Press ReleaseNew Development Bank Successfully Issued Dual-Tranche CNY 7 billion Panda Bond with Claw-Back Structure

On April 8, 2026, the New Development Bank (NDB) successfully priced a dual-tranche Panda Bond totaling CNY 7 billion in the China interbank Panda Bond market, comprised of CNY 6 billion 3-year tranche at a fixed rate of 1.74% and CNY 1 billion 5-year tranche priced at 1.84%.

The transaction attracted robust demand from a diversified investor base, with the 3-year tranche achieving the oversubscription ratio of 1.69. For the 5-year tranche, the oversubscription ratio reached 2.27.

The NDB became the first Sovereigns, Supranationals and Agencies (SSA) issuer to use a claw-back structure in the China interbank Panda Bond market, allowing the Bank to reallocate bonds between tranches thereby optimizing both price and size.

"We are grateful to the diverse group of investors who continue to support the NDB on its mandate of mobilizing resources for sustainable development projects. The transaction deepens the Bank's presence in the China Interbank Panda Bond Market with a cumulative issuance to date of RMB 87.5 billion, and it further strengthens NDB's role as an innovative and regular issuer in the China interbank Panda Bond market," said Mr. Monale Ratsoma, Vice-President and Chief Financial Officer, New Development Bank.

The Industrial and Commercial Bank of China Ltd. (ICBC) acted as the lead underwriter for the transaction, with Agricultural Bank of China Ltd. (ABC), Bank of China Ltd. (BOC), China Construction Bank (CCB), Export-Import Bank of China (China Exim Bank), CITIC Securities and China Galaxy Securities acting as joint lead underwriters.