HONG KONG – 20 October 2021 – Linklaters advised the Ministry of Finance of the People’s Republic of China (MOF) on its US$4bn Rule 144A/Reg S sovereign bonds offering, which was priced on 19 October 2021 and follows the MOF’s inaugural Rule 144A/Reg S offering targeting US and global investors last year. The transaction also marks the 40th anniversary of the resumption of China’s sovereign debt offering.

The issuance comprised four series: US$1bn 3-year bonds, US$1.5bn 5-year bonds, US$1bn 10-year bonds, and US$500m 30-year bonds.

Linklaters acted as the US, English and Hong Kong SAR legal advisors to the MOF on this transaction – a testament to the firm’s capability in providing an integrated legal service on high-profile cross-border matters.

The Linklaters team was led by Asia Managing Partner William Liu and capital markets partner Hyung Ahn, with support from counsel Christian Felton and senior US associate Shan Jiang.

Linklaters’ Asia Managing Partner William Liu, commented:

“We are thankful for the continued trust that the MOF has placed in us. We have been the international legal advisor to the MOF since 2009, providing legal services on all its sovereign bond offerings targeting international investors. This successful issuance once again consolidates our prominent position in the market.”

Leveraging its unrivalled experience in advising on bond offerings by government at different levels in China, Linklaters recently advised the Shenzhen Municipal Government of China on its RMB 5bn offshore multi-series bond issuance. This is the first offshore bond issuance by Shenzhen Municipal Government and by a municipal government in China. The firm subsequently advised the Guangdong Provincial Government of China on its first offshore bond issuance.