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...