市场首单外资公募可持续发展挂钩熊猫债在沪成功发行

Core Insights - The issuance of the first foreign public sustainable development-linked Panda bond in the Chinese interbank bond market was successfully facilitated by China Merchants Bank Shanghai Branch for CapitaLand Investment [1][2] - The bond consists of two tranches: a three-year tranche with a scale of 900 million yuan and a coupon rate of 2.35%, and a five-year tranche with a scale of 300 million yuan and a coupon rate of 2.50% [1] - The bond's innovative feature links its terms to the issuer's ESG performance, specifically targeting renewable energy usage in properties operated by CapitaLand in China, with goals set for 2026 and 2028 [1] Group 1 - The Panda bond market has been active due to changes in the China-US interest rate differential and low domestic bond market rates, attracting more foreign enterprises to raise funds in China [1] - The successful subscription of the bond by various investment institutions, including domestic and foreign banks, insurance companies, and public funds, indicates strong recognition of the issuer in the domestic capital market [1] - The issuance serves as a reference case for future similar ESG-linked financial products by multinational companies in China [1] Group 2 - The launch of sustainable development-linked bonds enriches the Panda bond product system in China and provides new avenues for the domestic capital market to support the green transition of foreign enterprises [2] - It is anticipated that more international issuers will consider exploring similar financing arrangements in the Chinese domestic market in the future [2]