China’s US$4 Billion Rule 144A/Reg S Sovereign Bond Offering

Linklaters advised the Ministry of Finance of the People’s Republic of China on the matter. Allen & Overy has advised the joint lead managers and joint bookrunners.

The US$4bn Rule 144A/Reg S sovereign bonds offering 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 (Picture) and capital markets partner Hyung Ahn, with support from counsel Christian Felton and senior US associate Shan Jiang.

The Allen & Overy team advised Bank of China, Bank of Communications, China Construction Bank, China International Capital Corporation, ICBC, BofA Securities, Citigroup, Crédit Agricole CIB, CTBC Bank, Deutsche Bank, Goldman Sachs, J.P. Morgan, Mizuho Securities and Standard Chartered Bank. The Allen & Overy team comprised partners Agnes Tsang, Jaclyn Yeap and Alex Stathopoulos supported by Jiayin Yu, Erica Lo and Gordon Ng.

Involved fees earner: Erica Lo – Allen & Overy; Gordon Ng – Allen & Overy; Alex Stathopoulos – Allen & Overy; Agnes Tsang – Allen & Overy; Jaclyn Yeap – Allen & Overy; Jiayin Yu – Allen & Overy; Hyung Ahn – Linklaters; Christian Felton – Linklaters; Shan Jiang – Linklaters; William Liu – Linklaters;

Law Firms: Allen & Overy; Linklaters;

Clients: Bank of America Securities; Bank of China; Bank of Communications; China Construction Bank Corp.; China International Capital Corporation Limited (CICC); Citigroup Inc.; Crédit Agricole Corporate and Investment Bank; CTBC Bank Co., Ltd.; Deutsche Bank; Goldman Sachs; ICBC International Capital; JP Morgan; Mizuho Securities; People’s Republic of China Ministry of Finance; Standard Chartered Bank;

Author: Giulia Di Palma