Skip to content

The People’s Republic of China issues the first Euro-denominated sovereign bonds in 15 years

Related people
Tsang Agnes
Agnes Tsang


Hong Kong

View profile →

Yeap Jaclyn
Jaclyn Yeap

Of Counsel

Hong Kong

View profile →

13 November 2019

Allen & Overy has advised the joint lead managers in connection with the offering of EUR4 billion sovereign bonds by the Ministry of Finance of the People’s Republic of China. This is China’s first Euro-denominated bond issuance in 15 years. 

The EUR4 billion sovereign bond issuance consisted of a EUR2 billion 7-year tranche, EUR1 billion 12-year tranche and EUR1 billion 20-year tranche. The bonds were dual-listed on the London Stock Exchange plc and Euronext Access, a market of Euronext in Paris.

This transaction is a key milestone for the People’s Republic of China and will create a new Euro pricing benchmark for Chinese companies raising funds through issuing Euro-denominated bonds.

The Allen & Overy team advised Bank of China, Bank of Communications, China International Capital Corporation, BofA Securities, Citigroup, Commerzbank, Crédit Agricole CIB, Deutsche Bank, HSBC, Société Générale, Standard Chartered Bank and UBS. 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 ( on +852 2974 7377.