Herbert Smith Freehills Kramer advises Eurasian Development Bank on establishment of US$3.5 billion MTN programme and debut CNY630 million Dim Sum bond issue

Leading global law firm Herbert Smith Freehills Kramer has advised Eurasian Development Bank on the establishment of its US$3.5 billion Medium Term Note (MTN) Programme and its debut CNY630 million Dim Sum bond issue under the programme.

The debut issue comprised the issuance of three-year CNY630 million 3.9 per cent senior notes, which are listed on the Hong Kong Stock Exchange, and marks a milestone transaction in the Eurasian Development Bank’s expansion into the Asian capital markets.

Eurasian Development Bank is a multilateral development bank investing in Eurasia, which supports economic growth across its member states.

The net proceeds from the issue will be used to finance the Kazakhstan–China border crossing and railway line, as well as other projects in Kazakhstan involving Chinese participation, including Chinese contractors, suppliers, investors, sponsors or co-founders.

Hong Kong partner William Ku led a team advising on the debt capital markets aspects of the transaction, supported by Sarah Shen and Nicholas Loo. As the client relationship partner for Eurasian Development Bank, Hong Kong partner Jeremy Shen advised on the corporate and regulatory aspects of the transaction.

“We are pleased to have advised EDB on this landmark fundraising,” said William. “The transaction reflects growing issuer interest in Hong Kong’s offshore renminbi bond market and the continued development of Dim Sum bonds as a funding channel.”

“We are deeply grateful to EDB for the trust it placed in our team,” said Jeremy. “This transaction further connects the capital markets in Hong Kong with investment opportunities in Eurasia.”