Global Law Office advised New Development Bank on its successful issuance of CNY3 billion RMB Bonds in the China Interbank Bond Market on 25 February 2019. The Bonds were placed in two tranches with the tenor of 3 years (RMB2 billion) and 5 years (RMB1 billion) respectively, and priced at 3% p.a. and 3.32% p.a. (falling at the low end of the pricing range).
New Development Bank is the first overseas issuer which has registered the issuance programme of Panda Bonds at NAFMII, and successfully completed the first offering thereunder, pursuant to the Interim Measures for the Administration of Bonds Issued by Overseas Issuers on the National Interbank Bond Market jointly issued by PBOC and MOF in September 2018. It is also the first international development institution that issues Panda Bonds under the above Measures, setting out one good example for similar issuers in the market.
Global Law Office acted as counsel to New Development Bank and provided the full range of legal services, including the preparation of prospectus, transaction and issuance documents and the issuance of legal opinions. Our team, led by Xin Zhang and Li Zhu, includes Xing Jin, Shuhui Luo, Xiaosi Li, Faye Song, Hanxi Bi, Yalin Li and Yawen Tan.