World Economy

Russia Not Ready for Panda Bonds

Russia Not Ready for Panda BondsRussia Not Ready for Panda Bonds

Russia is not ready yet to issue Chinese “Panda” bonds—yuan-denominated bonds sold by overseas entities on the mainland—due to the lack of infrastructure, deputy finance minister, Sergei Storchak said on Saturday, Reuters reported. “For any (bond) issue we need infrastructure; we don’t have it yet. There should be infrastructure on both sides, it is being prepared. Technically we are not yet ready,” Storchak told reporters. Meanwhile, the Polish Finance Ministry has signed a memorandum of understanding on a CNY3 billion ($444.7 million) ‘Panda’ bond issue with the Bank of China. The bond would be the first in the Chinese currency sold onshore by a European sovereign.