The Export-Import Bank of China (Exim Bank) has recently leveraged its role as a financial bridge to facilitate the issuance of Panda bonds in China's interbank market for entities including BOC Hong Kong.

Assisting BOC Hong Kong in Panda Bond Issuance On May 26, acting as a joint lead underwriter, Exim Bank assisted BOC Hong Kong (Holdings) Ltd. in successfully issuing its first Panda bond of 2026. The bond has a size of 5 billion yuan, a three-year tenor, and a coupon rate of 1.65%. It attracted widespread investor attention and was met with active subscription.

This issuance represents a beneficial practice by Exim Bank in fully utilizing its policy-based financial functions. It actively serves the internationalization of the renminbi by leveraging the locational advantages of Shenzhen as a national economic center. The move will provide more diversified allocation options for domestic and international investors and is also of significant importance for consolidating and enhancing Hong Kong's status as an international financial hub.

Assisting Pakistan in Sovereign Panda Bond Issuance On the occasion of the 75th anniversary of the establishment of diplomatic relations between China and Pakistan, Exim Bank assisted the Islamic Republic of Pakistan in issuing its first sovereign Panda bond.

Through coordinated efforts between its headquarters and its Xinjiang Uygur Autonomous Region branch, Exim Bank actively deepened cooperation with local commercial banks. It successfully facilitated Bank of Xinjiang to become the first local corporate bank in the region to participate in a sovereign Panda bond issuance. This issuance fully demonstrates the important role of Exim Bank in serving the joint construction of the Belt and Road Initiative and deepening financial cooperation between China and Pakistan. It is also expected to inject new momentum into promoting high-level opening-up in Xinjiang.

In recent years, Exim Bank has assisted multiple national governments, international development institutions, financial institutions, and large enterprises in issuing Panda bonds, effectively contributing to the continuous expansion of the Panda bond market. Looking ahead, Exim Bank will advance the international use of the renminbi with greater intensity and more concrete measures, promoting the interconnection of domestic and international financial markets.