ADB sells 5-year, 2bn yuan panda bond with 3.2% coupon

The Asian Development Bank (ADB) returned to China's onshore bond market after an absence of more than 11 years on Wednesday, selling a five-year "panda" bond with a 3.2% coupon, sources familiar with the sale said.

The 2 billion yuan ($307.04 million) panda bond issuance was 1.86 times oversubscribed, the sources said.

The Manila-based multilateral lender's last panda bond was a 1 billion yuan 10-year bond issued in December 2009.

Panda bonds are yuan-denominated bonds sold by non-Chinese issuers in China.