熊猫债券属于长期还是短期

Panda Bonds: An Introduction

As of the end of 2015, companies such as Baolong Real Estate and Country Garden made their debut in the Shanghai Stock Exchange by issuing bonds. Although their business operations are primarily in mainland China, their registered addresses are in the Cayman Islands. Therefore, the Renminbi bonds they issue within China are also considered "Panda Bonds".

There are several types of bonds, including short-term and long-term bonds. In the case of Panda Bonds, they can be classified as both depending on their maturity and features. Let's explore the details:

1. Panda Bonds: An Overview

The concept of "Panda Bonds" was first introduced in September 2005, when international multilateral financial institutions were allowed to issue Renminbi bonds in China. The then Minister of Finance, Jin Renqing, named the first issue of bonds as "Panda Bonds". These bonds are characterized by their issuance in Renminbi by overseas institutions within China.

2. Short-term Panda Bonds: Discount Bonds

Short-term Panda Bonds can be classified as discount bonds. These bonds have a relatively short maturity period and are also known as "zero-coupon bonds". Investors purchase these bonds at a discount to their face value and receive the full value upon maturity.

3. Accumulative Panda Bonds: Coupon Bonds

Accumulative Panda Bonds are similar to coupon bonds. They have a stated coupon rate and pay regular interest payments to bondholders. The main difference from discount bonds is that the interest payments are accumulated and paid along with the principal upon maturity.

4. Panda Bonds and Foreign Bonds

Panda Bonds, Yankee Bonds, and Samurai Bonds are all examples of foreign bonds. When issuing bonds in foreign markets, countries or institutions often name them after their most characteristic or representative elements. Panda Bonds are issued in China and named after the iconic giant pandas.

5. Panda Bonds in Recent Years

In 2020, a total of 42 Panda Bonds were issued in the interbank bond market and exchange market, with a combined value of 58.651 billion yuan. As of December 3, 2021, 70 Panda Bonds had been issued during the year, with a total issuance scale of 102.82 billion yuan, representing a year-on-year growth of 75%. The key characteristics of Panda Bonds include...

Conclusion

Panda Bonds are a type of bond issued in China in Renminbi by overseas institutions. They can be classified as both short-term and long-term bonds, depending on their maturity and features. Short-term Panda Bonds are discount bonds, while accumulative Panda Bonds are coupon bonds. These bonds have gained popularity in recent years, with increasing issuance and a growing market.