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Cassa depositi e prestiti (CDP) and Bank of China Limited (BOC) have signed a strategic partnership agreement on March 23rd, 2019 to support the growth of Italian enterprises in the Chinese market. The agreement is aimed at supporting cooperation between the two institutions in order to secure financial resources dedicated to the growth of Italian enterprises in China.
The agreement involves the implementation of an issuance plan for debt securities known as “Panda Bonds” for 5 billion RMB and the structuring of a co-financing program of 4 billion RMB for Italian enterprises investing in China.
What is a panda bond?
Panda bonds are RMB denominated bonds issued by overseas investors (Hong Kong, Macau, and Taiwan) in the bond market of mainland China. Typical buyers of panda bonds are mainly institutional investors (companies, foreign banks, multilateral institutions, and sovereigns) who see them as reliable investment options that could generate steady returns. The panda bonds are an initiative linked to the One Belt One Road plan. They help in boosting economic development worldwide and allow foreign companies to access credit in China directly.
Why are they important to Italian enterprises operating in China?
The funds raised will be channeled to the enterprises both through Italian banks present in China and through Chinese banks. Thanks to this issuance plan, we believe there is space also for smaller Italian enterprises to access credit lines for their Mainland China operations.
Cassa Depositi e Prestiti and Bank of China have indeed agreed to work together on establishing further financial support of 4 billion RMB for Italian enterprises in China. The program will be structured over a medium/long-term period and based on a risk control approach for each individual co-financing transaction by BOC and CDP.
In particular, the agreement envisages that CDP and BOC can continue to work together to identify potential opportunities for cooperation, in particular products and sectors in which Italian companies operate such as export, corporate finance and infrastructure.
The first tranche of panda bond will be issued soon, and we expect that the concrete opportunities for credit access to big and small size enterprises will also be revealed in the following months. Follow our news threads to remain updated on this topic!
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