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.
Industrial and Commercial Bank of China Limited (ICBC) acted as the Lead Underwriter for this issuance.
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 acted as Joint Underwriters.
“We are very pleased with the successful pricing of RMB 7 billion Panda bond,” said Mr. Monale Ratsoma, Vice-President and Chief Financial Officer of NDB.
“This issuance reflects the Bank’s ongoing commitment to engaging with the Panda Bond market investor base and is a primary instrument to promote local currency financing. The NDB will continue to strengthen its role as a frequent issuer, further solidifying its position as a leading multilateral issuer in the Panda Bond market”.
“The Bank targets to provide 30% of its total financing commitments in national currencies of member countries,” added Mr. Monale Ratsoma.
Background Information
New Development Bank was established in 2015 by Brazil, Russia, India, China, and South Africa to mobilize resources for infrastructure and sustainable development projects in the BRICS and other emerging market economies and developing countries, complementing the existing efforts of multilateral and regional financial institutions for global growth and development.
NDB has been rated AA+ with a stable outlook by Standard and Poor’s Global Ratings, AA with a stable outlook by Fitch Ratings Inc. and AAA with a stable outlook by Japan Credit Rating Agency, Ltd.