Panda Bonds "Little Spring": Q1 2026 issuance scale may grow by over 50% year-on-year

WealthCoffee · 2026-03-11T23:32:39+00:00

After the Spring Festival, Panda bond issuance has rebounded, with an increase in offshore institutions issuing bonds denominated in RMB within the country. In the first two weeks of 2026, seven Panda bonds are expected to be issued, surpassing the same period in 2025, and China Electric Power has issued its first green Panda bond, with proceeds used for renewable energy projects.

WealthCoffee

2026-03-11 23:32:39

Abstract generation in progress

[Caixin] After the Spring Festival, Panda Bond issuance experiences a “small spring.”

Panda Bonds are bonds issued by overseas institutions within China, denominated in RMB. They are an important channel for foreign institutions to raise RMB funds. According to DM Bond Connect data, in the first two weeks of March 2026, seven Panda Bonds are scheduled to be issued, with a total scale expected to surpass the entire issuance in March 2025. Since 2026, enthusiasm for Panda Bond issuance has far exceeded that of the same period last year.

In the next two days, two newly issued Panda Bonds will start accruing interest. China Electric Power (China) Co., Ltd. is issuing its first green Panda Bond, with a planned issuance of 1 billion yuan in 3-year bonds. The funds will be used for photovoltaic and/or wind power projects, with interest starting on March 12.

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