Last week (August 24), United Overseas Bank (UOB) China successfully priced a senior unsecured Rmb1 billion ($146 million) issuance in the China Interbank Bond Market (CIBM), under the Bond Connect scheme.
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As investors show more confidence in China's onshore bond market, Singapore's UOB priced a three-year panda bond at 1.83% on March 18, while Deutsche Bank and BNP Paribas also issued panda bonds worth over Rmb5bn this month.
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The Rmb2.5bn 2.0% notes are the German carmaker’s third onshore Renminbi bond issuance. The company told FA that the move is part of its funding diversification efforts.
Amid encouragement from China, countries in the region and international entities, are increasingly issuing large panda bonds to diversify from US dollar debt.
