In January 2018, The Bank of Tokyo-Mitsubishi UFJ, Ltd (“BTMU”) issued RMB 1 billion panda bonds (the “Bonds”) through private placement in China. The Bonds have a coupon rate of 5.3 per cent, with a three-year tenor.

BTMU is the largest bank in Japan and one of the largest banks in the world. This is the first panda bond offering by a Japanese issuer on China’s capital markets, and is also the first private placement of bonds by a financial institution on China’s interbank bond market. The transaction marks a milestone of the deepening China-Japan bilateral cooperation in financial markets following the entry into an MOU on audit oversight between the audit regulators in two countries.

The King & Wood Mallesons team, as PRC counsel to the underwriters, advised on all aspects of the transaction and provided our clients with quality and professional services. This transaction adds to the long list of panda bond offerings KWM has advised on, demonstrating our unparalleled strengths in panda bond offerings.

The KWM team for this transaction is led by the partner Christine Chen.