German auto manufacturers drive Panda issuance

Panda bond issuance has picked up. It is being driven by German car manufacturers BMW and Daimler but UOB has just printed Singapore's first issue and sovereign interest remains high.
There is a rush to issue Panda bonds
There is a rush to issue Panda bonds

Thanks to conducive market and regulatory conditions, two German auto-manufacturers, Daimler and BMW, as well as Singapore's United Overseas Bank UOB, have joined a wave of companies, banks and nations to issue Panda bonds

Panda bonds are renminbi-denominated bonds issued in China by non-Chinese firms.

On Wednesday, Daimler priced a 3-year Rmb1 billion $148.8 million Panda bond at par to yield 3.78%. Proceeds will be used for general corporate purposes. The arranger and manager is Standard Chartered Bank.

The cost of printing Panda bonds has fallen in recent months. The 3-year Rmb1 billion Panda bond issued by...

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