Air Liquide, a technology company, has become the first
French issuer of renminbi denominated bonds.
The bonds, totalling Rmb 2.6 billion, ($406 million) were
issued on September 19. HSBC, Bank of China, ICBC and Standard
Chartered were joint lead managers.
The landmark deal also marks the largest
renminbi amount ever raised by a European company.
Cenzi Gargaro of Linklaters in Paris believes that the bonds
will be popular with companies which, like Air Liquide, have
industrial projects and need to invest renminbi funds onshore
to develop their business.
"I think any company that has plans for direct investments
or joint ventures in China will be looking to this as a way of
funding its activity," added Gargaro.
The two tranches are five and seven years. The seven year
tranche is the longest that has even been done in offshore
The bonds form part of the...