MANILA, Philippines — The country’s first Panda bond issuance has opened the doors for private companies to tap the Chinese market, British banking giant Standard Chartered Bank said. The Philippines’ maiden issue of Panda bonds affirms the country’s improving bilateral relations with China and the increasing relevance of the renminbi. Bids reached 9.22 billion renminbi compared with the Philippine government’s debt offering of 1.46 billion renminbi. The Philippines emerged as the first ASEAN sovereign to issue Panda bonds, and was able to diversify its investor base with participation originating from both onshore and offshore investors. With the bond connect scheme, offshore investors comprised 87.7 percent of allocation, representing the highest offshore mix for any Panda issuer.

Source: Philippine Star March 21, 2018 15:58 UTC