Crédit Agricole CIB partners with Air liquide to issue their first dual tranche Panda Bond

A “Panda bond” is a bond issued by a foreign issuer in the Chinese domestic market and as such is denominated in Chinese Renmimbi, governed under PRC law and settled domestically in China. They are the equivalent to the so called ‘Yankee’ in the US domestic market or Kangaroo in the Australian market.

Crédit Agricole CIB acted as a financial advisor for Air Liquide which priced its first Panda bond, issuing a dual-tranche on the Chinese market for CNY 1.4Bn and CNY 800M, targeting maturities of 3 and 5 years and which obtained the highest domestic rating [namely AAA] from China Chengxin International (CCXI). The proceeds of this issue will be used to finance new investments in China and to refinance debts related to previous investments in China.  Crédit Agricole CIB accompanied Air Liquide on numerous occasions to source different types of currency funding, repeatedly in EURO, but also in USD, JPY and now in CNY. This transaction demonstrates the capacity of Crédit Agricole CIB to advise client on multi-currency financing solutions and its expertise on the Chinese capital markets.