Business · Markets · 2 hrs ago
Panda bond issuance sets a new record at 2.52 trillion yuan
Panda bond issuance reached 2.52 trillion yuan in China by November 5, setting a new annual record.
Panda bonds are bonds issued in China by overseas borrowers, allowing them to raise funds in yuan.
Issuance was up 58% from a year earlier, and the total had already exceeded the full-year amounts for both 2024 and 2025.
Foreign issuers raised 54% of the money in the first half of 2026, the first time their share exceeded that of issuers with Chinese backgrounds.
Governments and sovereign wealth funds from Slovenia, Kazakhstan and Pakistan also made their first panda bond sales during that period.
Longer terms and lower rates have made this funding route more attractive: the average term was 3.27 years and the average interest rate was 1.83%.
Issuance could reach 3 trillion yuan this year, while further market growth is expected as China expands cross-border investment and the international use of the yuan.
Panda bond issuance reached 251.805 billion yuan by November 5, setting a new annual record.
The amount was 58.12% higher than a year earlier and exceeded full-year totals for 2024 and 2025.
Foreign issuers accounted for 54% of funds raised in the first half of 2026, the first time their share exceeded that of issuers with Chinese backgrounds.
The outstanding balance of panda bonds stood at 535.879 billion yuan on November 5, up 32.31% year on year.
The article attributes market growth to stronger demand for yuan financing, wider cross-border investment channels and improvements in China’s bond-market infrastructure.
- Who
- Domestic and overseas issuers raised funds through panda bonds. Foreign issuers accounted for 54% of first-half 2026 fundraising.
- What
- Issuance reached 251.805 billion yuan by November 5, setting a new record.
- When
- By November 5, 2026. The article also reports first-half 2026 figures.
- Where
- China’s panda bond market.
- Why
- The article cites greater appeal of yuan financing, wider cross-border investment channels and improved bond-market infrastructure.
This story does not have two clearly opposing sides.
Panda bond issuance for the full year totaled 194.8 billion yuan.
Full-year panda bond issuance totaled 183.56 billion yuan.
Foreign issuers raised 54% of total panda bond funds, while government-backed issuers raised about 20 billion yuan.
Year-to-date issuance reached 251.805 billion yuan, and the outstanding balance was 535.879 billion yuan.
- Issuance by November 5
- 251.805 billion yuan
- Year-on-year issuance growth
- 58.12%
- Outstanding balance
- 535.879 billion yuan
- Foreign issuers’ first-half fundraising share
- 54%
- Average issuance term
- 3.27 years
- Average issuance rate
- 1.83%
1 source
What people are saying
The record scale of panda bond issuance is not just an expansion of a financing tool; it also signals a deeper increase in global capital’s recognition of yuan assets.
The record issuance amount and the fact that foreign issuers accounted for more than half of fundraising in the first half of the year reflect both the growing appeal of the yuan as a financing currency and the steady widening of cross-border investment and financing channels.