German team advises Deutsche Bank on the issuance of a one billion renminbi panda bond

Global law firm Norton Rose Fulbright advised Deutsche Bank Aktiengesellschaft on the successful issuance of its second Panda bond with a volume of one billion Renminbi. Panda bonds are renminbi-denominated bonds issued by an issuer having its registered seat outside of the People's Republic of China (PRC) and sold to investors in the PRC. The transaction enables Deutsche Bank to directly tap into the PRC's large onshore bond market.

The senior preferred bond was underwritten by a syndicate of banks comprising Deutsche Bank (China) Co., Ltd., Bank of China Limited, China CITIC Bank Corporation Limited, Agricultural Bank of China Limited, Bank of Ningbo Co., Ltd., Fubon Bank (China) Co., Ltd, DBS Bank (China) Limited and Zhong De Securities Company Limited. The Panda Bond was sold to institutional investors in the PRC, will mature in December 2026 and will pay an annual fixed coupon of 3.30 per cent per annum.

Christoph Enderstein, Frankfurt-based debt capital markets partner, who led on the deal commented: “We already advised on Deutsche Bank’s inaugural Panda Bond issue earlier this year and are very pleased to have been involved also in the bank’s next successful offering of this kind.”

The Norton Rose Fulbright team also included Counsel Dr Michael Born and Associate Quynh-Anh Nguyen-Xuan (all debt capital markets, Frankfurt) as well as partner Tino Duttiné, Counsel Dr Ralf Koschmieder and Associate Philipp Fricke (all tax, Frankfurt).

Fangda Partners advised Deutsche Bank Aktiengesellschaft on PRC law. The team was led by capital markets partner Christine Chen and also included Helen Zhao, Ariel Fan and Howie Jiang.

Norton Rose Fulbright’s Frankfurt debt capital markets team advises both investment banks and issuers in connection with national and international capital market transactions in the areas of debt capital markets and structured finance, in particular on bonds, commercial paper, covered bonds, structured bonds, securitized derivatives, hybrid instruments, registered bonds, Schuldschein loans and debt issuance programmes, as well as related regulatory issues including sustainable finance matters.