PARIS (Reuters) - French bank Credit Agricole CAGR.PA said it was setting up a so-called "Panda" bond issuance program in order to gain access to the onshore Chinese interbank bond market.
A Panda bond is issued in the onshore Chinese interbank bond market by a foreign issuer, and is denominated in Chinese yuan.
Credit Agricole’s Panda bond issuance program has been set with a program cap of up to 5 billion Chinese yuan ($714 million), and the proceeds will help the company fund its Chinese subsidiary based in Shanghai.
Reporting by Sudip Kar-Gupta
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