White & Case advises AIIB and AfDB on Egypt’s debut sustainable development panda bonds issuance

Global law firm White & Case LLP has advised the guarantors on the debut issuance of RMB 3.5 billion (approximately US$500 million) 3.51% three-year panda bonds by the Arab Republic of Egypt, unconditionally and irrevocably guaranteed by Asian Infrastructure Investment Bank (AIIB) and African Development Bank (AfDB).

Bank of China acted as the lead underwriter and bookrunner and HSBC acted as the joint lead underwriter and joint bookrunner on the issuance, which represents several market firsts – the first African panda bond issuance; the first sustainable development sovereign panda bond issuance; the first guaranteed sovereign panda bond issuance; the first bond issuance jointly guaranteed by two multilateral development institutions in the Chinese bond market; a debut panda bond issuance guaranteed by AfDB; and a debut bond issuance guaranteed by AIIB.

The bonds are aligned with Egypt's Sovereign Sustainable Financing Framework and the issuance will support the country's strategy and efforts towards sustainable development through initiatives including transportation projects, renewable energy, sustainable management of water and sanitation, affordable housing and affordable and digital infrastructure, which are prioritized under the framework.

The issuance also serves as a new gateway for increasing cooperation between Egypt and China, including the expanded use of RMB in Egypt and opening new opportunities for achieving sustainable development goals.

The White & Case team which advised on the transaction was co-led by partner David Li (Beijing) and local partner Xuan Jin (Hong Kong) and included associates Hilda Leung (Hong Kong) and Stephanie Zhao (Singapore).

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