Allen & Overy and Global Law Office have advised Hong Kong’s Chong Hing Bank on its debut issuance of panda bonds worth 1.5 million yuan ($228 million). 

This marks the first time in 2016 that a Hong Kong financial institution has issued panda bonds, which are yuan-denominated bonds from a non-Chinese issuer, to be sold in the People's Republic of China.

JunHe advised the underwriters on the transaction, namely HSBC China, BOC, ICBC, ABC and Guangzhou Securities.

The net proceeds raised from the bonds issue will be used to expand Chong Hing Bank’s business in the mainland and development of its banking group.

The A&O team on the transaction was co-led by international capital markets partner John Lee together with of counsel Agnes Tsang in Hong Kong.