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GLO advises on the first DFI Panda Bonds

Global Law Office has recently advised Daimler International Finance B.V. on issuing two tranches of medium term notes with an aggregate size of CNY4 billion, as guaranteed by Daimler AG, in the China Interbank Bond Market. This is the first issuance by an overseas enterprise of Panda Bonds under the debt financing instruments (DFI) universal registration model.


Daimler AG is the first overseas enterprise issuer that accessed the Panda Bonds market. Since 2014, Daimler Group has issued 30 tranches of debt financing instruments with an aggregate size of RMB71 billion and become the largest Panda Bonds issuer in the Panda Bonds market. The successful DFI registration and issuance thereunder marks the formal implementation of the Panda Bonds Tiered Management mechanism in the China Interbank Bond Market. It illustrates that the Chinese bond market is moving towards a higher level, with the growing attraction to multinational enterprises.


Global Law Office has acted for the issuer and provided the full range of legal services relating to the DFI registration and issuance, including the preparation of prospectus, registration and issuance documents and the issuance of legal opinions. Our team is led by Xin Zhang and Li Zhu, and the team members include Faye SongXiaosi LiYalin LiYawenTan and Yuqiao Hu.