The number of issuers has increased significantly, and the issuance scale of Panda Bonds has exceeded 120 billions this year.

Since the beginning of this year, the Panda bond market has seen rapid expansion. According to Wind data, as of May 26, the issuance of Panda bonds in 2026 has exceeded 120 billion yuan, with issuers covering sovereign institutions, multilateral development institutions, multinational enterprises, and tech innovation companies. In the first quarter alone, 45 new Panda bonds were issued with a total value of 88.235 billion yuan, marking a new record high for single-quarter issuance.