German team advises on Deutsche Bank's first issuance of a Renminbi 1 billion Panda bond

Global law firm Norton Rose Fulbright has advised Deutsche Bank Aktiengesellschaft on the successful issuance of its first Panda bond with a volume of Renminbi 1 billion. Panda bonds are renminbi-denominated bonds issued by an issuer having its registered seat outside of the People's Rebublic 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, which was underwritten by a syndicate of banks comprising Deutsche Bank (China) Co., Ltd., Bank of China Limited, Industrial and Commercial Bank of China Limited, Agricultural Bank of China Limited, China Construction Bank Corporation, Postal Savings Bank of China Co., Ltd., China Securities Co., Ltd., DBS Bank (China) Limited and Zhong De Securities Company Limited, was sold to institutional investors in the PRC, will mature in January 2026 and pay an annual fixed coupon of 3.21 per cent. per annum.

Christoph Enderstein, Frankfurt-based debt capital markets partner, who led on the deal commented: "We have advised on several bonds issued by Deutsche Bank during the course of last year and are very pleased to have been involved in the bank’s inaugural Panda Bond issuance."

The Norton Rose Fulbright team also included partner Dr. Frank Peter Regelin (corporate, Frankfurt), banking and finance counsel Dr. Michael Born and associate Quynh-Anh Nguyen-Xuan (all debt capital markets, Frankfurt) and partner Tino Duttiné and associates Sarah Heufelder and 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 and Hailey Ma.

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.