Foreign companies flock to ‘panda bond’ market in hunt for China hedge

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Financial Times 13h ago

Foreign companies flock to ‘panda bond’ market in hunt for China hedge - Financial Times

Quick Summary:

HSBC directed the Financial Times towards a statement released in November 2024 following a Rmb4.5bn bond issuance in which the company said the funds would be used to “support businesses’ growing demand for RMB, and broader RMB internationalisation”.

Multinational companies are flocking to China’s bond market at a record rate as they try to secure cheaper financing and hedge against deteriorating relations between Beijing and the US.

Panda bond issuance started to take off after 2016 as benchmark interest rates in the US and China diverged.