彭博社报道，巴西铁矿石巨头淡水河谷正考虑在中国债券市场进行首次发行，筹集至多35亿元人民币（5.22亿美元）。知情人士称，该公司计划在10月19日当周举行路演，目标最早11月推介债券。债券期限可能为三年、五年或10年，最终期限将根据投资者反馈确定。这些所谓的熊猫债券将由淡水河谷的子公司Vale Overseas Limited发行，并由母公司提供担保。淡水河谷尚未回复正常工作时间之外发送的置评请求。
Brazilian iron ore giant Vale SA is considering to raise as much as 3.5 billion yuan ($522 million) in its debut issuance in China’s bond market, according to people familiar with the matter, joining a growing number of issuers diversifying funding sources and looking for cheaper options. The miner plans to hold roadshows for the potential sale of yuan-denominated debt in the week of Oct. 19 and aims to market the bonds as early as November, the people said, asking not to be identified discussing private information. The notes may have maturities of three, five or 10 years, with the final tenors to be determined based on investor feedback, the people said. The so-called panda bonds will be issued by its subsidiary, Vale Overseas Limited, and guaranteed by the parent, the people said. There was no immediate reply to emailed requests to Vale for comment sent outside normal business hours.
随着熊猫债券作为更便宜的融资来源，其吸引力日益增强。彭博汇编数据显示，今年以来企业和主权借款人的熊猫债券发行量同比增长78%，达到创纪录的2450亿元人民币。2026年，外国主权国家和全球企业发行的熊猫债券平均票面利率为1.88%，为有记录以来最低，比三年期美国国债收益率低300多个基点。
Panda bonds have drawn increasing interest as a cheaper source of financing. Issuance by corporate and sovereign borrowers surged 78% from a year earlier to a record 245 billion yuan so far this year, according to data compiled by Bloomberg. Foreign sovereigns and global companies have sold panda bonds at an average coupon of 1.88% in 2026, the lowest on record. That is more than 300 basis points below the yield on three-year US Treasuries.
淡水河谷首席财务官马塞洛·巴奇本月早些时候首次透露了发行熊猫债券的计划，称进入中国债务市场是“自然而然”的选择，中国贡献了淡水河谷约一半的收入。巴西国库局长丹尼尔·莱亚尔7月表示，政府正寻求通过发行熊猫债券筹集至多100亿元人民币，首次交易最早可能在今年进行。这将是拉丁美洲国家首次发行熊猫债券，旨在实现融资多元化，摆脱对美元计价债务的依赖，并深化与北京的金融联系。
Vale Chief Financial Officer Marcelo Bacci first flagged the company’s plan to sell panda bonds earlier this month, saying it’s “natural” to tap the debt market in China, which accounts for about half of Vale’s revenue. Brazil’s Treasury Secretary Daniel Leal said in July that the government was looking to raise up to 10 billion yuan through the issuance of panda bonds, with a debut transaction taking place as soon as this year. The sale would be the first for a Latin American nation as it diversifies funding away from dollar-denominated debt and deepens financial ties with Beijing.
淡水河谷和巴西政府进军中国债券市场的计划，与其他地区为减少对美元的依赖、拓宽替代资本来源渠道而采取的更广泛举措不谋而合。今年7月，印度尼西亚在中国在岸市场首次发行熊猫债券，筹集了70亿元人民币。
The plans by Vale and the Brazilian government to tap the Chinese bond market align with broader efforts elsewhere to cut reliance on the US dollar and expand access to alternative pools of capital. Indonesia raised 7 billion yuan from its inaugural panda bonds in the onshore Chinese market in July.