Global Law Office has recently advised the New Development Bank (NDB) on issuing a dual-tranche Panda Bond totaling CNY 7 billion in the China Interbank Panda Bond Market, comprised of CNY 6 billion 3-year tranche at a fixed rate of 1.74% and CNY 1 billion 5-year tranche priced at 1.84%.

NDB became the first Sovereigns, Supranationals and Agencies (SSA) issuer to use a claw-back structure in the China Interbank Panda Bond Market. This transaction deepens NDB's presence in the China Interbank Panda Bond Market, and it further strengthens NDB's role as an innovative and regular issuer in the China Interbank Panda Bond Market.

NDB is the first multilateral development bank established and led by emerging markets and developing countries, with the purpose of mobilising resources for infrastructure and sustainable development projects in emerging markets and developing countries. Having entered the Panda Bond market for the first time in 2016, it is the largest SSA issuer in terms of Panda Bond issuance size.

Global Law Office has acted as the PRC legal counsel to NDB and provided the full range of legal services relating to the issuance. Our team is led by Xin Zhang and Faye Song, with team members including Yalin Li and Shenghui Bao.