Linklaters counsels PBOC on issuance

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Linklaters advised the People’s Bank of China (PBOC) in its US$1.43 billion (RMB10 billion) six-month bills issue on 26 March in Hong Kong through the tendering platform CMU BID, operated by the Hong Kong Monetary Authority (HKMA).

The bills are set to mature in six months, with an interest rate of 2.9%. Despite the recent volatility in global financial markets, the issuance was well received by investors from the offshore markets of many countries and regions including Europe, North America and Asia, demonstrating global investor confidence in renminbi (RMB) assets, as well as the Chinese economy.

The total bid amount was more than US$4.94 billion, covering the offering 3.5 times. This was the second successful issuance of bills by China’s central bank in Hong Kong this year.

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