Fangda acts for underwriters in Guangdong Province’s first municipal offshore bond issuance in Macao for RMB2.2 billion

Fangda Partners acted as the underwriters’ Chinese counsel on the RMB2.2 billion bond issue by the Guangdong provincial government in the Macao Special Administrative Region of the People’s Republic of China (“MSAR”). This is the first offshore bond issued by a Mainland municipal government in the Guangdong-Hong Kong-Macao Greater Bay Area.

    This issuance is also the first Mainland municipal government offshore bond issuance since the Ministry of Finance promulgated the Administrative Measures for Local Government Bond Issuance in December 2020.

      The bond was issued to domestic and foreign investors (through the S rule, bookkeeping file issuance), with a coupon of 2.68% per year.

        Fangd a Partners acted as the underwriters’ Chinese legal counsel in the bond issuance, providing the legal opinion and advising on all PRC legal aspects of the transaction. The team was led by partner Lu Liu in our Capital Markets Group.