Poland issues Europe's first sovereign panda bond

Warsaw sells Rmb3 billion of panda bonds, a milestone for Beijing's efforts to boost the use of renminbi and opening its capital markets.
Chinese President Xi Jinping and Poland's President Andrzej Duda
Chinese President Xi Jinping and Poland's President Andrzej Duda

Poland became the first European country to issue renminbi-denominated debt in China on Thursday, raising Rmb3 billion $451 million through the sale of three-year notes.

The landmark tapping of China's $7.5 trillion onshore market follows Chinese President Xi Jinping's state visit to Warsaw in June, part of a wider effort by Beijing to bolster its trade relationships with Europe and increase Chinese involvement in infrastructure projects.

After a two-day marketing campaign in Beijing and Shanghai, Poland gave out an initial guidance of 3.2% to 3.7%, drawing close to Rmb6 billion of orders from both overseas and domestic investors, two people familiar with the deal said....

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