Jurisdiction - Taiwan
Taiwan – Allen & Overy Advises Deutsche Bank On CNY1.1bn Formosa Bond Issuance.

2 July, 2013


Allen & Overy has advised Deutsche Bank on its first Renminbi-denominated bond issuance in Taiwan, making it the first international financial institution to issue such bonds there. The so-called “Formosa Bond” issuance (bonds issued in Taiwan but in a foreign currency), which was in the principal amount of CNY1.1 billion, is the largest Renminbi bond issuance in Taiwan to date. The bonds are listed on the GreTai exchange in Taiwan which means that Taiwanese retail investors are able to directly invest in the bonds.

The Renminbi bond market in Taiwan is at a nascent stage of development, following Taipei and Beijing formally establishing a direct yuan clearing system in January this year. Taiwan is the third destination to have a clearing arrangement with China after Hong Kong and Macau.

Walter Son, Hong Kong-based capital markets partner who led the Allen & Overy team, said: “We are delighted to have been involved in this transaction which is a significant milestone for the development of the offshore Renminbi market.”

Walter was supported by Frankfurt based partner Kai Schaffelhuber and counsel Michael Becker. Hong Kong-based associate Jaclyn Yeap was the lead associate.


For further information, please contact:


Susan Byrnes, Allen & Overy

[email protected]



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