Overseas issuers are positive, and the cumulative issuance of panda bonds has exceeded 1.3 trillion yuan.

Recently, the French Agricultural Credit Bank completed the first panda bond issuance in the China interbank bond market for 2026, achieving several breakthroughs: the largest single issuance size by a foreign financial institution, the first use of a combination of three different terms - 3 years, 5 years, and 7 years, as well as the first issuance of a 7-year term variety, filling the gap in the issuance of long-term panda bonds. According to data from the People's Bank of China, in the first half of 2026, panda bond issuances exceeded 160 billion yuan, a 69% increase compared to the same period last year. By the end of June, the total issuance of panda bonds had exceeded 1.3 trillion yuan. Industry experts believe that the panda bond market is experiencing structural growth, with its appeal no longer limited to the advantage of financing costs. Its function has evolved from a simple financing tool to an important channel for overseas institutions to strategically allocate RMB assets.