Como fazer emissão de green panda bonds

This guide by the Climate Bonds Initiative explains the regulatory framework and procedures for foreign entities to issue green panda bonds in mainland China. It details the requirements for both panda bonds (yuan-denominated bonds issued by foreign entities) and green bonds, highlighting the role of Chinese regulatory bodies, the importance of the interbank market, and the process for aligning with both national and international green standards.

• Green panda bonds are yuan-denominated bonds issued in mainland China by foreign entities, where the proceeds are specifically allocated to green assets or projects. To be issued, they must comply with both the general guidelines for panda bonds and the specific regulations for green bonds.
• As of October 2018, China was the second largest green bond market globally, with total emissions reaching USD 60.9 billion. Between 2016 and 2018, five green panda bond transactions occurred, totaling 5.9 billion yuans (approximately USD 880 million).
• The Chinese green bond market is governed by several regulatory bodies depending on the market segment: the People's Bank of China (PBoC) oversees financial institutions in the interbank market; the China Securities Regulatory Commission (CSRC) manages companies on stock exchanges; and the National Development and Reform Commission (NDRC) regulates companies, primarily state-owned ones, across both interbank and exchange markets.
• Commercial banks are the dominant investors in the Chinese debt bond market, accounting for approximately 85% of total transactions. Additionally, China is expanding retail participation in green investments, as evidenced by a September 2017 issuance by the China Development Bank sold partially to retail investors via ICBC, ABC, and BOC.
• Foreign issuers of panda bonds must meet specific criteria: foreign financial institutions require PBoC approval and a paid-up capital of 10 billion yuans (or equivalent), while foreign governments and non-financial institutions must register with NAFMII. All disclosure documents must be written in or translated into simplified Chinese.
• The first green panda bond was issued in July 2016 by the New Development Bank (NDB) for 3 billion yuans (USD 448 million) with a 5-year term and a 3.07% coupon. The funds financed projects in China (solar and wind), Brazil (renewable energy and transmission), and Russia (hydroelectric).

APA

Climate Bonds Initiative (2018). Como fazer emissão de green panda bonds. https://www.climatebonds.net/files/documents/publications/23ed1336-f2a9-4fb6-b304-c160e1ba2424.pdf

Chicago

Climate Bonds Initiative. Como fazer emissão de green panda bonds. 2018. https://www.climatebonds.net/files/documents/publications/23ed1336-f2a9-4fb6-b304-c160e1ba2424.pdf.

Wikipedia

{{cite report |author=Climate Bonds Initiative |title=Como fazer emissão de green panda bonds |date=November 2018 |url=https://www.climatebonds.net/files/documents/publications/23ed1336-f2a9-4fb6-b304-c160e1ba2424.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{climatebondsinitiative2018como, author = {{Climate Bonds Initiative}}, title = {{Como fazer emissão de green panda bonds}}, institution = {Climate Bonds Initiative}, year = {2018}, month = nov, url = {https://www.climatebonds.net/files/documents/publications/23ed1336-f2a9-4fb6-b304-c160e1ba2424.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }