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Zhong Lun Advised BOCHK in Its Successful Issuance of the First International Commercial Bank Panda Bonds
Zhong Lun Advised BOCHK in Its Successful Issuance of the First International Commercial Bank Panda Bonds
On September 22, Bank of China (Hong Kong) (“BOCHK") obtained approval from the People’s Bank of China to issue the inaugural RMB financial bonds worth not more than RMB10 billion ( “Panda Bonds Programme") in the domestic interbank bond market of the Mainland. On 29 September, BOCHK successfully issued its 2015 Phase 1 Panda Bonds (“Phase 1 Bonds") in the mainland domestic interbank market. The issue size of the Phase 1 Bonds is RMB 1 billion and the bonds received overwhelming response and recorded over-subscription.
As the PRC legal counsel of the issuer, Zhong Lun Law Firm advised BOCHK in its successful establishment of the Panda Bonds Programme and the issuance of the Phase 1 Bonds. The Zhong Lun team was led by Partner Shirley Wang from Beijing office, with support by principal associate Samuel He and Grace Chen from Beijing office.
BOCHK is among the first batch of foreign commercial banks to issue Panda Bonds in the domestic interbank bond market, with the largest issuance limit of Panda Bonds granted to international commercial banks in the domestic market so far.