05 June 2019

KWM advises the Republic of Portugal on its inaugural issuance of RMB 2 billion Panda Bonds in China

In June 2019, the Republic of Portugal issued RMB 2 billion panda bonds in China with a tenor of three years. The bonds were actively subscribed by onshore investors as well as offshore investors through the Bond Connect. The final coupon rate was 4.09%.

This project marks the first issuance of Renminbi bonds on the China Interbank Market by a Eurozone country. The offering proceeds will be remitted offshore, adding to Portugal’s financial resources and used for a variety of governmental purposes, which might be used to support certain Belt and Road initiatives in the future.

King & Wood Mallesons (“KWM”) acted as the international and PRC counsel to the issuer and advised the Republic of Portugal on all aspects of the offering, including drafting and preparation of the offering circular and other relevant offering documents in Chinese and English. The successful completion of this transaction validates KWM’s unparalleled strengths in providing quality and professional legal advice in all aspects of panda bond offerings.

The KWM team was led by partners Richard Mazzochi (Hong Kong), Yingmao Tang (Beijing) and Stanley Zhou (Shanghai).

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