National Bank of Canada Wins North American Panda Bond Race

(Bloomberg) — National Bank of Canada is set to become the first North American bank to issue panda bonds, joining international lenders including Standard Chartered Plc and HSBC Holdings Plc in issuing yuan-denominated securities in China’s domestic bond market.National Bank, the nation’s sixth-largest lender by assets, was approved to sell up to 5 billion yuan ($750 million) of bonds in China’s interbank market, according to a statement.“This clearly will capture the attention of the marketplace,” Caroline Owen, founder and chief executive officer of RMB Global Advisors LLC, said Friday in an interview. “I’ll bet you they’ll be running to the market soon before any other Canadian bank can get there, so that they can capture the milestone of being the first Canadian bank.”China has been relaxing its rules governing capital markets, such as allowing some issuers to repatriate proceeds from a debt sale, encouraging …