German team advises on Deutsche Banks issuance of a ¥3 billion panda bond

Global law firm Norton Rose Fulbright has advised Deutsche Bank Aktiengesellschaft on the successful issuance of its third Panda bond with a volume of renminbi 3 billion. Panda bonds are renminbi-denominated bonds issued by an issuer having its registered seat outside of the People's Republic 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 was underwritten by a syndicate of banks comprising Deutsche Bank (China) Co., Ltd., Bank of China Limited, Agricultural Bank of China Limited, Industrial and Commercial Bank of China Limited, China Construction Bank Corporation, The Export-Import Bank of China, Industrial Bank Co., Ltd, China CITIC Bank Corporation Limited, China Zheshang Bank Co., Ltd., Fubon Bank (China) Co., Ltd, DBS Bank (China) Limited, The Bank of East Asia (China) Limited, Credit Agricole Corporate and Investment Bank (China) Limited, CITIC Securities Company Limited and Zhong De Securities Company Limited. The Panda Bond was sold to institutional investors in the PRC, will mature in April 2026 and will pay an annual fixed coupon of 2.59 per cent per annum.

Deutsche Bank was advised by a Frankfurt-based Norton Rose Fulbright team led by partner Christoph Enderstein (Debt Capital Markets). Enderstein comments: "We are delighted that Deutsche Bank has once again placed its trust in us and that we have now been able to successfully accompany its third issue of a Panda bond." 

The Norton Rose Fulbright team also included Counsel Dr Michael Born, Associates Quynh-Anh Nguyen-Xuan and Miriam Dustmann (all debt capital markets, Frankfurt) as well as partner Tino Duttiné, Counsel Dr Ralf Koschmieder and Associate 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 Ariel Fan and Howie Jiang.

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 including sustainable finance matters.