China sees record panda bond issuance in 2026 as foreign borrowers pile in

Foreign governments, international banks and multinational companies are increasingly tapping China’s domestic bond market, as panda bond issuance hit a record high in the first five months of the year. A total of 11 entities sold 14 panda bonds – yuan-denominated debt instruments issued by foreign entities in mainland China’s onshore market – worth 26.64 billion yuan (US$3.7 billion) in May, up 2