Jun 01, 2023 03:39 AM

FINANCE

BRICS-Backed New Development Bank Issues Record $1.2 Billion of Panda Bonds

By Wang Liwei and Han Wei

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The NDB expanded its membership to include Bangladesh and the United Arab Emirates in 2021, and Egypt joined in February

The NDB expanded its membership to include Bangladesh and the United Arab Emirates in 2021, and Egypt joined in February

The New Development Bank, an international lender created by the BRICS group of nations, issued 8.5 billion yuan ($1.23 billion) of panda bonds in China’s interbank bond market Monday to bolster financing of new projects.

The issuance of the three-year notes was the bank’s largest sale of panda bonds, topping a 7 billion yuan offering in May 2022. Panda bonds are yuan-dominated bonds sold by non-Chinese issuers in the China mainland market.

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