Morgan Stanley(US:MS) 证券时报·2025-07-30 00:08Core Viewpoint - The Panda bond market is experiencing significant growth, highlighted by the successful issuance of bonds by foreign entities, indicating increasing international interest in RMB-denominated assets [1][2]. Group 1: Panda Bond Market Developments - Morgan Stanley successfully issued a 5-year Panda bond worth 2 billion RMB with a coupon rate of only 1.98%, reflecting strong investor demand [1]. - Hungary issued two Panda bonds, a 3-year bond worth 4 billion RMB and a 5-year bond worth 1 billion RMB, marking significant milestones in the Panda bond market [1]. - The total issuance of Panda bonds in the interbank market has exceeded 100 billion RMB this year, showcasing the growing appeal of RMB financing among foreign investors [1]. Group 2: Factors Driving Panda Bond Growth - The low interest rate environment for RMB financing is a key factor driving the issuance of Panda bonds, providing a comparative advantage in financing costs for foreign issuers [2]. - Institutional reforms and policy changes since 2022 have facilitated Panda bond issuance, including optimizing the registration process and allowing more flexible use of raised funds [2]. - China's expanding international trade partnerships, now covering over 150 countries and regions, has increased confidence in holding and using RMB, further promoting the Panda bond market [2]. Group 3: Implications for RMB Internationalization - Each successful issuance and enthusiastic subscription of Panda bonds contributes to the momentum for RMB internationalization, enhancing the attractiveness of RMB assets as financial reforms continue [2].