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Italy's Cassa depositi e prestiti plans Panda bond issuance

Italy-based Cassa depositi e prestiti SpA plans to issue Panda bonds worth 5 billion Chinese yuan, Reuters reported.

The state-owned bank will also create a co-financing program for Italian groups active in China worth 4 billion yuan as part of a partnership deal with Bank of China.

Panda bonds are yuan-denominated bonds issued by a non-Chinese issuer and sold in China.

As of March 22, US$1 was equivalent to 6.72 Chinese yuan.