LISBON, Dec 5 (Reuters) - Portugal plans to launch its debut Chinese yuan-denominated Panda bond soon, the chief executive of Portugal’s state-owned bank Caixa Geral de Depositos said on Wednesday during Chinese President Xi Jinping’s visit to Lisbon.
Paulo Macedo told Reuters he was to sign an agreement with the Bank of China later on Wednesday to structure and place the bonds. “Our agreement does not specify a date (for the launch), but it is expected soon,” he said.
Last year Portugal appointed banks for the planned issue of a benchmark-sized Panda bond, with a maturity of up to five years and a likely maximum first drawdown of 3 billion yuan ($437.59 million).
$1 = 6.8558 Chinese yuan renminbi Reporting By Sergio Goncalves, writing by Andrei Khalip, editing by Axel Bugge