In 2025, Panda bonds in the interbank market exhibited distinct characteristics of "increased volume, wider coverage, and higher quality": the total issuance volume reached 173.3 billion yuan, the proportion of issuance by foreign institutions jumped to 50%, and new issuers from markets such as the United States and the United Kingdom emerged. These figures powerfully demonstrate global issuers' strong confidence in the Chinese market.
As a pioneer, practitioner, and leader in the Panda bond market, Bank of China's underwriting volume reached nearly RMB 38 billion in 2025, maintaining its leading position in the market and holding the top spot among Panda bond underwriters for twelve consecutive years. Leveraging its global network and professional expertise, Bank of China participated in over 90% of foreign Panda bond underwriting, achieving full coverage of its business across five continents, and has spearheaded a series of milestone projects.
● Led the effort to help the Asian Development Bank successfully issue RMB 8.3 billion in Panda bonds, further enhancing the international influence of China's capital market;
● Led and assisted the African Export-Import Bank in issuing RMB 2.2 billion in Panda bonds, achieving a breakthrough for Panda bonds issued by African multilateral development institutions;
● Led and assisted Hungary in issuing 5 billion yuan of Panda bonds, setting a record for the largest issuance of sovereign Panda bonds and achieving a breakthrough in 5-year sovereign Panda bonds;
● Morgan Stanley successfully issued RMB 2 billion in Panda bonds, breaking the ice in the Panda bond market for US-funded financing entities;
● Led the effort to help the Sharjah Emirate government re-enter the Panda Bond market and issue RMB 2 billion in bonds, promoting the continued deepening of China-Arab financial cooperation;
● Led and assisted CIMB Bank in successfully issuing 3 billion panda bonds, setting a record for the largest panda bond issuance in the Malaysian market;
● Led the completion of Barclays Bank's first Panda bond of 2 billion yuan, marking the first appearance of a UK issuer in the Panda bond market.
To date, Bank of China has assisted 77 high-quality overseas clients in issuing 309 Panda bonds, participating in more than half of all Panda bond issuances in the market, with an underwriting scale exceeding RMB 270 billion. Bank of China will continue to leverage its global service network and cross-border financial advantages to further enrich the international use scenarios of the RMB, contributing even more to promoting the two-way opening of the financial market and enhancing the international influence of the RMB.
