Linklaters advises on the first China green covered bonds
CBI member Linklaters has advised Bank of China on the establishment of its US$5bn China Covered Note Programme and the initial offering by Bank of China London Branch of US$500m China Green Covered Bonds due 2019 to be listed on the London Stock Exchange (the “Notes”). The Notes will be secured on a portfolio of PRC domestic climate aligned bonds held by Bank of China. This is a landmark transaction since it is the first international note issue by a Chinese entity that is secured by onshore assets, and in this case, an international green bond issue secured by green bonds that are traded on the China interbank bond market.
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How Soccer Investment Has Become Key to Sino-British Relations
The crowds calling for the resignation of Cai Zhenhua after the Chinese national soccer team lost to Syria in early October were nothing new. The Chinese Football Association president was only the latest target of fans’ ire, after the team’s capitulation all but confirmed that the country will continue to wait for its first World Cup appearance since 2002. A few weeks later, hope is in the air once more: Following the dismissal of the national team head coach, Gao Hongbo, after a six-match tenure that included four defeats, Marcello Lippi has taken the reins. The Italian boasts a World Cup-winning pedigree as well as a salary of around 150 million yuan ($22.2 million) per year. Soccer’s megabucks have finally permeated the national team setup, with the suspicion being that Lippi’s appointment was financed by outside investors. Until now, Chinese businessmen have looked to European soccer as the preferred destination for their investments, with the English game their most favoured recipient. The appeal of English soccer lies in its strong track record of overseas investment: 16 of the 20 clubs in the Premier League are either fully or partly owned by investors from countries including the United States, Russia, and the United Arab Emirates…
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Britain says concerned by Chinese National People's Congress's decision on Hong Kong
Britain expressed concern on Monday at a ruling by China's National People's Congress that effectively bars two elected Hong Kong pro-independence politicians from taking office. The move by Beijing is considered Beijing's most direct intervention in the territory's legal and political system since Britain handed over the colony to China in 1997. Beijing's move came after Yau Wai-ching, 25, and Baggio Leung, 30, pledged allegiance to the "Hong Kong nation" and displayed a banner declaring "Hong Kong is not China" during a swearing-in ceremony for the city's Legislative Council in October.
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