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GLO advises on the first Panda Bonds launched by Japanese issuers

Global Law Office has advised Mizuho Bank, Ltd. on its first RMB500 million bonds issued in the Chinese interbank bond market on 12 January 2018, with a tenor of 3 years. This is the first Panda Bonds issued by Japanese issuers in the PRC capital market.


The successful issuance of the Panda Bonds by Mizuho Bank, Ltd. achieves a milestone between the PRC and Japan in the area of cross-border bond issuance. It is the fruit of the fiscal cooperation recently agreed between two countries’ auditing regulatory authorities, and will encourage more Japanese issuers and other oversea institutions to tap the Chinese capital market and boost the internationalization of RMB. The issuance takes the model of private placement for financial bonds, and explores some innovations in respect of the issuance structure, information disclosure and taxation.


Global Law Office has acted as the PRC counsel to Mizuho Bank, Ltd. and provided a full range of legal services including the drafting of prospectus, due diligence, transaction documentation and issuance of legal opinion. Our team is led by Beijing-based partners Mr. Zhang Xin and Ms. Zhu Li, and the team members include Jin Xing, Luo Shuhui, Li Xiaosi, Faye Song and Bi Hanxi.