Linklaters was pleased to advise Standard Chartered Bank on its issuance of bonds denominated in Special Drawing Rights (SDR), which was completed on 26 October 2016.

This is the first issuance of SDR bonds by a commercial entity.

“This deal is a great example of the use of legal innovation to support increased financial integration between the PRC and international markets,” said capital markets partner Hwang Hwa Sim.

“We were pleased to assist our client in yet another market first,” Mr Sim added.

Mr Sim said the SDR bonds are denominated in SDRs and settled in renminbi, and is a milestone transaction given that the renminbi was only recently included in the SDR basket.

Mr Sim said Linklaters was pleased to be involved in the successful issuance, which marks another step in the road to the internationalization of the renminbi.

The Linklaters team consisted of partner Hwang Hwa Sim, counsel Gloria Cheung and associate Min Fang.