China’s Ministry of Finance issues US$4,000,000,000 Sovereign USD bonds on October 19, 2021. Fangda acted as the Joint Lead Managers’ PRC legal advisor for the issuance of the Bonds.

The Ministry of Finance of People’s Republic of China issues US$4,000,000,000 Sovereign USD bonds (the “Bonds”) on October 19, 2021. The Bonds include the US$1,000,000,000 0.75% Bonds due 2024, US$1,500,000,000 1.25% Bonds due 2026, US$1,000,000,000 1.75% Bonds due 2031 and US$500,000,000 2.50% Bonds due 2051. The Bonds is expected to be admitted to trading on the Stock Exchange of Hong Kong Limited and the London Stock Exchange plc’s International Securities Market. The Joint Lead Managers of the Bonds include Bank of China Limited, Bank of Communications Co., Ltd. Hong Kong Branch, China Construction Bank (Asia) Corporation Limited, China International Capital Corporation Hong Kong Securities Limited, ICBC International Securities Limited, Merrill Lynch (Asia Pacific) Limited, Citigroup Global Markets Inc., Crédit Agricole Corporate and Investment Bank, CTBC Bank Co., Ltd., Deutsche Bank AG, London Branch, Goldman Sachs (Asia) L.L.C., J.P. Morgan Securities plc, Mizuho Securities Asia Limited and Standard Chartered Bank. The project has been closed on October 26, 2021.

Fangda Partners acted as the Joint Lead Managers’ PRC legal advisor for the issuance of the Bonds. The firm’s team was led by corporate partner Xueyan JIANG.