Global Law Office has advised New Development Bank (NDB) on its $705 million COVID-19 combating bonds, issued in the China Interbank Bond Market. Industrial and Commercial Bank of China was the lead underwriter and bookrunner. Bank of China, Agricultural Bank of China and China Construction Bank were joint underwriters.

This transaction is the first COVID-19 combating Panda bond issued in China by an international financial organisation, as well as the largest RMB-denominated bonds issued in the Panda bond market to date.

Headquartered in Shanghai, NDB is a multilateral development bank established by the BRICS states (Brazil, Russia, India, China and South Africa), aiming to support public or private projects through loans, guarantees, equity participation and other financial instruments.

The Global Law Office team was led by partners Xin Zhang and Li Zhu.