Barclays Bank is reportedly planning to issue Panda bonds for the first time, raising up to 4 billion yuan.

According to Bloomberg, Barclays Bank plans to issue Panda bonds in China for the first time, raising up to 4 billion yuan, marking another large global bank entering the world's second-largest debt market. Sources familiar with the matter revealed that the transaction will have two varieties, with maturities of 3 years and 5 years, and is expected to be priced next Monday. The sources added that the funds raised may all be remitted out of China to support the financing needs of this London-based bank and its Renminbi-related businesses, such as meeting the increasing demand from customers to purchase Renminbi-denominated assets and providing liquidity to the offshore capital market.