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A Closer Look at Panda Bonds

Credit FAQ: The Contraction of China's Private Credit Market

Credit Rating Report: JPMorgan Chase Bank (China) Company Limited, February 24, 2025

Credit Rating Report: Africa Finance Corporation, January 15, 2025

Credit Rating Report: Shanghai Rural Commercial Bank Co., Ltd., December 26, 2024


A Closer Look at Panda Bonds

 “Panda bonds” are RMB-denominated bonds issued by overseas entities publicly or privately in China’s interbank bond market, exchanges, and other over-the-counter markets.

Amid the relaxed restrictions on the proceeds to be used overseas and increasing cost advantages of onshore financing, panda bond issuance hit a new high at 154.45 billion RMB in 2023.
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Credit FAQ: The Contraction of China's Private Credit Market

  • China's private credit market has significant structural differences from those in the U.S. and Europe. It lacks alternative investment funds and direct lending, is heavily regulated, and banks remain key players.
  • We estimate the China market has shrunk to RMB21 trillion as of Dec. 31, 2024, nearly half its size since 2017. The decline comes on the back of new regulations, increased competition from local bond markets, and compressed margins.
  • A combination of softening demand and disruption in supply from lenders will likely lead the overall size of the private market to further contract.

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Credit Rating Report: JPMorgan Chase Bank (China) Company Limited, February 24, 2025

On February 24, 2025, S&P Global (China) Ratings published its latest rating report on JPMorgan Chase Bank (China) Company Limited. Please click the link below to read in PDF.

Click to download report
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Credit Rating Report: Africa Finance Corporation, January 15, 2025

On January 15, 2025, S&P Global (China) Ratings published its credit rating report on Africa Finance Corporation. Please click the link below to read the PDF.

Click to Download Report
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Credit Rating Report: Shanghai Rural Commercial Bank Co., Ltd., December 26, 2024

On December 26, 2024, S&P Global (China) Ratings published its credit rating report on Shanghai Rural Commercial Bank Co., Ltd. Please click the link below to read.

Click to Download Report
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