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Allen & Overy advises the managers on the People’s Republic of China’s first negative yield sovereign bond

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Tsang Agnes
Agnes Tsang


Hong Kong

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Yeap Jaclyn
Jaclyn Yeap



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30 November 2020

Allen & Overy has advised the joint lead managers in connection with the multi-tranche Reg S offering of EUR4 billion sovereign bonds by the Ministry of Finance of the People’s Republic of China (Ministry of Finance).

The issuance comprises three tranches including EUR750 million zero coupon 5-year bonds, EUR2 billion 0.25% 10-year bonds and EUR1.25 billion 0.625% 15-year bonds. The EUR750 million tranche is the Ministry of Finance’s first negative yield sovereign bond.

This is another sizeable offering following the Ministry of Finance’s USD6 billion Reg S and Rule 144A offering at the end of the October, which was its first bond offering open to U.S. investors.

The Allen & Overy team advised Bank of China, Bank of Communications, China International Capital Corporation, BofA Securities, Crédit Agricole CIB, Deutsche Bank, Goldman Sachs (Asia) L.L.C., HSBC, J.P. Morgan, Société Générale Corporate & Investment Banking, Standard Chartered Bank and UBS.

The Allen & Overy team comprised partners Agnes Tsang and Jaclyn Yeap supported by Jiayin Yu and Gordon Ng.


The information contained herein is restricted and is not for publication, distribution or release in or into the United States of America, Australia, Canada, Japan or South Africa. This announcement is not an offer of securities for sale or a solicitation of an offer to purchase securities in the United States or any other jurisdiction. The securities referred to herein (the “Securities”) have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not, subject to certain exceptions, be offered or sold in the United States or to or for the account or benefit of a person located in the United States