The Hungarian Development Bank (MFB) and the Bank of China signed a memorandum of understanding on a planned bond issue on the Chinese bond market as part of the China-Central and Eastern Europe (16+1) Cooperation Summit in Sofia. The aim of the memorandum of understanding signed between the Bank of China, which has a subsidiary bank in Hungary, and MFB is to prepare MFB’s entry to the panda bond market, that is, the issue of bonds on China’s onshore bond market. Another aim of the agreement is to map out how the parties can cooperate in financing various projects, possibly in the form of syndicated or club loans. The memorandum of understanding was signed on 7 July in Sofia, in the presence of the prime ministers of 16 countries, as part of the China-CEEC (16+1) Cooperation Summit.
Panda bonds are bonds issued on the domestic capital market of the People’s Republic of China by foreign issuers. The agreement between MFB and the Bank of China is important because foreign issuers can only participate under restrictions on the panda bond market, one of the world’s biggest bond markets.
After the signing of the memorandum of understanding, further negotiations are necessary before the prospective date of the bond issue can be finalised.
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