Crédit Agricole S.A. completes its ninth panda bond issuance
The issuance reflects our strategic ambition to deepening our presence in China's financial markets and supporting RMB internationalisation.
On 15 July, Crédit Agricole S.A. successfully priced a triple-tranche RMB 6 billion panda bond (RMB-denominated bond issued in China by overseas entities), attracting strong demand with RMB 15.9 billion in oversubscription, primarily from commercial and policy banks, securities firms, public funds, asset managers, and foreign banks. The strong demand underscores investors’ confidence in China's credit market and reinforces the growing role of the RMB as a stable, internationally recognised currency.
This offering has established several new industry benchmarks, to date:
- Largest single issuance by a wholly foreign-owned financial institution issuer
- First triple-tranche panda bond issuance
- First 7-year tranche bond issuance by a financial institution
Crédit Agricole CIB acted as Joint Lead Underwriter and Joint Bookrunner on this transaction.
Since its inaugural panda bond issuance in 2019, Crédit Agricole S.A. has completed nine offerings, raising RMB 19 billion across 12 tranches. As the first global systemically important bank (G-SIB) to enter the panda bond market, Crédit Agricole S.A. has established itself as the most frequent issuer and the leading international financial institution issuer by volume in the panda bond market – a testament to its consistent market engagement and investor confidence.
Building on the strong momentum in the panda bond market during the first half of 2026, Crédit Agricole S.A. secured approval from the People's Bank of China for a RMB 20 billion panda bond issuance programme in early July.
China is pivotal to Crédit Agricole Group's global strategy. As an established issuer in the panda bond market, we remain committed to fostering the development of China's onshore bond market. Our regular issuances also reflect our dedication to supporting the country's financial reform and opening-up, demonstrating our deep understanding of the local market while reinforcing the Crédit Agricole Group's confidence in the China market in the long term.
Olivier Bélorgey
Deputy Chief Executive Officer & Finance Director, Crédit Agricole CIB
This bond offering demonstrates the Group’s long-term commitment to China together with its subsidiary Crédit Agricole CIB. Amid the continued opening-up and development of China’s financial market, the Group and we have been deeply engaged in the internationalisation of the RMB, leveraging cross-border RMB instruments including panda bonds. This issuance marks not only another milestone in the development of the panda bond market, but also our new stage in business development and expansion in China.
Nicolas Vix
Senior Country Officer for China, Crédit Agricole CIB
We would like to extend our sincere gratitude to all parties involved in this issuance. Their collective efforts ensured the successful completion of this issuance. We also convey our heartfelt thanks to the leaders and relevant authorities behind the underwriting teams for their strong support. We look forward to continuing to work together in the future, and jointly contributing to high-level financial opening-up and the internationalisation of the RMB.
June Li
Head of Financial Institutions Coverage, China, Crédit Agricole CIB
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