Diverse panda bond issuers reap benefits

Home to the world's third-largest bond market worth more than 86 trillion yuan ($12.45 trillion), China has already attracted more than 1,200 overseas institutions to its onshore market so far.

Thanks to large trading volumes and a wide investor base, issuing renminbi-denominated bonds, or the panda bonds, in the onshore market has become more popular not only for sovereign issuers but foreign companies.

Semiconductor Manufacturing International Co, which is registered in Cayman Islands, is a case in point. It sold 500 million yuan panda bonds in the interbank market on April 29. China Chengxin International Credit Rating's AAA label suggested SMIC's panda bonds were regarded as of top quality.