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Clifford Chance advises on China Development Bank's 20 year RMB bond, the longest maturity dim sum bond issued

12 August 2012

Clifford Chance advises on China Development Bank's 20 year RMB bond, the longest maturity dim sum bond issued

Leading international law firm Clifford Chance has advised the joint lead managers[1] on China Development Bank's (CDB) RMB2.5 billion (US$390 million) bond issuances comprised of RMB1 billion 4.3% bonds due 2032 and RMB 1.5billion 2.95% bonds due 2015.

This is the longest tenor thus far for a dim sum bond and sets a new 20 year benchmark for the market.

"The market for dim sum bond issuance has certainly cooled but we are seeing continued investor appetite for dim sum bonds issued by Chinese SOEs," said Capital Markets partner Connie Heng who led the deal on this transaction. "Longer maturities are also attractive as it provides investors with a broader range of options for fixed income streams, and we're seeing RMB bonds evolving to become a more mainstream product."

Connie was assisted by senior associate Angela Chan and associates Li Lin and Ng Siu Fang.