Panda bonds

Panda bonds are bonds issued by foreign institutions and denominated in renminbi.

There are four categories of foreign issuers for Panda bonds:

• Foreign governmental institutions: Representative issuers include Hungary, Egypt, the Canadian province of British Columbia, and the Emirate of Sharjah in the United Arab Emirates.

• International development institutions: Representative issuers include the Asian Development Bank, the New Development Bank, and the Asian Infrastructure Investment Bank.

• Foreign financial institutions: Representative issuers include Deutsche Bank, Crédit Agricole, National Bank of Canada, and United Overseas Bank.

• Foreign non-financial enterprises: Representative issuers include Mercedes-Benz, BMW, Volkswagen, BASF, Bayer, and Suzano.

See also

• Free market