The first sovereign “panda” bond attracted bids for five times the paper on offer in a deal that marked another step in Beijing’s efforts to internationalise the renminbi and broaden the pool of investment products for domestic investors.
South Korea sold Rmb3bn ($464m) in three-year notes at 3 per cent, the tight end of its estimated 3-3.5 per cent range. Panda bonds are renminbi-denominated debt sold by foreigners into China’s bond markets.
Duncan Phillips, head of Asia debt syndicate for Citigroup, a bookrunner on the deal, said the demand showed Chinese investors’ growing interest in foreign borrowers.
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