ePrime Northbound Subscription Service Facilitates the Cross-border Subscription of Panda Bonds
29 June 2026
On 17 June 2026, China Merchants Bank London Branch successfully subscribed to the 5-year panda bond issued by Barclays Bank PLC through the ePrime Northbound Subscription Service. This issuance marks Barclays Bank PLC's 2026 Series 2 Panda bond offering on China's interbank bond market, with a total offering size of RMB 5 billion across a 3-year and a 5-year (with redeem option) tranche, with coupon rates of 1.73% and 1.98%, respectively.
The seamless connectivity between ePrime and iDeal (the Bond Issuance, Underwriting and Distribution system of CFETS) enabled China Merchants Bank London Branch to successfully complete their online subscription, encompassing order placement and allocation. This milestone demonstrates the growing maturity of cross-border connectivity between financial market infrastructures and serves as another successful example of the high-standard, two-way opening-up of China’s Bond Market.
In collaboration with CFETS and launched in October 2020, ePrime is an electronic solution for the primary bond market that spans across issuers, underwriters and investors specialized in the China cross-border workflow. It has two components to cater for issuance and subscription applications: ePrime Issuance Service and ePrime Northbound Subscription Service.
ePrime Northbound Subscription Service allows international investors to participate in the Northbound subscription of CIBM new issuances with onshore underwriters through the connectivity between ePrime and iDeal. It supports the cross-border subscription of various types of bonds, such as CGBs, PFBs, green financial bonds, MTNs, CP/SCPs etc, with more than 70 international investors onboarded.
Please contact us at eprime@chinabondconnect.com / (852) 2327 0398 for enquiries.
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**Forward-looking statements: This document may contain forward-looking statements, including but not limited to projections, estimates, forecasts, and opinions. These statements are based on assumptions and are subject to risks and uncertainties that could cause actual results to differ materially. BCCL and/or its affiliates do not undertake any obligation to update these statements in light of new information or future events.**
Disclaimer: The information contained in this document is for general informational purposes only and does not constitute an offer, solicitation, invitation or recommendation to buy or sell any securities or to provide any investment advice or service of any kind. This document is not directed at, and is not intended for distribution to or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation or which would subject any of Bond Connect Company Limited ("BCCL") and/or its affiliates to any registration requirement within such jurisdiction or country.
No section or clause in this document may be regarded as creating any obligation on BCCL and/or its affiliates. Rights and obligations with regard to the trading and settlement of any securities effected on the CFETS, including through the Bond Connect, shall be set out solely in the applicable rules of the Entities, as well as the applicable laws, rules and regulations of Mainland of China and Hong Kong in effect from time to time.
Although the information contained in this document is obtained or compiled from sources believed to be reliable, BCCL and/or its affiliates assume no responsibility or liability for any errors, omissions or other inaccuracies in the information or for the consequences thereof. **It should not be used as a substitute for investment, accounting, tax, legal or other professional advice. If you are in any doubt about the contents of this document, you should seek independent professional advice.**BCCL and/or its affiliates assume no responsibility or liability for any cost, expense, loss or damage, directly or indirectly, howsoever caused, of any kind, arising from the use of or reliance upon any information provided in this document, or in the presentation given.
**Forward-looking statements: This document may contain forward-looking statements, including but not limited to projections, estimates, forecasts, and opinions. These statements are based on assumptions and are subject to risks and uncertainties that could cause actual results to differ materially. BCCL and/or its affiliates do not undertake any obligation to update these statements in light of new information or future events.**