BNP Paribas to underwrite panda bonds

BNP Paribas China said on Monday the bank has received approval to underwrite yuan-dominated bonds, becoming the third foreign bank to receive the license in China.

Following HSBC and Standard Chartered, BNP Paribas will be allowed to act as a lead underwriter on panda bonds issued by foreign corporate issuers in China with the type B license, as China looks to open the door wider to foreign investors, according to the announcement by China's National Association of Financial Market Institutional Investors on Friday.

Prior to this, the bank was only allowed to act as an advisor and syndicate member for non-financial corporate panda bonds.