Clifford Chance Advised Volkswagen on Dual Tranche RMB3 Billion Panda Bond Issue under its DFI Programme
Clifford Chance Advised Volkswagen on Dual Tranche RMB3 Billion Panda Bond Issue under its DFI Programme
Global law firm Clifford Chance has advised leading automotive manufacturing company Volkswagen Group on its fourth 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 by an issuer having its registered seat outside of the PRC.
The bond, which was underwritten by Bank of China Limited, CITC 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 two years, while tranche two amounted to RMB1 billion and has a term of three years.
Clifford Chance frequently advised corporate and financial institution issuers and bank syndicates in connection with national and international capital market transactions in debt capital markets and has advised Volkswagen Group on both establishments of their DFI Programme as well as the first three Panda bond issuances.
The international Clifford Chance team was led by Cristina Freudenberger (Partner) and comprised transaction lawyer Felicitas Fischer (Transaction Lawyer) both Capital Markets, Frankfurt, as well as Jurgen van der Meer (Partner), Marina Sarkisjan (Senior Associate) and Kris Soomers (Associate) all Capital Markets, Amsterdam, Angela Chan (Partner), Torrance Shi (Counsel) and Michael Cheng (Associate) all Capital Markets, Hong Kong.
Fangda Partners advised Volkswagen on PRC law. The team was led by Helen Zhao (Associate) and included Howie Jiang and Ariel Fan.
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