BEIJING - The Bank of China (BOC) has assisted the Asian Infrastructure Investment Bank (AIIB) in successfully issuing 2.5 billion yuan ($349.33 million) of sustainable development panda bonds with a five-year maturity and a coupon rate of 2.7 percent, the BOC said Wednesday.

The funds raised from the bond issuance will be used to support sustainable infrastructure development.

This is the second time that the BOC has assisted the AIIB in issuing such bonds in China this year.

In April, as the leading underwriter and book-runner, the BOC assisted the AIIB in the issuance of 1.5 billion yuan of sustainable development panda bonds with a five-year maturity and a coupon rate of 2.93 percent.

Panda bonds are yuan-denominated debts sold by overseas issuers in China. Launched in 2005, the market has witnessed booming growth since 2015 and has become a significant financing channel for overseas institutions and enterprises.