(Yicai) July 30 — Morgan Stanley has issued its first so-called panda bonds, making it the first company headquartered in the United States to sell the yuan-denominated notes in China’s interbank bond market.
New York-based Morgan Stanley sold the CNY2 billion (USD278.7 million) of five-year panda bonds carrying a coupon rate of 1.98 percent on July 24, the China Interbank Market Dealers Association announced on July 28. The notes attracted enthusiasm from a diverse range of domestic investors, injecting high-quality assets into the bond market and signaling a new step in its high-level opening.
Panda bonds have become a key yuan financing channel for international institutions, including the Asian Infrastructure Investment Bank, the New Development Bank, the Asian Development Bank, the Hungarian and Egyptian governments, and Mercedes-Benz, BMW Group, Volkswagen Group, and BASF.
The dealers’ association said it will continue to…
