On 7 July 2026, Bayer Aktiengesellschaft ("Bayer") successfully issued panda bonds in an aggregate principal amount of RMB 4 billion on China's interbank bond market, comprising RMB 3 billion in three-year bonds at a coupon rate of 1.90% and RMB 1 billion in five-year bonds at 2.20%. This marks Bayer's largest Panda bond issuance to date.

Bayer is a global life science company, active in the fields of health and nutrition.

Global Law Office served as the PRC legal counsel to Bayer for this issuance. GLO's team was led by Xin Zhang and Li Zhu.