Allen & Overy (A&O) has acted in the first US-dollar bond issuance of the Chinese government since 2004.
The global firm acted for joint lead managers and the joint bookrunners as the People’s Republic of China’s Ministry of Finance conducted a US$2bn bond issue. The issue is composed of a 5-year and 10-year tranches, each valued at US$1bn.
In Hong Kong, the A&O team advised Bank of China, Bank of Communications, Agricultural Bank of China, China Construction Bank, CICC, Citigroup, Deutsche Bank, HSBC, ICBC and Standard Chartered Bank.
The team was led by partner Agnes Tsang, with support from lawyers Jaclyn Yeap, Tiffany Tse, and Jiayin Yu.
“This capital raising demonstrates the Chinese Government’s commitment to international capital markets and reinforces Hong Kong’s status as a preeminent international financial centre,” Tsang said.