Chong Hing Bank Limited (“Chong Hing Bank”) successfully issued the first tranche of RMB financial bonds (Panda Bonds) in the Chinese Interbank Bond Market on 20 May 2016. The issue size is RMB1.5 billion, with a tenor of 3 years and a coupon rate of 3.6% p.a. This is the first tranche under the programme of issuing up to RMB3 billion financial bonds pursuant to the verification by the People’s Bank of China on 29 February 2016.

Chong Hing Bank is the first offshore commercial bank issuing Panda Bonds in the Chinese interbank bond market in 2016. Chong Hing Bank (previously known as Liu Chong Hing Bank Ltd.), established in 1948, is now listed on the Hong Kong Stock Exchange and provides comprehensive banking and financial services.

Global Law Office acted as the issuer’s PRC legal counsel and provided a full range of legal services including drafting the prospectus and other related documents and issuing the PRC legal opinion for this issuance. Global’s team was led by our partner Mr. Zhang Xin, and the other team members include Zhu Li, Li Xiaosi, Jin Xing, Faye Song and Bi Hanxi.