Panda bond issuance coming next quarter? The Finance Ministry expects to go ahead with its maiden USD 500 mn CNY-denominated bond issuance in 3Q 2023, Finance Minister Mohamed Maait told Enterprise. The Finance Ministry is currently finalizing the procedures to bring the bonds to market.

Why the delay? The issuance was initially slated for the first quarter of 2023 but “current international market conditions made it difficult to issue new bonds during the current fiscal year,” Maait told Al Mal. The panda bond issuance was first announced in 2019 but was put on hold due to the pandemic.

Where is the money going? The proceeds are set to be used for sustainable development projects including green transport, renewable energy and energy efficiency, water treatment, MSME financing, and healthcare

REMEMBER- The African Development Bank (AfDB) has agreed to provide guaranteeUSD 345 mn of the issuance.

Tags: