New government decree on issuance of foreign currency denominated government and corporate bonds


The new Decree allows for the first time the issuance by non-state owned companies of foreign convertible currency bonds through private placement or public offers to international investors. Prior to this Decree only government bonds and bonds with government guarantee by large state-owned companies were allowed to be issued in

foreign currency as foreign exchange control took the priority over the need by local enterprises to access foreign financing. Domestic companies now have the same ability to access international financings through issuing bonds or convertible bonds subject to the annual limit on foreign commercial loans approved by the Prime Minister. Foreign currency bonds issued are treated as “foreign loans” and are subject to conditions, registration, reporting and other requirements as set forth in this Decree.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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