Deutsche Bank has priced a multi-tranche panda bond amounting to 3.5 billion yuan ( US$510 million ), drawing strong interest from a diverse pool of domestic and international investors. It was the lender’s second panda issuance for this year.

The offering, comprising a three-year tranche amounting to 2.5 billion yuan and a five-year tranche totalling 1 billion yuan, was priced with final coupon rates of 1.72% and 1.94% respectively. That’s 21 basis points tighter than the bank's previous issuance in early March.

The deal was significantly oversubscribed, with the three-year tranche achieving a 1.95x subscription rate and the five-year tranche a 2.59x rate.

Both tranches set the lowest coupon on record for a foreign panda issuer ( excluding quasi-sovereigns ) in their respective tenor buckets.

Growing appetite

This robust demand underscores the market's sustained confidence in the issuer’s credit profile and the growing global appetite for yuan-denominated assets, Deutsche Bank says.

As a leading European bank, Deutsche Bank continues to deepen its presence in the onshore RMB market, reinforcing its pivotal role as a bridge for economic and trade cooperation between China, Germany, and Europe, while actively supporting the internationalization of the RMB and the further opening of China's financial markets, according to the bank.

“This issuance is a powerful testament to our commitment to being the Global Hausbank for our clients in China,” says China chief country officer Rose Zhu. “As a bridge connecting China with global markets, we are dedicated to injecting new momentum into Sino-German and Sino-European economic and trade cooperation.”

Aside from being an active issuer, Deutsche Bank is also a premier underwriter for other multinational corporations and financial institutions participating in China’s bond market.

Over the past five years and year-to-date in 2026, it has ranked No. 1 among foreign banks in the bond underwriting league, both for overall bonds registered with the National Association of Financial Market Institutional Investors ( NAFMII ) as well as for panda bonds by foreign issuers, demonstrating its strong business momentum and presence in China's onshore debt capital markets.