Linklaters, Canadian law firm McCarthy Tétrault and China’s Jun He have advised the National Bank of Canada (NBC) on its issuance of a $517.7 million panda bond. This is the first panda bond from a North American financial institution.

Panda bonds, or yuan-denominated bonds sold by foreigners on the mainland, were first issued in 2005, but Canadian issuers have had little need for yuan funding until now. Foreign companies that operate in China will still depend on cheaper banking and international bond markets for finance, reported Reuters. 

The Linklaters team was led by partner Hwang Hwa Sim.