Clifford Chance advises on Eurasian Development Bank’s debut Dim Sum bond

Global law firm Clifford Chance has advised the arrangers and dealers on the Eurasian Development Bank’s (EDB) debut RMB630 million Dim Sum bond issuance in Hong Kong. The three-year senior unsecured notes were issued under EDB’s US$3.5 billion MTN Programme. Clifford Chance advised on English and Hong Kong law.

The notes are listed on the Hong Kong Stock Exchange, and the proceeds will be used to finance the Kazakhstan-China border crossing and railway line, as well as other projects in Kazakhstan involving Chinese participation.

The joint global coordinators were China Galaxy International, China International Capital Corporation (CICC) and CITIC Securities, with Fosun International Securities and Orient Securities (Hong Kong) as joint bookrunners.

Connie Heng, Partner at Clifford Chance, said: “We are seeing growing interest from Central Asian issuers in accessing the offshore renminbi market as they diversify their funding sources and deepen financial links with China and the wider Asian investor base. EDB’s successful debut Dim Sum issuance is a good example of that trend, opening another channel for renminbi funding to support cross-border investment and connectivity across the region. It also reflects Hong Kong’s continued development as an offshore renminbi hub, as the city looks to broaden RMB usage and deepen its fixed income markets.”

The Clifford Chance team was led by Partner Connie Heng, supported by counsel Torrance Shi, senior associate Michael Cheng and trainee solicitor Mark Chen.