The People’s Republic of China issues its largest-ever US dollar sovereign bond

This marks the country’s biggest US dollar-denominated bond issuance on record and is the largest Reg S offering by an Asian sovereign to-date.

The issuance comprises of four tranches including USD1.5 billion 3-year bonds, USD2 billion 5-year bonds, USD2 billion 10-year bonds and USD500 million 20-year bonds.

This transaction quickly follows the country’s recent Euro-denominated bond issuance, and is the third dollar bond issuance since 2017 after a 13-year hiatus. Allen & Overy advised the joint lead managers in connection with all four of such international bond offerings by the Ministry of Finance of the People’s Republic of China.

The Allen & Overy team advised Bank of China, Bank of Communications, China Construction Bank, China International Capital Corporation, BofA Securities, Crédit Agricole CIB, CTBC Bank, Deutsche Bank, Goldman Sachs, HSBC, J.P. Morgan, Mizuho Securities and Standard Chartered Bank. Partner Agnes Tsang and Of Counsel Jaclyn Yeap led the team, supported by Alan Zhang, Tiffany Tse, Jiayin Yu and Evelyn Zhu.

For further information, please contact Madhu Mirpuri (madhu.mirpuri@allenovery.com) on +852 2974 7377.