China's NAFMII publishes Panda Bond rules for non-financial issuers

China's National Association of Financial Market Institutional Investors (NAFMII) recently published a much-anticipated set of Panda Bond implementing rules, the Debt Financing Instrument Business of Overseas Non-Financial Enterprises Guidelines (for Trial Implementation) dated January 17, 2019 (Guidelines). Panda Bonds (Panda Bonds) are Renminbi-denominated bonds issued by non-Chinese issuers (Issuers), but sold in the People's Republic of China (which for these purposes excludes the Hong Kong and Macau Special Administrative Regions and Taiwan). The first Panda Bonds were issued by the International Finance Corporation and the Asian Development Bank in 2005.

The Measures apply generally to all types of Panda Bond issuers, but contain detailed rules solely relating to overseas financial institutions. The Guidelines fill in the gaps by providing detailed rules for the issuance of Panda Bonds by overseas non-financial enterprises Issuers.

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