Linklaters advises PRC government on first €4bn euro sovereign bond issuance in Luxembourg

Linklaters acted as sole international legal adviser to the Ministry of Finance of the People’s Republic of China (MOF) on its debut €4bn euro-denominated sovereign bond issuance, which was priced in Luxembourg. The transaction comprised two series: €2bn of four‑year bonds with a yield of 2.401% and €2bn of seven‑year bonds with a yield of 2.702%. Both series have been admitted for trading and/or listing on the Hong Kong Stock Exchange and the Luxembourg Stock Exchange, and are cleared through the Central Moneymarkets Unit (CMU) in Hong Kong SAR. The offering attracted strong demand from international investors across jurisdictions, including sovereign entities, asset managers, banks, insurers and dealers. Total orders exceeded €100bn, equal to approximately 25 times the issuance amount; the seven‑year series was oversubscribed by about 26.5 times. The transaction marks the PRC government's debut euro‑denominated sovereign issuance in Luxembourg, enhances China’s presence in global capital markets, improves the yield curve of China's euro sovereign bonds and supports MOF’s initiatives to promote high‑level financial openness and deepen international financial cooperation. Linklaters represented the Ministry of Finance of the People’s Republic of China with a team composed by: William Liu (capital markets partner), Min Fang (capital markets partner), Nicki Kayser (partner), Delphine Horn (consultant) and Laurent Benoit.

Linklaters advises PRC government on first €4bn euro sovereign bond issuance in Luxembourg

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