Xin Lang Cai Jing·2026-01-05 10:21Core Insights - The Panda bond market in 2025 is characterized by increased volume, broader participation, and higher quality, with a total issuance of 173.3 billion yuan, and foreign institutions accounting for 50% of the issuance [1][3] Group 1: Market Performance - The total issuance scale of the Panda bond market reached 173.3 billion yuan in 2025, reflecting strong confidence from global issuers in the Chinese market [1][3] - The share of foreign institutions in the Panda bond issuance rose significantly to 50%, with new issuers from markets such as the United States and the United Kingdom emerging [1][3] Group 2: China Bank's Role - China Bank maintained its position as the leading underwriter in the Panda bond market with an underwriting scale of nearly 38 billion yuan in 2025, marking its twelfth consecutive year at the top [1][3] - The bank has participated in over 90% of foreign Panda bond underwriting, achieving a global presence across all five continents [1][3] Group 3: Milestone Projects - China Bank led the issuance of 8.3 billion yuan in Panda bonds for the Asian Development Bank, enhancing the international influence of China's capital market [1][3] - The bank assisted the African Export-Import Bank in issuing 2.2 billion yuan in Panda bonds, marking a breakthrough for African multilateral development institutions [1][3] - It facilitated Hungary's issuance of 5 billion yuan in Panda bonds, setting a record for sovereign Panda bond issuance [1][3] - The bank successfully executed a 2 billion yuan Panda bond for Morgan Stanley, breaking ground for U.S. financing entities in the Panda bond market [1][3] - It supported the Sharjah government in returning to the Panda bond market with a 2 billion yuan issuance, deepening China-Arab financial cooperation [1][3] - The bank helped CIMB Bank issue 3 billion yuan in Panda bonds, achieving the largest Panda bond amount in the Malaysian market [1][3] - It completed Barclays Bank's first 2 billion yuan Panda bond issuance, marking the first appearance of a UK issuer in the Panda bond market [1][3] Group 4: Cumulative Achievements - To date, China Bank has assisted 77 overseas quality clients in issuing 309 Panda bonds, participating in over half of the market's issuance work, with a total underwriting scale exceeding 270 billion yuan [2][4] - The bank aims to leverage its global service network and cross-border financial advantages to enhance the international use of the renminbi and contribute to the dual opening of financial markets [2][4]