On August 27, 2025, the New Development Bank (NDB) successfully issued a RMB 7 billion 3-year Panda bond in the China Interbank Bond Market. This issuance marks the first drawdown under the newly registered NDB’s RMB 50 billion Panda Bond Programme, with the National Association of Financial Market Institutional Investors (NAFMII).
The transaction garnered strong interest from investors, with the order book being oversubscribed by 1.28 times, demonstrating investor confidence in NDB’s credit standing and its mission to mobilise resources for infrastructure and sustainable development projects in member countries.
With the successful issuance, the total amount of Panda bonds issued by NDB has reached RMB 75.5 billion.
Maturity
27 August 2028
Amount
CNY 7 bn
Coupon
1.88%
Settlement Date
27 August 2025
Issuer Rating
AA+ (S&P) / AA (Fitch)
Tenor
3 years
Currency
RMB
Listing
China Interbank Bond Market
Lead Underwriter
Industrial and Commercial Bank of China Limited (ICBC)
Joint Underwriters
Agricultural Bank of China, Bank of China, Bank of Communications, China Construction Bank, Export-Import Bank of China, China Industrial Bank, Development Bank of Singapore (China), China International Capital Corporation, and CITIC Securities