Dechert Represents Egypt in Issuing the First Sustainable Panda Bond from Africa

Dechert acted as international counsel to the Arab Republic of Egypt in connection with the private placement of its RMB 3.5 billion 3.51% guaranteed sustainable “panda bond” due 2026. Egypt is the first African nation to issue a “panda bond,” the proceeds of which will be allocated to inclusive growth and green objectives under its Sovereign Sustainable Financing Framework, and is also the first country in Africa to issue securities in the Chinese interbank market.

“Panda bonds” are issued in China's domestic capital markets by foreign issuers under Chinese law and are denominated in Chinese Renminbi. The African Development Bank and the Asian Infrastructure Investment Bank each provided partial credit guarantees to support the issuance.

Egypt was advised by a team led by London-based corporate partners, Jennifer Rees and Patrick Lyons.

Dechert’s international capital markets team based in Dubai, Hong Kong, London, Paris, Singapore and the United States has a strong track record advising on innovative capital markets transactions in the emerging markets and is a market-leading practice in the representation of sovereigns and state-owned enterprises.

About Dechert

Dechert is a global law firm that advises asset managers, financial institutions and corporations on issues critical to managing their business and their capital – from high-stakes litigation to complex transactions and regulatory matters. We answer questions that seem unsolvable, develop deal structures that are new to the market and protect clients’ rights in extreme situations. Our 1,000+ lawyers across 21 offices globally focus on the financial services, private equity, private credit, real estate, life sciences and technology sectors.