On September 8, 2026, the New Development Bank (NDB) successfully priced its RMB 7 billion 2026 Second Renminbi Panda Bond (Series 2), issued in the China interbank bond market. The transaction featured two tranches with two‑way clawback flexibility, enabling NDB to reallocate volumes between maturities to optimize pricing and size. The issuance comprised Type 1 3-year Bonds with final issue size of RMB 5.5 billion, and Type 2 5-year Bonds with final issue size of RMB 1.5 billion.
The transaction attracted robust demand from a broad and diversified investor base, including central banks, a sovereign fund, state‑owned and city bank treasuries, shareholding banks, and insurance companies. Bookbuilds closed with the 3‑year tranche covered 1.43x and the 5‑year tranche covered 1.65x.
“The successful pricing of this RMB 7.0 billion Panda Bond, supported by strong participation from a diverse group of domestic and foreign investors, underscores the New Development Bank’s catalytic role in mobilizing financing for infrastructure and sustainable development across our member countries. The sound investor participation enabled us to secure a very favourable funding level, reflecting sustained investor confidence in the Bank’s credit profile and mission,” said Mr. Daopeng Fu, Vice-President and Chief Financial Officer, New Development Bank.
The transaction strengthened NDB’s position as a leading issuer in the Panda Bond market, bringing the Bank’s cumulative Panda issuance to RMB 94.5 billion.