On December 4, 2025, the New Development Bank (NDB) successfully issued a three-year RMB 3 billion Panda bond in the China Interbank Bond Market priced at a coupon rate of 1.88%.
The issuance attracted both domestic and international investors, including official institutions such as central banks. The strong investor appetite reaffirmed NDB’s standing as a high-quality issuer in the China Interbank Bond Market.
With this transaction, NDB’s total Panda bond issuance volume has reached a cumulative RMB 78.5 billion, with an outstanding amount of RMB 47.5 billion.
“This issuance marks another milestone as we continue to execute the Bank’s mandate to finance infrastructure and sustainable development projects in the member countries by expanding local currency financing. By building a robust local currency funding base, the NDB mitigates foreign exchange risks while also contributing to further development of local capital markets,” said Mr. Monale Ratsoma, Vice-President and Chief Financial Officer of NDB.
China Construction Bank acted as the Lead Underwriter for this transaction. The Agriculture Bank of China, Bank of China, Export-Import Bank of China, Industrial and Commercial Bank of China Limited, China International Capital Corporation and CSC Financial served as Joint Underwriters.
Rating Information
NDB has been rated AAA with a stable outlook by Japan Credit Rating Agency, Ltd., AA+ with a stable outlook by Standard & Poor’s Global Ratings, and AA with a stable outlook by Fitch Ratings Inc.