Press Releases

Inaugural Renminbi Bond issuance program by National Bank of Canada in Mainland China

Montreal, 23 September 2016 -

National Bank of Canada is pleased to announce today, in the context of People’s Republic of China’s Premier Li Keqiang’s official visit to Canada, that it has been authorized by the People’s Bank of China (“PBoC”) to establish a bond program to issue up to RMB5 billion (approximately CAD1 billion), in the form of bonds commercially known as Panda Bonds.

Panda Bonds are Renminbi (“RMB”) denominated bonds issued by non-Chinese issuers in the People’s Republic of China. In its efforts to liberalize China’s currency, PBoC recently decided to open the Panda Bond market. A small number of high-quality sovereign and corporate issuers have already accessed this market. National Bank of Canada, one of the six largest banks in Canada, may become the first financial institution in North America and the second Canadian entity, after the province of British Columbia, to access one of the largest capital markets in the world.

Canadian banks are considered to be among the strongest financial institutions worldwide. As stated by the World Economic Forum: “Canadian banks have consistently been ranked among the world’s soundest since 2008”. This bond program establishment is expected to further support international recognition of the Canadian banking system, among Chinese institutional investors. National Bank of Canada has been assigned a AAA credit rating by China Chengxin International Credit Rating Co. Ltd and is the first Canadian bank to receive a AAA rating from a Mainland China credit rating agency.

This opening represents an important milestone in the broader China’s renminbi internationalization initiative. With this announcement at the occasion of Premier Li Keqiang’s official visit to Canada, National Bank of Canada is pleased to see closer ties with China and believes that its Panda program will be mutually beneficial for both countries.


Premier of the State Council of the People's Republic of China, Li Keqiang: "We welcome the National Bank of Canada to issue RMB bonds in the Chinese interbank market".

People’s Bank of China: “National Bank of Canada has recently been approved to issue up to five billion RMB bonds in China's interbank market. The bond issuance by the National Bank of Canada is beneficial to further promoting cooperation in the financial area by Canada and China, and to deepening economic and trading relationships between the two countries. At the same time, this issuance will play a positive role in the opening up of China's bond market.”

Mr. Louis Vachon, President and Chief Executive Officer of National Bank of Canada: “In the recent years, China has been opening its capital markets. With the launch of a Panda program, National Bank of Canada wishes to better serve Canadian firms who intend to do business in China as well as Canadian firms who are well-established there, along with local Chinese partners, by financing their expansion plans”.

Caution Regarding Forward-Looking Statements
This press release includes certain forward-looking statements. These statements are inherently subject to significant risks, uncertainties and changes in circumstances, many of which are beyond the control of the Bank, including risks relating to the timing and completion of the issuance of RMB Panda Bonds by National Bank of Canada. Except as required by law, the Bank does not undertake to update any forward-looking statements, whether written or oral, that may be made from time to time, by it or on its behalf. The forward-looking information contained in this press release is presented for the purpose of interpreting the information contained herein and may not be appropriate for other purpose. 

About National Bank of Canada
With $230 billion in assets as at July 31, 2016, National Bank of Canada, together with its subsidiaries, forms one of Canada’s leading integrated financial groups. The Bank has close to 22,000 employees and is widely recognized as a top employer. The Bank's securities are listed on the Toronto Stock Exchange (TSX: NA). Follow the Bank’s activities at or via social media such as Facebook, LinkedIn and Twitter.

Information (The telephone numbers provided below are for the exclusive use of journalists, other media representatives and shareholders.):

Marie-Pierre Jodoin
Manager, Public Affairs
National Bank of Canada
Tel.: 514-394-4209