The bond, which was underwritten by Bank of China Limited, China Construction Bank Corporation, Deutsche Bank (China) Co., Ltd. and Industrial and Commercial Bank of China Limited, was sold to institutional investors. Tranche one amounted to RMB2 billion with a term of three years, while tranche two amounted to RMB1 billion and has a term of five years.
Clifford Chance frequently advises corporate and financial institution issuers and bank syndicates in connection with national and international capital market transactions and has advised Volkswagen Group on the establishment and update of their DFI Programme as well as the first four Panda bond issuances.
The international Clifford Chance advisory team was led by partner Cristina Freudenberger and comprised transaction lawyer Felicitas Fischer (both Capital Markets, Frankfurt), as well as partner Jurgen van der Meer, senior associate Marina Sarkisjan and associates Mark van Bresk and Yorinde Boogaard (all Capital Markets, Amsterdam), partner Angela Chan, counsel Torrance Shi and associate Michael Cheng (all Capital Markets, Hong Kong).
Fangda Partners advised Volkswagen on PRC law. The team was led by Helen Zhao and included Howie Jiang and Ariel Fan.
