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Panda bond market heats up: issuance scale this year significantly increases year-on-year, with European financial institutions' participation being a highlight
Why Do European Financial Institutions Favor the Panda Bond Market?
[Global Network Finance Comprehensive Report] On March 17, BNP Paribas issued its first RMB bond (Bond Connect) of 2026 in the national inter-bank bond market, with a maximum issuance amount of up to 5 billion RMB. This action signifies that another top European financial institution will join the ranks of panda bond issuers.
According to Wind data, as of March 15, the issuance scale of panda bonds this year has reached 63.935 billion RMB, a significant increase of 108% compared to the same period last year.
Regarding the reasons for the booming issuance of panda bonds this year, industry experts have stated that the rise in the cross-border settlement of RMB and its status as an international reserve currency, along with the strong demand for RMB financing and currency matching from multinational corporations, combined with the enthusiasm of domestic and foreign investors for allocating RMB assets and the expansion of innovative varieties such as green panda bonds, have collectively driven a significant year-on-year increase in panda bond issuance.
While the issuance scale has significantly expanded, several recent panda bond issuances have also performed remarkably well. For example, the Asian Infrastructure Investment Bank (AIIB) recently successfully issued 3-year panda bonds worth 3 billion RMB, with a total of 34 investors participating in the subscription, resulting in a total order amount of 9 billion RMB, setting a new historical high.
On March 6, Deutsche Bank Group announced that it had successfully priced and issued 5.5 billion RMB multi-tenor panda bonds in the inter-bank bond market. This is the first panda bond issued by a European Union financial institution in 2026 and also sets a new record for the highest single issuance scale by a foreign bank for panda bonds. (Nanmu)