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Turkey mandates banks to explore panda market bond issue

The Turkish Treasury mandated Bank of China Ltd., HSBC Holdings Plc and Industrial & Commercial Bank of China Ltd. to look into chances for bond issuance in China's panda bond market, Reuters reported.

Panda bonds are yuan-denominated bonds issued in China by a non-Chinese issuer. The mandate is a part of Turkey's 2018 external borrowing program, according to Reuters.