Bank of China, as lead underwriter, assisted Deutsche Bank in issuing RMB 3.5 billion in dual-tenor Panda Bonds in the China Interbank Bond Market. 

This issuance included an RMB 2.5 billion three-year tranche at a coupon rate of 1.72% and an RMB 1 billion five-year tranche at 1.94%.

With this successful issuance, Deutsche Bank has become the largest foreign financial institution by cumulative Panda Bond issuance amount in the market. 

A Panda Bond is an RMB-denominated bond issued by foreign entities in the Chinese mainland. Since Deutsche Bank made its debut in the Panda Bond market in 2023, BOC has participated as lead underwriter in all of its Panda Bond issuances, underwriting eight bonds with a total issuance size of RMB 17 billion, providing support for its global business development. 

As a significant player in the Panda Bond market, BOC has introduced a diverse range of high-quality foreign issuers. To date, foreign financial institutions have issued 58 Panda Bonds in total, with BOC participating in 52 of them, making it the "preferred partner" for foreign financial institutions entering the Panda Bond market with its leading strength.

In October 2025, Bank of China took the lead in assisting CIMB Bank with its inaugural RMB 3 billion Panda Bond issuance, setting a record for the largest Panda Bond issuance amount by a Malaysian entity. In February 2026, Bank of China assisted CIMB Bank in returning to the Panda Bond market, helping it become the largest Malaysian issuer by total issuance.

In November 2025, Bank of China introduced Barclays Bank as the first issuer from the United Kingdom in the Panda Bond market and assisted it in issuing RMB 3.5 billion in Panda Bonds in January 2026, demonstrating the high recognition of Bank of China's bond underwriting and distribution capabilities by foreign financial institution issuers. 

In March 2026, Bank of China took the lead in assisting BNP Paribas with its debut in the Panda Bond market, setting a positive example for deepening financial cooperation between China and France. In March 2026, Bank of China took the lead in assisting Singapore's UOB in issuing RMB 5 billion in Panda Bonds, helping it become the foreign financial institution with the largest cumulative issuance amount in Asia. 

BOC will continue to leverage its global network and expertise in cross-border capital markets to innovate its financial services, supporting more high-quality issuers in promoting their presence in the Panda Bond market. This ongoing effort seeks to enhance the international use of RMB and promote the two-way opening-up of financial markets to new heights.