On April 21, with Industrial and Commercial Bank of China (ICBC) as the lead underwriter and China Merchants Port Holdings Company Limited as the book runner, the first medium-term note in 2017 were successfully issued in China’s interbank bond market. It is the first domestic medium-term Panda bond in support of the Belt and Road construction. The funds raised from the first issue amounted to RMB 2.5 billion and would be used for the Belt and Road connectivity programs such as port construction and operation.

An official with ICBC said that the financing needs of domestic and overseas businesses soared as the Belt and Road Initiative bears fruits. With the strong support of the National Association of Financial Market Institutional Investors, ICBC has explored financing instrument innovation including Panda Bond to provide diversified and low-cost financial support for enterprises to engage in the Belt and Road construction. By leveraging its advantages in internationalization and integration, ICBC has assisted China Merchants Group in optimizing the overall financial allocation, reducing financial costs and enhancing capital efficiency, driving the execution of B&R-related construction projects of the Group.

As one of the core enterprises participating in the Belt and Road construction in the very beginning, China Merchants Group has invested in the construction of modern ports and industrial parks in 58 countries and territories along the Belt and Road over the past three years, including Hambantota Port in Sri Lanka, free trade zone in Djibouti and China-Belarus Industrial Park, boosting the connectivity and win-win cooperation among countries along the route.