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Allen & Overy advises on the People’s Republic of China’s USD4 billion sovereign bond issuance

Allen & Overy has advised the joint lead managers and joint bookrunners in connection with the multi-tranche Reg S and Rule 144A offering of USD4 billion sovereign bonds by the Ministry of Finance of the People’s Republic of China (Ministry of Finance).

The issuance comprises four tranches including USD1bn 3-year bonds, USD1.5bn 5-year bonds, USD1bn 10-year bonds and USD500 million 30-year bonds.

This is another significant issuance by the Ministry of Finance and its second Reg S and Rule 144A USD offering. Allen & Overy also advised on the country’s first USD bond offering open to U.S. investors in October 2020. 

On this latest issuance, 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 comprises partners Agnes Tsang, Jaclyn Yeap and Alex Stathopoulos supported by Jiayin Yu, Erica Lo 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The information contained herein is restricted and is not for publication, distribution or release in or into the United States of America, Australia, Canada, Japan or South Africa.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 bonds 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.