Egypt sells region’s first yuan-denominated ‘panda bonds’ in $479m issue 

RIYADH: Egypt has become the first country in the Middle East and North Africa region to introduce so-called panda bonds in the Chinese financial market, valued at 3.5 billion yuan ($479 million).

In a statement, the country’s Minister of Finance Mohamed Maait said that these fixed-income securities have a low interest rate of 3.5 percent annually for three years and are considered more competitive than international dollar equivalents.

Panda bonds are denominated in Chinese yuan but issued by foreign entities.