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 the final issue size of RMB 5.5 billion, and Type 2 5-year Bonds with the 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 Bond issuance to RMB 94.5 billion.
Bank of China acted as the lead underwriter for the transaction, with Agricultural Bank of China (ABC), China Construction Bank (CCB), Industrial and Commercial Bank of China (ICBC), Bohai Bank, HSBC, China International Capital Corporation (CICC), and Citic Securities serving as joint lead underwriters.
About the New Development Bank
The New Development Bank is a multilateral development bank established in 2015 by Brazil, Russia, India, China and South Africa, with the purpose of mobilizing resources for infrastructure and sustainable development projects in emerging markets and developing countries (EMDCs), complementing the existing efforts of multilateral and regional financial institutions for global growth and development. In 2021, NDB welcomed its first non-founding members and continues to expand, positioning itself as a platform for wider collaboration among EMDCs. The Bank’s membership base currently stands at ten countries.
The New Development Bank maintains strong credit ratings from leading international and regional agencies: AA+ with Stable Outlook Long-Term Issuer Credit Rating from S&P Global Ratings; AA with Positive Outlook Long-Term Issuer Default Rating from Fitch Ratings; AAA with Stable Outlook Long-Term Issuer Credit Rating from Japan Credit Rating Agency; and AAA with Stable Outlook Long-Term Issuer Credit Rating from China Chengxin Credit Rating Group.