31 October 2014
Clifford Chance advises Her Majesty's Treasury on its landmark issuance of Renminbi denominated bonds
International law firm Clifford Chance has advised The Lords Commissioners of Her Majesty's Treasury, on behalf of the UK Government, with its issuance of Renminbi 3.0 billion fixed rate bonds.
The bond issuance further cements the UK's position as the western hub for Renminbi, and represents the next step in the UK Government’s long term economic plan to establish the UK as the centre of global finance.
The UK is the first western country to issue a sovereign bond in China's currency and it is also the largest ever non-Chinese Renminbi bond issued. The proceeds of the bond will be used to finance the UK's reserves, signalling the Renminbi's potential as a future reserve currency.
Partner David Dunnigan led the Clifford Chance team with assistance from senior associate Kate Vyvyan and associates Matteo Sbraga and Harriet Jarvis-Bicknell from the Capital Markets team in London, partner Matt Fairclough and senior associate Mark Chan from the Capital Markets team in Hong Kong and partner Dan Neidle from the Tax team in London.