Linklaters, Fangda Partners and A&O Shearman have advised on the China Ministry of Finance’s issuance of EUR2 billion (USD2.18 billion) worth of sovereign bonds in Paris.
This is Beijing’s first issuance of euro-denominated sovereign bonds since 2021.
Linklaters acted as the Ministry of Finance’s international counsel, with Asia managing partner William Liu and Hong Kong-based partner Min Fang leading the transaction team.
Fangda’s partner Jiang Xueyan and Huo Wanhua advised the underwriters on PRC law, with A&O Shearman’s partner Agnes Tsang counselling on international law. Bank of China, CICC, Bank of Communications, the Agricultural Bank of China, UBS and JP Morgan Securities are among the 16 joint underwriters.
The issuance comprises two tranches, a three-year 2.5% bond worth EUR1.25 billion and a seven-year EUR750 million bond with a 2.7% interest rate.