Banks appointed for Portuguese panda bond issue

Portuguese Minister of Finance Mário Centeno has announced which banks will handle the forthcoming issue by his government of panda bonds, or bonds denominated in yuan, International Financing Review reports.

The publication says the banks are Bank of China, Caixa Geral de Depósitos and HSBC.

The report says the Chinese central bank has given its consent for the issue, which is due to take place this year.

The bonds will be offered to the public in the interbank bond market.

The amount of the first drawdown will probably be 3 billion yuan (US$455 million), International Financing Review says.