Fangda, Norton Rose aid Deutsche Bank on RMB3bn panda bond

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Fangda Partners and Norton Rose Fulbright have advised Deutsche Bank on the issuance of its third panda bond, valued at RMB3 billion (USD415 million), in the largest such issue by a financial institution since 2018.

The two-year senior preferred notes generated significant interest, resulting in an orderbook of more than RMB8 billion.

China’s central bank, the People’s Bank of China, granted Deutsche Bank permission to issue up to RMB8 billion of renminbi bonds in two years. Previously, the bank successfully raised RMB1 billion in both its initial second issuances.

Samuel Fischer, Deutsche Bank’s head of China onshore debt capital markets, said: “It has been a positive start to the year for the panda bond market, with RMB61 billion of issuance in the first three months. We continue to see strong levels of interest from both European and emerging market issuers.”

Partner Christine Chen led the advisory team at Fangda while Frankfurt-based partner Christoph Enderstein led the Norton Rose Fulbright team.

Panda bonds are issued by foreign institutions on domestic exchanges or in the interbank bond market and are denominated in renminbi.

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