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National Bank of Canada completes C$690M issuance of inaugural Panda Bonds

Date Closed

November 3, 2016

Lead Office



690.00 Million CAD

On November 3 2016, National Bank of Canada issued the first tranche of its Panda Bond program raising RMB3.5 billion (approximately C$690 million) in China's public bond market. The bond offering, priced at an annual coupon rate of 3.05% with a three-year term, was underwritten by China Merchants Securities Co. Ltd., Standard Chartered Bank (China) Limited, Agricultural Bank of China Limited, Industrial and Commercial Bank of China Limited and Bank of China Limited.

As a result of the offering, National Bank of Canada became the first financial institution in North America to issue Panda Bonds in Mainland China. The arrangement promotes cooperation in the Canada-China financial area and is intended to deepen economic and trading relationships between the two countries.

McCarthy Tétrault advised the National Bank of Canada with a team consisting of Patrick Boucher, Michèle Lefaivre, Barry J. Ryan, Ana Badour, Christian Meighen and Marie-Soleil Landry.