Debut NBC Panda takes Belt and Road route

panda toy belt 230px
By Paolo Danese, Rev Hui
03 Nov 2016

National Bank of Canada became the first North American lender to sell a Panda bond on Wednesday, raising Rmb3.5bn ($517m) from a three year note. What stood out, however, was not the deal execution but how the lender managed to convince the regulators that the sale aligns with China’s Belt and Road initiative.

With no definitive Panda bond framework in sight and a pipeline rumoured to consist of more than 100 applications, NBC had to stand out to get the go-ahead from the Chinese regulators.

“When considering approvals, the Chinese regulators want to see that the offering is enhancing trade relations ...

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