China Ministry of Finance

Citi served as the Joint Lead Manager and Joint Bookrunner on China Ministry of Finance’s 4th public deal in the international bond market since its return in 2017, a USD 6bn Multi-tranche sovereign bond offering.


The Client

MOF China was looking to raise sizable bond financing in 144A/Reg S format and the US domestic market for the first time in 17 years.

The Challenge

MOF China was looking to raise sizable bond financing in 144A/Reg S format and the US domestic market for the first time in 17 years.

The Solution

On 14 October 2020, MOF China accessed the international USD bond markets with a USD 6bn 144A/Reg S sovereign bond offering priced across 3-year, 5-year, 10-year and 30-year notes. Citi acted as a Joint Lead Manager and Joint Bookrunner on the transaction.

The Result

It was one of the largest foreign currency bond transactions by MOF China, and the largest offering from Asia so far in 2020 with more than 4.5x oversubscription. It had the lowest yield for any USD bond issued by MOF China and the lowest yield on a 3/5/30-year offering for any non-U.S. sovereign issuer in history.