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International companies with operations in China enjoy a key advantage in raising investment capital. They access China's banks and bond markets and pay interest rates far below those on offer from North America or Europe.
Morgan Stanley is the first US company to issue Panda Bonds, which are used by global companies to borrow from Chinese bond investors.
MS borrowed $280 million for 5 years, with a coupon of 1.98%, on an oversubscribed issue. Five-year notes with the same maturity in New York cost Morgan Stanley 4.6%.
National and provincial governments, other investment banks, and the top European automakers already are active in the Panda Bond market, and pay on average 1.93% rates for their five-year paper.
Closing scene, Shaxi, Yunnan
Resources and links:
Bloomberg, Morgan Stanley Issues First Panda Bond by a US Company
Bond Screener, Morgan Stanley
https://public.com/bonds/screener?issuerSymbol=MS
Morgan Stanley 5.173% 01/30 Bond
https://bondblox.com/bond-market/Morgan-Stanley-US61747YFK64
Fresh debt from JPMorgan, Morgan Stanley draws warm reception from investors in hopeful sign
Trump and Bessent Bring New Style to Managing America’s Debt
Global bond yields by country, 10-year maturities
https://tradingeconomics.com/bonds
Mirrored - Inside China Business
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