In another sign of the rapid modernization of China’s capital markets, the Asian Development Bank and the International Finance Corporation, the private sector arm of the World Bank, became the first foreign institutions to issue renminbi-denominated bonds, known as panda issues.
The ability to issue pandas will prove useful for institutions that already have significant exposure to China’s currency, or that plan to expand their operations on the mainland.
The ADB and IFC were two of the first three institutions granted permission to issue the bonds, alongside Japan Bank for International Cooperation, which has yet to issue.
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