(ATF) – CITIC Bank has announced a second 2020 ultra-short-term Covid-19 control financing bond for Hengan International Group Co Ltd.
The bond is exclusively underwritten by CITIC. The Panda ultra-short-term financing bond for Covid-19 epidemic prevention and control is also the second yuan Covid-19 themed Panda bond issued by Hengan Group.
The issue for 1 billion yuan (US$142 billion), 100 million yuan of which will be used for the production of germicidal wet tissues, medical masks and other anti-epidemic materials.
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Since the outbreak, CITIC Bank's Fuzhou Branch has provided 2.07 billion yuan in funding support for Fujian-related enterprises' epidemic prevention and control. That includes three bonds of 1.8 billion yuan, and three bond investments, of 270 million yuan.
Panda bonds were established on September 28, 2005, as a way for international multilateral financial institutions to issue yuan bonds in China for the first time. Minister of Finance Jin Renqing named the first bonds "Panda bonds" – which are yuan-denominated bonds like Japan's "Samurai bonds" and a mechanism to issue foreign bonds.