, and government entities, with significant contributions from the TMT sector [8] - The global issuance of Dim Sum bonds has diversified, with 45 countries and supranational organizations participating, enhancing the global acceptance of RMB-denominated assets [9]