Deutsche Bank has priced its first “panda bond”, raising Rmb1bn ($143mn) in China’s onshore renminbi debt market in the first such transaction since Beijing streamlined regulations to encourage greater issuance by foreign companies.
The Chinese currency bond from the German lender, which matures in January 2026, will trade on China’s interbank bond market and carries a coupon of 3.1 per cent, according to a term sheet seen by the Financial Times.
The Deutsche bond is the first issued under new rules for renminbi debt issuance by foreign entities announced late last year by the People’s Bank of China and the State Administration of Foreign Exchange, which permit proceeds raised domestically in China to be used offshore for the first time.
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