2 November, 2017
Allen & Overy has advised the joint lead managers and joint bookrunners in connection with the offering of USD2 billion sovereign bonds by the Ministry of Finance of the People’s Republic of China.
This is the first foreign currency bond offering by the Ministry of Finance since 2004. The USD2 billion sovereign bond issue consisted of a USD1 billion 5-year tranche and a USD1 billion 10-year tranche.
Commenting on the transaction, Allen & Overy partner Agnes Tsang said: “This capital raising demonstrates the Chinese Government’s commitment to international capital markets and reinforces Hong Kong’s status as a preeminent international financial centre.”
The Allen & Overy team in Hong Kong advised Bank of China, Bank of Communications, Agricultural Bank of China, China Construction Bank, CICC, Citigroup, Deutsche Bank, HSBC, ICBC and Standard Chartered Bank. It was led by Agnes Tsang, with support from lawyers Jaclyn Yeap, Tiffany Tse and Jiayin Yu.
