Linklaters has advised Bank of China on two landmark offshore Renminbi notes issuances by its Dubai and Frankfurt branches, supporting the development of international financing and investment channels for Renminbi-denominated instruments.
The latest transaction comprised the issuance by Bank of China Limited, Dubai Branch of RMB 2bn 1.60% fixed-rate Yulan notes due 2028 under Bank of China Limited’s US$40bn medium-term note programme. The senior unsecured Yulan notes are dual-listed on Nasdaq Dubai and the Hong Kong Stock Exchange. Yulan notes are issued through Shanghai Clearing House with international investors able to benefit from settlement within Euroclear Bank’s network. The transaction represents the first Yulan notes listed on Nasdaq Dubai, establishing a new channel connecting the offshore Renminbi and Gulf debt capital markets.
Earlier in May 2026, Linklaters advised Bank of China Limited, Frankfurt Branch on its issuance of RMB500m 1.60% nine-month free-trade-zone (FTZ) offshore notes. Shanghai Clearing House provided registration and custody services for the notes. The transaction was the first FTZ notes offering by a European issuer, helping to broaden the investor base and expand offshore Renminbi financing channels in Europe.
The Linklaters cross-border team was led by capital markets partner Michael Ng, with support from Xie Xie, Jenny Sun and Youming Wu. Drawing on the firm’s global platform, the team advising on the Dubai Yulan notes also included Dalia Nammari, Vladislav Spirin, Arjun Nayyar, Kamran Toor and Ling Jiang in Dubai. The team advising on the Frankfurt FTZ offshore notes included Christian Storck, Maximilian Grimmeiss and Ann-Marie Sahm in Frankfurt.
Linklaters’ capital markets partner Michael Ng commented:
“We are delighted to continue our longstanding relationship with Bank of China by supporting these two innovative offshore Renminbi transactions. Together, these transactions demonstrate Bank of China’s continued innovation in connecting Renminbi financing with international investors. They also reflect the strength of Linklaters’ integrated cross-border teams in supporting our client across markets and jurisdictions.”
With more than 50 years of on-the-ground experience in Hong Kong SAR and across Asia, Linklaters combines deep local insight with the strength of its global platform to provide integrated support across products, markets and jurisdictions. The firm has an extensive track record advising on innovative Renminbi and cross-border debt capital markets transactions, including the world’s first Renminbi-denominated Yulan bonds, issued by Bank of China Limited, Macau Branch; the first Renminbi-denominated bonds listed on Nasdaq Dubai; and the first Eurozone Renminbi Schengen bonds.
About Linklaters LLP
Linklaters LLP is a leading global law firm, advising the world’s leading banks, corporates and private capital clients on their most important and challenging transactions and assignments. We combine legal expertise with a collaborative and commercial approach to help clients navigate rapidly evolving markets and regulatory environments. Our teams operate at the forefront of all major practice areas and sectors, working as one team globally to enable clients to confidently seize opportunities and navigate risk. With offices in major business and financial centres, we deliver an outstanding service to our clients anywhere in the world.
