MUFG Bank (China) Receives Lead Underwriting License for Corporate Panda Bonds in Chinese Interbank Bond Market
MUFG Bank today announced that its wholly owned subsidiary MUFG Bank (China), Ltd. (MUFG China) has received a lead underwriting license for corporate panda bonds [1] in the Chinese Interbank Bond Market. The license is issued by NAFMII, a self-regulatory body governed by the People’s Bank of China.
The Chinese bond market, covering bond trading and issuance markets in the country, has been growing rapidly and is now the second largest in the world after the U.S. With this license, MUFG China can leverage its global network and local expertise to participate in bond issuances by offshore companies, thereby better supporting the direct financing needs of corporate clients in China and the diversification of investor portfolios.
MUFG China was the first foreign bank to issue renminbi (RMB)-denominated bonds in the Chinese onshore market in May 2010. In May 2014, it became the first foreign bank to issue RMB-denominated bonds (dim sum bonds) in Hong Kong. MUFG Bank was also the first to issue onshore RMB-denominated bonds (fujiyama bonds) in Japan in June 2015, and in January 2018, the first Japanese company to issue panda bonds in the Chinese interbank bond market. In 2019, MUFG China was awarded a qualified syndicated members’ license for corporate bonds, further underscoring its significant contributions to the RMB-denominated bond market.
MUFG Bank and MUFG China will fully utilize this underwriting license to provide holistic financial services to clients wishing to capture business and investment opportunities in China while contributing to the ongoing development of the Chinese bond market.
[1] Corporate panda bonds refer to RMB-denominated bonds issued in China by non-Chinese corporates.
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