Ogier advises on first foreign company
non-interbank "Panda bond" offering
on Shanghai Stock Exchange
News - 28/03/2017
Ogier has advised one of the world's biggest aluminium producers on the first ever Panda Bond
offering by a foreign company outside of the interbank market on the Shanghai Stock
Exchange.
The firm acted for United Company Rusal Plc (Rusal), which is offering a three-year bond to
private investors and is seeking to raise up to US$1,450,000,000**.
The offering will be launched in a number of tranches. The first tranche to be offered to
private investors in China will be up to US$145,000,000**.
The listing is also the first Russian "Panda Bond" offering – the name given to overseas debt
sold in the Chinese market.
Rusal first registered a Panda Bond prospectus in December 2016 in China after being given an
AA+ corporate credit rating by China's largest credit rating agency.
The Moscow-headquartered company is one of the world's biggest aluminium producers,
operating in 19 countries on five continents.
Partner Sara Johns from Ogier's Jersey Corporate Law team, who worked with managing
associate Alexander Curry on the project, said: "Rusal is a long-standing client and we are
particularly pleased to have worked with them again, given the ground-breaking and
innovative nature of this piece of work.
"This is the first Panda Bond to be issued outside of the interbank market on the Shanghai
Stock Exchange, and we expect to see the level of interest in Jersey from the markets in the
Far East, particularly Hong Kong and mainland China, continue to increase."
Ogier worked directly with Rusal on the Jersey law aspects of the transaction and alongside
Rusal's locally appointed Chinese counsel who advised on the local law issues.
**approximate numbers based on currency conversion to United States Dollars from Chinese
Yuan Renminbi on 27 March 2017
Sara Johns
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Contacts
Sara Johns
Partner
Jersey
[email protected]
T+44 1534 514205
M+44 7797 843664
Alexander Curry
Managing Associate
Jersey
[email protected]
T+44 1534 514032
M+44 7797 757022
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