NAFMII and ICMA jointly release handbook on financing and investment in the China interbank bond market


24 September 2021 The International Capital Market Association (ICMA) and the National Association of Financial Market Institutional Investors (NAFMII) today launched two publications intended to encourage understanding and participation by international institutions in China’s interbank bond market.

Investing in China’s Interbank Bond Market: A Handbook and Panda Bonds: Raising Finance in China’s Bond Market (Case Studies) (also available in Chinese) provide guidance for international investors and issuers on investing and on raising finance in China’s interbank bond market. The Handbook contains an overview of developments in China’s bond market and the case for international investment; descriptions of the market infrastructure and oversight; and details of the process required for international investors to access the market via the three different channels Bond Connect, CIBM Direct and the QFI regime, while the panda bond case studies present successful transactions by international issuers in the panda bond market.

ICMA Chief Executive, Bryan Pascoe said: "ICMA has worked very closely with NAFMII and market participants in providing its technical expertise in the cross-border bond markets to support reforms making the Chinese bond market more accessible to international issuers and investors. The guides we are launching today both reflect the progress that’s been made in opening up this important market and we look forward to our continuing engagement as it evolves."
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