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After opening the Panda bond market in the mid-2000s, International Financial Corporation (IFC) has been absent from the asset class for over a decade. But Jingdong Hua, treasurer at IFC, told GlobalRMB that this could change — if China lets the issuer use its own accounting standard again.
In 2005, IFC sold the inaugural bond in the Panda market, closing a Rmb1.13bn ($140m) 10 year trade. It raised another Rmb870m the following year, selling a seven year note, according to GlobalRMB data.
But although IFC was keen to return in the years that followed, its access route was blocked as the exemption from using accounting standards accepted by China — the key which allowed IFC to sell Pandas in the first place — was no longer available, Hua told GlobalRMB in a...