2021.03.18
In March 2020, Asian Development Bank issued CNY2 billion worth of Panda bonds in the Bank of China Limited interbank bond market. The current bonds were actively subscribed for in both domestic and overseas markets, with overseas investors accounting for nearly 70% of the total investors.
Asian Development Bank issued Panda bonds for the first time in 2005 and again in 2009. After 12 years, the Asian Development Bank returned to the Panda bond market, setting a benchmark for further introducing high-quality international players into the bond market. In 2020, the National Association of Financial Market Institutional Investors ("NAFMII") promulgated new rules on Panda bonds issued by foreign government and international development institutions. This offering was the first international development institution to issue Panda bonds after the implementation of the new rules.
JunHe cooperated in the whole process of the project as the legal counsel of the lead underwriters of this offering. JunHe’s team assisted the lead underwriters in the preparation of the relevant offering documents and reviewed and amended the whole set of transaction documents.
The leading partner of this project was YU, Yongqiang (YY) and the main undertaking partner was LEI, Tianxiao.
