EDB Eyes Panda Bonds Amid Shifting Financial Strategies
The Eurasian Development Bank, founded by Russia and Kazakhstan, is considering issuing yuan-denominated 'panda' bonds in China. This move comes as Russia reduces its stake in the bank to below 50% to sidestep Western sanctions. State companies like Rosatom are showing interest in these financial instruments.
- Country:
- Russia
The Eurasian Development Bank (EDB), an institution established by Russia and Kazakhstan in 2006, has announced potential plans to introduce yuan-denominated bonds, known as 'panda' bonds, in the Chinese financial market.
This strategic financial maneuver aligns with numerous Russian corporations, including the state nuclear giant Rosatom, which have shown interest in leveraging China's bond market as a means to raise capital.
This development coincides with Russia's strategic decision in 2023 to lower its ownership in the EDB to under 50%, a calculated move aimed at circumventing Western-imposed sanctions.
(With inputs from agencies.)
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