Daimler sells first yuan bond in China
Print Edition
GERMAN carmaker Daimler AG yesterday launched the sale of the first yuan-backed bond worth 500 million yuan in China by a foreign non-financial company.
“We are pleased to have created a new financing instrument, together with the Chinese authorities, that fulfills the international standards,” said Bodo Uebber, member of the management board of Daimler for finance and financial services.
He added that the company prefers to use local financing, a strategy it also adopts in other developed and emerging markets.
Daimler hasn’t disclosed the bond’s nominal interest.
The Bank of China is believed to be the sole underwriter of the bond which will mature in one year.
Issuing the yuan-denominated bond, also known as Panda bond, means the parent company of Mercedes-Benz has sunk deeper roots in China where it plans to invest 2 billion euros (US$2.8 billion) by 2015.
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