Panda bond issuance rises 60% to 251.3 bln yuan year-to-date

The scale of the jump points to a structural pull rather than a one-off deal: cheaper onshore funding is drawing overseas issuers into renminbi debt at a pace that outpaces the broader institutional opening narrative. This matters most for offshore borrowers weighing currency and funding diversification, and for onshore investors gaining a wider issuer base. Whether the momentum holds once relative onshore-offshore rate differentials narrow is the open question, alongside how far policy support extends beyond eligible issuers to actual pipeline conversion.