In the first quarter, the subscription for panda bonds was booming, and the attractiveness of the domestic financing environment continued to rise.

Driven by multiple factors such as the advantage of financing costs in the domestic market, the continuous promotion of institutional opening, and the increasing demand for RMB asset allocation, the panda bond market continues to heat up. As of March 20, 2026, the annual issuance of panda bonds reached 77.935 billion yuan, a 96.8% increase from the same period last year. The issuer structure, term structure, and market functions have all seen new changes. The continuous hype of the panda bond market is mainly due to the attractiveness of the domestic financing environment. Liang Huaxin, an analyst at China Securities Pengyuan International Business Ratings, told reporters that the active panda bond market can be summarized as a resonance of "timing, location, and people": "timing" is that China's monetary environment is relatively loose, highlighting the advantage of RMB financing costs; "location" is that China continues to promote the two-way opening of the financial market, constantly improving the panda bond issuance system and infrastructure, reducing issuance friction costs; "people" is under the low interest rate environment, investors' demand for high-quality RMB assets allocation has significantly increased.