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GLO Advised New Development Bank on the First Coronavirus Combating Panda Bonds Issued by International Financial Organisations

Global Law Office advised New Development Bank on its CNY5 Billion Coronavirus Combating Bonds with a tenor of 3 years, issued in the China Interbank Bond Market on 2 April 2020, for the purpose of granting the Emergency Assistance Program Loan to assist the Chinese government in combating the outbreak of COVID-19. This transaction represents the first Coronavirus Combating Panda Bonds issued in China by an international financial organisation, as well as the largest RMB-denominated bonds issued in the Panda Bond market to date. The issuance has attracted huge interests from Chinese and international high-quality investors, resulting in a more than three times over-subscription.


Global Law Office has acted for New Development Bank and provided the full range of legal services, including the preparation of prospectus, transaction and issuance documents and issuance of legal opinions. Our team is led by Beijing-based partners Zhang Xin and Zhu Li, and the team members include Faye Song and Tan Yawen.