Linklaters is pleased to have advised the National Bank of Canada on the issuance of its inaugural panda bond.

The three year bonds were priced at RMB3.5 billion at 3.05 per cent.

“The transaction delivers a strong outcome for the client and is a first for the National Bank of Canada,” said capital markets partner Hwang Hwa Sim.

Mr Sim said the deal represents the first panda bond from a North American issuer, and is extremely significant for the future development of the panda bond market.

“The growth of the panda bond market is a demonstration of the increasing financial integration between mainland China and world financial markets.

“It’s significant we’ve seen the first North American issuer enter the market and this deal is likely to set the trend for future North American issuances,” Mr Sim added.

The Linklaters team was led by partner Hwang Hwa Sim with assistance from senior associate Li En Wee.

“The evolution of the panda bond market demonstrates how legal innovation supports China’s integration into world markets,” Mr Sim said.