In 2025, the interbank panda bond market exhibited distinct characteristics of "volume growth, broader participation, and improved quality": total issuance volume reached 173.3 billion yuan, with the proportion of issuance amount by foreign institutions surging to 50%, and new issuers from markets such as the United States and the United Kingdom made successive appearances. This series of data powerfully demonstrates global issuers' firm confidence in the Chinese market.
As a pioneer, practitioner, and leader in the panda bond market, Bank of China achieved an underwriting scale of nearly 38 billion yuan in 2025, firmly securing the top market position and marking the twelfth consecutive year it has led the panda bond underwriter rankings. Leveraging its global network and professional expertise, Bank of China participated in over 90% of foreign-funded panda bond underwriting, achieving full coverage across all five continents and successively promoting the launch of a series of landmark projects:
It acted as lead manager to assist the Asian Development Bank in successfully issuing 8.3 billion yuan in panda bonds, further enhancing the international influence of China's capital markets.
It acted as lead manager to assist the African Export-Import Bank in issuing 2.2 billion yuan in panda bonds, achieving a breakthrough for African multilateral development institutions in this market.
It acted as lead manager to assist Hungary in issuing 5 billion yuan in panda bonds, setting a record for the largest sovereign panda bond issuance and achieving a breakthrough for 5-year sovereign panda bonds.
It successfully executed a 2 billion yuan panda bond for Morgan Stanley, marking a pioneering entry for a US-funded financing entity into the panda bond market.
It acted as lead manager to assist the Government of Sharjah in returning to the panda bond market with a 2 billion yuan issuance, promoting the continued deepening of China-Arab financial cooperation.
It acted as lead manager to assist CIMB Bank in successfully launching its inaugural 3 billion yuan panda bond, setting a record for the largest panda bond issuance from the Malaysian market.
It acted as lead manager to complete Barclays Bank's first 2 billion yuan panda bond, marking the debut of a UK issuer in the panda bond market.
To date, Bank of China has cumulatively assisted 77 high-quality overseas clients in issuing 309 panda bonds, participating in over half of all panda bond issuances in the market, with a total underwriting scale exceeding 270 billion yuan. Bank of China will continue to leverage its global service network and cross-border financial advantages to consistently enrich the usage scenarios for the internationalization of the renminbi, contributing greater strength to promoting the two-way opening of financial markets and enhancing the global influence of the Chinese currency.
