We are delighted to announce that Deacons has won the China Business Law Journal ‘Deal of the Year 2019’ award for the ‘People's Bank of China’s renminbi bill issuances in Hong Kong’ in the ‘Overseas Deals: Capital Markets’ category.
The People’s Bank of China (PBOC) issued a total of RMB200 billion of bills in Hong Kong to date since November 2018 through the Central Moneymarkets Unit of the Hong Kong Monetary Authority (HKMA). The issuance in November 2018 was the debut bill issuance by the PBOC in Hong Kong and marked another important milestone in the development of the offshore RMB market by, among other things, setting a significant benchmark for plotting the yield curve for shorter-term debt instruments. Following the debut issue, the PBOC has issued several issuances of RMB bills in Hong Kong in 2019, including the first-time issuance of one-month and six-month bills in Hong Kong in June 2019.
Deacons advised the issuing and lodging agent in the transaction on Hong Kong law, while Linklaters acted as Hong Kong counsel to the PBOC and Fangda acted as PRC counsel to the issuing and lodging agent.
Congratulations to Corporate Finance Partners Kevin Tong and Icarus Yuen for leading the deal.
Winning deals are selected by an independent editorial team from China Business Law Journal. Deals are judged on a broad spectrum of factors, with the most important factor being the overall significance, complexity and innovative nature of the deal, while also taking into account the deal size and broader interests.
China Business Law Journal is the only fully-bilingual monthly magazine for China-focused businesses, and is widely read by in-house counsel and lawyers in private practice from across the region.