Global law firm Clifford Chance has advised leading automotive manufacturing company Volkswagen Group on its sixth Panda bond issuance under its Debt Financing Instruments Issuance Programme in the People’s Republic of China (PRC). The bond was split in two tranches with a total volume of RMB3 billion. The bond was issued by Volkswagen International Finance N.V. and is guaranteed by Volkswagen Aktiengesellschaft. Panda bonds are renminbi-denominated bonds issued onshore by an issuer having its registered seat outside of the PRC.
The bond, which was underwritten by Bank of China Limited, CITIC Securities Company Limited, HSBC Bank (China) Company Limited 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 and a coupon of 1.720 per cent., while tranche two amounted to RMB1 billion, holding a coupon of 1.820 per cent. and which will be due in 2031.
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 five 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 Olaf Mertgen and counsel Steffen Waadt (both Tax, Frankfurt), partner Jurgen van der Meer and associate Kris Soomers (both Capital Markets, Amsterdam), senior associate Robin Houtveen and associate Johan Anton Niesten (both Tax, Amsterdam) as well as partner Angela Chan, senior associate Michael Cheng and associate Xinyue Yang (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.
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