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 on April 13, 2025. The issuance 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 high-quality opening-up of China’s Panda bond market:
- The first Panda bond issued by a global sovereign wealth fund
- The first Panda bond from Central Asia
- The first Panda bond issued by a member state of the Shanghai Cooperation Organization
- The first Panda bond listed on the Astana International Exchange
The transaction provides a replicable and scalable model for global sovereign wealth funds and Kazakh issuers seeking to access China’s Panda bond market, further advancing the continued opening of China’s bond market.
This Panda bond deal was an innovative milestone in the market because of its transaction structuring and cross-border compliance. 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, designing 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—earning high praise from the client.
The Fangda team was led by partner Christine CHEN. Team members included counsel Helen ZHAO and associates Helen WANG, Howie JIANG, and Dye LONG.