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Macro

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

Panda bond issuance totaled 142 deals worth 251.305 billion yuan in the year through Oct. 31, up 46.39% in number and 60.22% in value year-on-year, Wind data show. Policy signals have been released to support more eligible overseas issuers in tapping the onshore market. Experts attribute the surge to lower onshore financing costs and continued institutional opening.

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AI take

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.

Generated by AI for reference only.

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