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JunHe assists a number of well-known foreign companies in issuing panda bonds in China

2020.02.12

Crédit Agricolate S.A. Panda Bonds

 

In December 2019, Crédit Agricolate S.A. successfully issued financial bonds worth one billion yuan in the domestic interbank market.

 

JunHe, acting as the legal advisor to the lead underwriter (Bank of China, Agricultural Bank of China, China Construction Bank, Industrial and Commercial Bank of China and Credit Agricole CIB) participated in the project.

 

This project was the first instance of a French bank issuing panda bonds. It also had the features of TLAC (total loss absorbency).

 

Veolia Environnement Panda Bonds

 

In December 2019, Veolia Environnement successfully issued two directional debt financing instruments, with a total amount of 1.5 billion yuan in the domestic interbank market. JunHe, acting as the legal adviser of the underwriter (standard chartered China and BNP Paribas China) participated in the project.

 

Veolia Environment was the first China-France panda issuer in the Chinese bond market by private placement in 2016 and JunHe was engaged as their legal adviser. The public offering system was registered and issued in accordance with the new regulations of the NAFMII regarding  "private placement" by Veolia Environnement.

 

Cassa depositi e prestiti S.p.A. Panda Bonds

 

In August 2019, Cassa depositi e prestiti S.p.A. successfully completed the issuance of one billion yuan financial bonds in the domestic interbank market of China. As the domestic legal advisor of the issuer in this project, JunHe participated in the drafting of the Chinese prospectus, the amendment of the transaction documents, the preparation of the declaration documents, the issuance of the domestic legal opinions, the issuance and other links, and provided a comprehensive domestic legal service for this project.

 

This project was notable for many ‘firsts’:

 

l  The first panda bond issuer from Italy;

l  The first European financial institution to issue panda bonds in China;

l  The first national promotion agency to issue bonds in China.

 

Malayan Banking Berhad Panda Bonds

 

In June 2019, Malayan Banking Berhad successfully completed financial bonds of two billion yuan in the domestic inter-bank market. JunHe, acting as the domestic legal advisors of the lead underwriter (China Development Bank, BNP Paribas China, HSBC China, and Industrial and Commercial Bank of China) participated in the project.

 

The two billion yuan raised in this project will be used for activities related to the "One Belt and One Road" initiative, including but not limited to domestic and overseas support. It was the second issue of a bond issuance in the Chinese bond market and the first simultaneous issue of two maturities for a panda bond issuer. Malayan was the first investor in 2017 to "issue bonds in China," and JunHe was involved as a legal adviser to the lead underwriter (CDB, HSBC China).

 

BMW Finance N. Panda Bonds

 

In March 2019, BMW Financial Co., Ltd. successfully issued a targeted debt financing instrument with three billion yuan in the domestic inter-bank market. JunHe, acting as the legal advisor to the lead underwriter (Bank of China, Citic Securities), participated in the project.

 

BMW Financial Co., Ltd. was the first European issuer of panda bonds and was the first auto finance company issuing panda bonds after the National Association of dealers issued the Interim Measures for the Administration of Bond Issue of Overseas Institutions in the National Inter-bank Bond Market in September 2018.

 

The leading partner of the aforesaid panda bond projects was YU,Yongqiang(YY).

 

JunHe has always been a market leader for panda bond legal services. Other representative projects include:

 

l  The first panda bond project (Asian Development Bank Panda Bond)

l  The first green panda bond project (New Development Bank Panda Bond)

l  SDR Project of the first single overseas commercial bank (Standard Chartered Bank (HK) RMB Special Drawing Rights) issue

l  The first North American commercial bank panda bond project (National Bank of Canada Panda Bond)

l  The first panda bond issuance by a sovereignty from the Middle East (The Government of the Emirate of Sharjah Panda Bond)

l  The first panda pond issuance in a guarantee structure (Air Liquide Panda Bond)

l  The first panda bond issuance on the stock exchange bond market (China Gas’s Panda Bond)

 


JunHe is the only Chinese law firm to be admitted as a member of Lex Mundi and Multilaw, two international networks of independent law firms. JunHe and selected top law firms in major European and Asian jurisdictions are “best friends.” Through these connections, we provide high quality legal services to clients doing business throughout the world.