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by Legal Desire
25 May 2026

Clifford Chance advises Volkswagen on dual tranche RMB3 billion Panda bond issue under its DFI Programme

Advising firms

Deal team

12 lawyers named
LawyerFirmSeniorityPracticeOffice
Cristina Freudenberger Lead Clifford Chance Partner Capital Markets Frankfurt
Helen Zhao Lead Fangda Partners Not stated Not stated Not stated
Felicitas Fischer Clifford Chance Not stated Capital Markets Frankfurt
Jurgen van der Meer Clifford Chance Partner Capital Markets Amsterdam
Marina Sarkisjan Clifford Chance Senior associate Capital Markets Amsterdam
Mark van Bresk Clifford Chance Associate Capital Markets Amsterdam
Yorinde Boogaard Clifford Chance Associate Capital Markets Amsterdam
Angela Chan Clifford Chance Partner Capital Markets Hong Kong
Torrance Shi Clifford Chance Counsel Capital Markets Hong Kong
Michael Cheng Clifford Chance Associate Capital Markets Hong Kong
Howie Jiang Fangda Partners Not stated Not stated Not stated
Ariel Fan Fangda Partners Not stated Not stated Not stated

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Stated terms

Stated value
CNY 3bn (RMB3 billion)
What the figure measures
Issue size
Client
VolkswagenIssuer
Counterparties
Bank of China Limited (Underwriters)
China Construction Bank Corporation (Underwriters)
Deutsche Bank (China) Co., Ltd. (Underwriters)
Industrial and Commercial Bank of China Limited (Underwriters)