According to a China Daily report on March 6
Deutsche Bank AG has priced a 5.5 billion yuan ($796 million) multi-tranche panda bond in the China Interbank Bond Market (CIBM), marking the first panda bond issuance by a European financial institution in 2026 and the largest single issuance by a foreign bank to date.
The deal comes amid heightened volatility in global markets, with China’s onshore renminbi-denominated bond market providing a relatively stable financing environment. The transaction drew 8.66 billion yuan in total orders, with the three-year and five-year tranches oversubscribed by 1.55 times and 1.63 times, respectively.
Fiona Ip, APAC treasurer at Deutsche Bank, said investor enthusiasm reflects the growing sophistication of China’s onshore bond market, which the bank sees as an important component of its global funding and capital management strategy.
The investor base included commercial banks, asset managers, and overseas institutional investors, highlighting the increasing international appetite for RMB-denominated assets. Final coupon rates were set at 1.95 percent for the three-year tranche and 2.13 percent for the five-year tranche.
Rose Zhu, Deutsche Bank China chief country officer, added that the successful issuance underscores investor confidence in Deutsche Bank’s credit profile and long-term strategy, while also reflecting the attractiveness of the RMB bond market to a diversified set of global investors.
As a bridge between China and international markets, Deutsche Bank said it intends to leverage its global network to support clients and enhance Sino-European and Sino-German economic cooperation, taking advantage of China’s ongoing financial market liberalization.