Beijing-backed AIIB plans to sell panda bonds in China for first time in June - sources

SHANGHAI, May 18 (Reuters) - The Asian Infrastructure Investment Bank (AIIB) is planning to sell 5 billion yuan ($702.94 million) worth of three-year panda bonds in China for the first time in early June, two sources with direct knowledge of the matter said on Monday.

The issuance of the bonds came after the Beijing-backed bank said last month that it was proposing to its board to form a $5 billion financing facility to help public and private sector entities amid the coronavirus pandemic.

The AIIB is yet to respond to Reuters query for comment.

Panda bonds are yuan-denominated bonds sold by non-Chinese issuers in China.

$1 = 7.1130 Chinese yuan Reporting by Xiaochong Zhang and Andrew Galbraith, Writing by Winni Zhou, Editing by Catherine Evans