It was a thoroughly unremarkable bond issue in every way but one - which made it electric. Hopewell Highway Infrastructure's Rmb1.38bn ($203m) two-year transaction was the first renminbi-denominated foreign corporate bond ever to be issued outside of China. As the first renminbi 'Eurobond', it was a milestone in China's plans to internationalise the currency and bolster Hong Kong's role as a global financial centre. And it could prove as significant for that role as the former UK colony's handover in 1997, according to Linklaters, the deal's primary legal adviser.
Linklaters has about 150 lawyers based in Hong Kong, where it has been active since 1978, and one third of them work in the capital markets team. Their skills have enabled Linklaters to take pole position as adviser to most of the small but growing number of renminbi bond issues out of Hong Kong.
