National Bank of Canada is pleased to announce that, on October 30, 2023, it issued the first series of its 2023 Panda Bond program raising RMB1 billion (equivalent to approximately CAD191 million) in the context of a public offering in Mainland China’s Interbank Bond Market. This marks National Bank of Canada’s first issuance as part of its latest RMB10 billion Panda Bond program approved by the People’s Bank of China on February 17, 2023, and following the launch of its inaugural Panda Bond program in 2016. The bond was priced at an annual coupon rate of 3.20% and has a three-year term.
This issuance was made possible with the help of National Bank of
Canada’s appointed Lead Underwriter and Lead Bookrunner, Bank of China
Limited, Joint Lead Underwriters and Joint Lead Bookrunners, namely,
China Merchants Securities Co., Ltd, Industrial and Commercial Bank of
China Limited, Agricultural Bank of China Limited and DBS Bank (China)
Limited, as well as from syndicate members Industrial Bank Co., Ltd.
and Deutsche Bank (China), Co., Ltd.
As part of the issuance, National Bank of Canada, one of the six systemically important banks in Canada, and its 2023 Panda Bonds (Series 1) both received a AAA rating from a Mainland China credit rating agency, China Chengxin International Credit Rating Co., Ltd.