On December 11, 2025, the New Development Bank (NDB) successfully issued a RMB 2 billion Panda bond in the China Interbank Bond Market priced at a coupon rate of 2.26%.
The transaction received strong investor demand and marked the Bank’s first-ever 10-year bond and the largest 10-year bond issued by a multilateral development institution in the Chinese market.
The net proceeds from the bond will be exclusively dedicated to financing infrastructure and sustainable development projects across the African continent, in line with the NDB’s mandate. The Bank has strategically converted all proceeds under this transaction directly from RMB to ZAR.
With this transaction, NDB’s total Panda bond issuance volume has reached a cumulative RMB 80.5 billion, with an outstanding amount of RMB 49.5 billion.
The bond was underwritten solely by CITIC Securities.