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Accelerating Implementation: Outcomes of the Shanghai Cooperation Organization Tianjin Summit

Strategic Insights

— 1 min read

The People's Government of Tianjin Municipality has announced significant progress in implementing the outcomes of the Shanghai Cooperation Organization (SCO) Tianjin Summit, marked by the successful issuance of a 2 billion RMB Panda bond for the Emirate of Sharjah in the United Arab Emirates. This bond issue, led by Bohai Bank, not only marked the debut of a "SCO partner" in the Chinese interbank bond market but also represented the first time a Tianjin-based financial institution has entered the sovereign Panda bond underwriting sector. The funds raised will be primarily used for the Emirate of Sharjah's budget expenditure and infrastructure project construction.

Key Takeaways:

  • The 2 billion RMB Panda bond issued by Bohai Bank for the Emirate of Sharjah marked the debut of a "SCO partner" in the Chinese interbank bond market and the first time a Tianjin-based financial institution has entered the sovereign Panda bond underwriting sector.
  • The bond issue had a subscription multiple of 1.77 times, receiving enthusiastic subscriptions from domestic and foreign investors.
  • The funds raised will be mainly used for the budget expenditure of the Emirate of Sharjah and the construction of infrastructure projects.
  • Currently, the RMB's share of global cross-border payments has risen to fourth place.
  • Since the beginning of this year, Bohai Bank has underwritten a total of 15 panda bonds with a total scale of 6.7 billion yuan, continuing to rank first among national joint-stock banks.
  • The UAE became a SCO dialogue partner in 2023, and the 2025 SCO Tianjin Summit decided to categorize observer states and dialogue partners as "SCO partners."
  • The Emirate of Sharjah is the third largest emirate in the UAE.

Statistics:

  • The 2 billion RMB Panda bond issue had a 3-year term and a coupon rate of 2.70%.
  • The total scale of panda bonds underwritten by Bohai Bank since the beginning of this year is 6.7 billion yuan.
  • The RMB's share of global cross-border payments has risen to fourth place.
  • The subscription multiple for the bond issue was 1.77 times.

Sources:

  • "The outcomes of the Shanghai Cooperation Organization (SCO) Tianjin Summit are accelerating implementation." [1]
  • https://www.tj.gov.cn/sy/tjxw/202510/t20251021_7158211.html

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