Recently, China Construction Bank Corporation (CCB), acting as the lead underwriter and lead bookrunner, successfully supported Morgan Stanley in issuing 2.6 billion yuan in Panda bonds within China's interbank bond market. The issuance entity was Morgan Stanley Private Limited, with its group parent, Morgan Stanley, providing a full, unconditional, and irrevocable guarantee. The bonds carry a 5-year term and a coupon rate of 2.10%, attracting active subscription from both domestic and international investors, which reflects the global market's strong confidence in China's bond market and renminbi-denominated assets.

This project marks the first time CCB has served as the lead underwriter for a Panda bond issued by a U.S.-background entity, representing a significant milestone in the long-standing collaboration between CCB and Morgan Stanley. As one of the first internationally renowned investment banks to enter the Chinese market, Morgan Stanley has actively participated in the construction and development of China's financial sector for over three decades. This bond issuance also signifies that the cooperation between Morgan Stanley and CCB has reached a new level.

Looking ahead, CCB will capitalize on the overarching trend of renminbi internationalization, enhance its cross-border financial service capabilities, and continue to utilize products like Panda bonds to help more international entities share in the benefits of China's economic growth and financial market opening. The bank aims to contribute its strength to deepening international financial cooperation.