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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

Partner

Hong Kong

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Yeap Jaclyn
Jaclyn Yeap

Partner

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Mirpuri Madhu
Madhu Mirpuri

Marketing and Communications Manager

Hong Kong

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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.