Fangda Partners represented Asian Development Bank ( “ADB”) on its RMB1 billion 5-year panda bond offering on China’s interbank bond market, which was closed on November 25, 2021. This is ADB’s second panda bond issue in 2021.The offering received approximately 57% orders from international investors. The bonds were priced at a coupon rate of 2.78% per annum (20 basis points below the corresponding China Development Bank bond reference yield), reflective of ADB’s strong credit fundamentals as an issuer rated AAA by international credit rating agencies. The bonds were offered to institutional investors in and outside China (including through the Bond Connect regime). Fangda, as the issuer’s counsel, drafted all the transaction documents in English and Chinese and advised ADB on all aspects of the transaction. The Fangda team on this deal was led by the partner Christine Chen with key members including Helen Zhao, Sophie Li and Hailey Ma. Leanne Liu and Howie Jiang provided support in deal execution.