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Standard Chartered Bank Hong Kong Ltd will issue up to one billion yuan ($156 million) of renminbi denonminated bonds in China’s interbank market on December 7, the bank said in a statement on Wednesday.
The so-called “panda bond’’ (as yuan denominated, onshore debt issued by foreign borrowers is known) will be underwritten by Citic Securities and carry a AAA rating from Shanghai Brilliance Credit Rating Co Ltd.
In 2005, the International Finance Corp, the World Bank’s private sector funding arm, had issued a panda bond in the Chinese domestic market worth 1.13 billion yuan ($182.14 million), becoming the first foreign issuer in the domestic market along with the Asian Development Bank. ($1 = 6.3871 Chinese yuan renminbi)
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