Fangda Partners advised Kazakhstan’s sovereign wealth fund, Sovereign Wealth Fund “Samruk-Kazyna” JSC, on its inaugural Panda bond issuance in the China Interbank Bond Market. The issuance, completed on April 13, 2026, totaled CNY 3 billion, with a three-year tenor and a coupon rate of 2.18%.

This landmark transaction achieved several notable “firsts”, representing a significant milestone in the opening-up of China’s Panda bond market:

• first Panda bond issued by a global sovereign wealth fund
• first Panda bond of Central Asia issuer
• first Panda bond issued by a member state of the Shanghai Cooperation Organization
• first Panda bond listed on the Astana International Exchange

The transaction provides a replicable model for global sovereign wealth funds and Kazakh issuers seeking to access China’s Panda bond market.

This innovative Panda bond deal sets an example for structuring a Panda bond transaction meeting regulatory requirements in different jurisdictions. In addressing Kazakhstan-specific requirements, such as local placement rules and bond issuance regulations, Fangda acted for the issuer throughout the transaction by coordinating with regulators and lead underwriters, drafting transaction documents, advising on the transaction structure, and working closely with local counsel. The successful execution highlights Fangda’s deep expertise, leading service capabilities, and innovative problem-solving in Panda bond transactions.

The Fangda team was led by partner Christine CHEN. Team members included counsel Helen ZHAO and associates Helen WANG, Howie JIANG, and Dye LONG.