On March 16 2017, leading global aluminum manufacturer, United Company RUSAL Plc. (“RUSAL”) successfully issued the first-phase of yuan-denominated bonds (“panda bond”) worth RMB 1 billion on Shanghai Stock Exchange (SHSE). 

China International Capital Corporation Ltd. (CICC) acted as the sole lead underwriter and bookrunner for the bond issue. Zhong Lun Law Firm served as the Chinese legal advisor to CICC, and its legal service team was led by WANG Xianghong, partner at Zhong Lun’s Beijing office. Bedell Cristin Jersey Partnership and ALRUD Law Firm acted as CICC’s foreign legal advisors. 

As the issuer of the first panda bond for companies covered by the “One Belt, One Road” program, RUSAL has become the first foreign multinational to issue a yuan bond on the SHSE’s bond market.