National Bank of Canada to establish RMB 5 billion panda bond program

By Angela McDaniels

Tacoma, Wash., Sept. 23 – National Bank of Canada has been authorized by the People's Bank of China to establish a RMB 5 billion panda bond program, according to a bank news release.

Panda bonds are Chinese renminbi-denominated bonds issued by non-Chinese issuers in the People's Republic of China.

National Bank of Canada said it may become the first financial institution in North America and the second Canadian entity, after the province of British Columbia, to issue panda bonds.

National Bank of Canada has been assigned an AAA credit rating by China Chengxin International Credit Rating Co. Ltd.

The announcement comes during the official visit of Li Keqiang, China’s premier, to Canada.

National Bank of Canada is a financial services group based in Montreal.

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