March 23, 2019 / 12:25 PM / 6 months ago

Italy's CDP signs Panda bond issuance plan worth 5 bln renminbi

MILAN, March 23 (Reuters) - Cassa Depositi e Prestiti (CDP) has signed a partnership deal with Bank of China to support the growth of Italian firms in the Chinese market, the Italian state lender said on Saturday.

The deal involves an issuance plan for debt securities known as “Panda bonds” worth 5 billion renminbi ($744.5 million) and the creation of a co-financing programme for Italian groups active in China worth 4 billion renminbi, CDP said.

A Panda bond is a Chinese renminbi-denominated bond from a non-Chinese issuer, sold in the People’s Republic of China.

$1 = 6.7162 Chinese yuan renminbi Reporting by Francesca Landini; Editing by Crispian Balmer

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