The Government of Sharjah is signaling a return to China’s Panda bond market, having officially appointed banks for a potential issuance. The emirate’s Finance Department, carrying ratings of Ba1/BBB–/AAA from Moody’s, S&P, and Lianhe, has tapped a mix of local and international banks to lead the effort.
Bank of China will take the helm as lead underwriter and bookrunner, while a consortium including Credit Agricole (China), JP Morgan Chase (China), Industrial and Commercial Bank of China, China Bohai Bank, Citic Securities, Export-Import Bank of China, and Shenwan Hongyuan Securities will act as joint lead underwriters and bookrunners.
Sharjah’s last foray into the Panda bond arena was in February 2018, when it issued RMB 2 billion ($316 million), making it the first Middle Eastern entity to enter China’s domestic bond market. The move marked a milestone in cross-border finance, and this latest step signals the emirate’s continued ambition to expand its footprint in international debt markets.
