作者：金杜律师事务所 King & Wood Mallesons

在金杜律师事务所专业团队的协助下，世界银行在中国银行间债券市场发行了首单特别提款权（SDR）计价债券。

King & Wood Mallesons (KWM) advised the World Bank on its first Special Drawing Rights (SDR) – denominated bond in the Chinese Inter-Bank Bond Market.

该债券本金总额为5亿特别提款权，已于2016年8月31日成功定价，并于2016年9月2日完成发行，此举对于中国债券市场的发展以及特别提款权作为国际储备资产具有里程碑意义。

The bonds in an aggregate principal amount of 500 million SDRs were priced on 31 August 2016 and issued on 2 September 2016, achieving a landmark development for China’s bond market and for the SDR as an international reserve asset.

该交易有利于扩大SDR的使用，并有助于推动中国境内债券市场的发展；进一步展示了人民币国际化的新进展。同时，该发行还获得了中国银行间债券市场上中外投资者的积极参与。

The transaction expands the use of SDRs and helps promote the development of China’s domestic capital market and further demonstrates the internationalization of the Renminbi. It also demonstrates the active participation of onshore and offshore investors in the Chinese Inter-Bank Bond Market.

金杜负责该项目的跨境团队负责合伙人是香港办公室的马绍基律师、萧乃莹律师以及北京办公室的陈已昕律师，并得到了合伙人彭晋律师和中国税务合伙人赵炎律师的支持。

KWM’s cross border-team was led by Partners Richard Mazzochi and Minny Siu in Hong Kong and Christine Chen in Beijing, with support from Partner PENG Jin and PRC Tax Partner ZHAO Yan.

该交易创下多项“第一”，包括：

  • 中国外汇交易中心发布新货币对的参考汇率以及担任计算代理人；
  • 完成了SDR债券在北京金融资产交易所的集中簿记建档及上海清算所的托管清算；
  • SDR债券的对冲安排；
  • 境外投资者在中国银行间债券市场积极参与SDR债券的认购。

The transaction involved many firsts, including:

  • publication by China Foreign Exchange Trading System (CFETS) of the reference rates for new currency pairs and CFETS acting as a calculation agent;
  • facilitating central bookbuilding for the SDR Bonds in the Beijing Financial Assets Exchange and the custody and clearing of the SDR Bonds in the Shanghai Clearing House;
  • hedging the payments due under the SDR Bonds; and
  • active participation by offshore investors in subscriptions for the SDR Bonds in the Inter-Bank Bond Market.

该交易是在国际货币基金组织于2016年10月正式将人民币作为第五种成分货币纳入特别提款权货币篮子背景下完成的，是推动特别提款权金融工具发展的有益尝试。

The transaction was announced as the International Monetary Fund is scheduled to officially include the yuan as the fifth global reserve currency in its SDR basket in October which will further promote the development of SDR-denominated financial instruments.

项目负责合伙人马绍基律师表示，“很荣幸金杜能在这一重要的债券发行项目中为世界银行提供专业法律服务。我们认为该债券的发行是人民币国际地位提升、中国银行间债券市场国际化以及国际发行人对中国市场重要性的认可过程中迈出的重要一步。”

Lead Partner Richard Mazzochi said: “We are thrilled to have supported the World Bank on this momentous bond issue. We see the issuance of these bonds as a significant step in the ever-growing use of Renminbi, the internationalisation of the Inter-Bank Bond Market and the recognition of the importance of China’s market to issuers from across the world.”

自2005年助力国际金融公司在中国发行首单熊猫债以来，金杜律师团队凭借在中国的本地优势以及全球平台， 始终处于中国债券市场国际化的前沿。

Leveraging the firm’s local depth in China and global platform, the KWM team has been at the forefront of the internationalization of China’s bond market from the very first panda bond issuance by International Finance Corporation in 2005.

2016年1月，加拿大不列颠哥伦比亚省在金杜专业法律团队的协助于中国银行间债券市场发行30亿元人民币债券。2015年12月，金杜还协助韩国政府成功发行了30亿元人民币债券。

In January 2016, KWM assisted the Province of British Columbia (BC), Canada on its issue of RMB 3 billion bonds in the Inter-Bank Bond Market. KWM also advised the underwriters on the RMB 3 billion bond issuance by the Republic of South Korea in December 2015.