Issuance of panda bonds hits 66 billion yuan

THE issuance of panda bonds or yuan-denominated bond issued by foreign financial institutions in China has reached 66 billion yuan ($9.12 billion) as of April 14 this year, up 128.36 percent year on year, data from financial information service Wind showed, underscoring the allure of China's low-cost borrowing market for offshore issuers.

Last week, Deutsche Bank AG issued the largest round of panda bonds by a financial institution in six years. According to a statement on its website, the bank issued its third round of panda bonds on April 11, raising 3 billion yuan via two-year Senior Preferred notes. The transaction attracted an order book of more than 8 billion yuan, drawing robust investor demand and priced attractively versus existing Deutsche Bank debt.