Portugal Issues First Offshore Yuan Bond by Eurozone Sovereign
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Portugal has become the first eurozone sovereign to issue an offshore yuan bond, raising 1.99 billion yuan ($291.7 million) as it seeks to lower funding costs.
The country’s state debt agency IGCP said Thursday that it priced the eight-year bond at a coupon of 1.765%, tapping relatively low yuan borrowing costs to diversify funding beyond euro markets.
Portugal has been a pioneer in yuan debt. In 2019, it became the first eurozone country to issue a panda bond, yuan debt sold on the Chinese mainland by an overseas institution.
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- Portugal, first eurozone sovereign to issue offshore yuan bond, raised 1.99 billion yuan ($291.7 million).
- IGCP priced eight-year bond at 1.765% coupon to lower costs and diversify beyond euro markets.
- Follows 2019 panda bond; dim sum market issuance hit 400 billion yuan by early April, up 14% YoY.
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