Air Liquide becomes one of the first European issuers on the ‘Panda’ Chinese bond market


Air Liquide successfully completed a first bond issuance on the Chinese domestic market (Panda) for an aggregate nominal amount of 2.2bn Renminbi (approximately €280m), becoming one of the first European companies to issue on this market.

The Tier One company was already the first French company to issue bonds in Renminbi on the Hong Kong market (Dim Sum) in 2011 and the first international one on the Taiwanese bond market (Formosa) in 2015.

The transaction was executed in two series via a private placement to Chinese Institutional investors and bears coupons of 5.95% and 6.40% respectively for a three and five-year maturity. The five-year issuance, the longest maturity ever achieved by a European company on the Panda market, reflects the long-term dimension of Air Liquide’s activities.

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