China’s domestic bond market is rapidly emerging as a key funding avenue for global borrowers, with overseas issuers flocking to raise yuan-denominated debt onshore as the Iran war rattles international capital markets. Data compiled by Bloomberg show that so-called panda bonds — yuan bonds issued by foreign entities within mainland China — surged more than threefold year-on-year to 27.8 billion yuan (about $4 billion) in March, putting issuance on track for a record high for the month. [...]