熊猫债、点心债，这些“萌萌哒”名字怎么来的？【财说明白】

Core Viewpoint - 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 foreign bonds issued by overseas institutions in China, denominated in RMB, and named after the iconic Chinese panda to enhance market recognition and respect for the issuing country's culture [2][5] - In 2024, 44 entities issued 109 Panda bonds with a total issuance scale of 194.8 billion RMB, representing a year-on-year growth of 26.1% [8] - The increase in Panda bond issuance is driven by China's ongoing opening-up policies, a large market, and the internationalization of the RMB, particularly due to the cost advantages of RMB financing amid diverging monetary policies between China and the US [8][9] Group 2: Dim Sum Bonds - Dim Sum bonds are offshore bonds issued in Hong Kong, initially characterized by their smaller scale, and have evolved significantly since their inception in 2007 [6][7] - The market for Dim Sum bonds has expanded rapidly, with a projected annual issuance growth of around 30% in 2023 and 2024, driven by changes in global interest rates and the attractiveness of RMB assets [7] - The range of issuers for Dim Sum bonds has diversified from mainly Chinese policy banks and state-owned enterprises to include local governments, commercial banks, and multinational corporations, enhancing the global acceptance of RMB bonds [9][10]