Home Legal Advice Linklaters suggested on China’s first 144A/Reg S USD sovereign bond providing

Linklaters suggested on China’s first 144A/Reg S USD sovereign bond providing


Linklaters has suggested the Ministry of Finance of the People’s Republic of China (MOF) on its US$6 billion 144A/Reg S sovereign bonds providing. The transaction was priced on 14 October 2020 and is the primary time the MOF has focused US and world traders in a Rule 144A/Reg S providing.

The vastly efficiently deal comprise 4 sequence, US$1.25 billion 3-year bonds (yield: 0.425%), US$2.25 billion 5-year bonds (yield: 0.604%), US$2 billion 10-year bonds (yield: 1.226%) and US$500 million 30-year bonds (yield: 2.310%). This issuance has attracted file demand with an order ebook of practically 4.7 occasions the concern dimension and was priced with unfavorable new subject premium.

Leveraging its unrivalled experience in advising on sovereign bond choices globally, Linklaters acted because the US, English and Hong Kong SAR authorized advisors to the MOF and show cased its functionality to supply high-quality recommendation on US regulation issues globally. Linklaters has been the global authorized advisor to MOF since 2009, offering authorized providers on all its sovereign bond choices concentrating on global traders.

Linklaters’ Capital Markets Partner and Head of China, William Liu, commented

“We are honoured to have been the international legal advisor to the MOF for the last eleven years and take great pride to once again be the only foreign institution that has participated in all of its sovereign bond offerings since 2009. This landmark deal consolidates our position as the market leader in the Capital Markets in China. Linklaters will continue to facilitate the Chinese economic reform and the financial connection between China and the world.”

The Linklaters group was led by Partners William Liu and Hyung Ahn, with help from Counsel, Christian Felton and Senior US Associate, Shan Jiang.


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