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Client Alert: New Panda Bond Regulations Expand Scope of Eligible Issuers in China by Simon Kai-Tse Cheong
Zhong Lun Law Firm - Beijing Office
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July 10, 2012
On September 30, 2010, China’s People’s Bank of China (“PBOC”), Ministry of Finance (“MOF”), National Development and Reform Commission(“NDRC”), and the China Securities Regulatory Commission (“CSRC”) jointly issued amendments to the Provisional Administrative Rules on the Issuance of RMB Bonds by International Development Institutions (“Panda Bond Regulations”). The Panda Bond Regulations were initially promulgated by the PBOC, MOF, NDRC, and CSRC on February 18, 2005. Previously, the Panda Bond Regulations only permitted multilateral institutions to issue Panda Bonds in China. The recent amendment (“New Rules”) has now opened the field of eligible foreign issuers to bi-lateral developmental financial institutions and ‘regional’ developmental financial institutions. The New Rules represent a small, but significant step towards the development of China as a potential destination for international capital raisings.
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The views expressed in this document are solely the views of the author and not Martindale-Hubbell. This document is intended for informational purposes only and is not legal advice or a substitute for consultation with a licensed legal professional in a particular case or circumstance. |
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