China plans RMB 6 billion tap issues of bonds due 2023, 2026, 2031

By Marisa Wong

Los Angeles, Nov. 19 – The Central People’s Government of the People’s Republic of China will issue additional renminbi-denominated 2.41% bonds due 2023, 2˝% bonds due 2026 and 4.15% bonds due 2031, according to a memorandum dated Nov. 11 and released Friday.

China’s Ministry of Finance is offering the following bonds through a competitive tender:

• RMB 3 billion of 2.41% bonds due 2023 to be consolidated and form a single series with the RMB 9.5 billion of 2.41% bonds due 2023 originally issued on Sept. 27;

• RMB 2 billion of 2˝% bonds due 2026 to be consolidated and form a single series with the RMB 2 billion of 2˝% bonds due 2026 originally issued on Sept. 27; and

• RMB 1 billion of 4.15% bonds due 2031 to be consolidated and form a single series with the RMB 1.5 billion of 4.15% bonds due 2031 originally issued on Dec. 12, 2016.

Tenders had to be submitted from 9:30 p.m. ET to 10:30 p.m. ET on Nov. 16, with settlement to take place two business days after that.

Bank of Communications Co., Ltd. Hong Kong Branch is the issuing agent.

Linklaters and the Law Department of China’s Ministry of Finance are legal advisors to the issuer under Hong Kong law and China law, respectively. Deacons and Fangda Partners are legal advisors to the issuing agent under Hong Kong and China law, respectively.

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