Deutsche Bank helps China’s Ministry of Finance with first international bond issuance in Saudi Arabia
Global investors flock to 2 billion US dollar issuance as financial cooperation between China and Saudi Arabia continues to strengthen.
China’s Ministry of Finance (MoF) has once again turned to Deutsche Bank to help execute its 2 billion US dollar dual-tranche bond issuance, as Joint Lead Manager and Joint Bookrunner as well as Billing & Delivery Bank.
For the first time, MoF chose Riyadh, Saudi Arabia, for its second offshore issuance for the year. The Ministry also visited investors across the United Arab Emirates the days prior to pricing. This transaction aims to strengthen financial cooperation and mutual economic benefits between China and Saudi Arabia.
The orderbook across both tranches was 39.7 billion US dollars, representing 19.85 times covered, the highest oversubscription among all USD issuances in Asia’s bond market in 2024 year to date. The transaction attracted a wide range of investors across Asia, the Middle East, Europe, and the US.
Samuel Fischer, Deutsche Bank’s Head of Onshore China Debt Capital Markets, said: “We are pleased to leverage our network and connectivity to support the Ministry of Finance broaden and diversify its investor base, this time turning to Saudi Arabia. The transaction comes after the NPC, China’s parliament passed a widely anticipated stimulus package during its November session.”
Importantly, this issuance underscores Deutsche Bank’s role as a leading bank facilitating activity between the China-Middle East corridor, benefiting from China’s continuous financial market opening up and the robust growing economic ties between China and the Middle East.
“We are delighted and honoured to lead this issuance in Saudi Arabia for a key client for Deutsche Bank, while keenly looking forward to helping Saudi and other GCC issuers in raising capital from China and other Asian capital markets as an important business objective for us,” Deutsche Bank’s Chief Executive Officer for Middle East and Africa Jamal Al Kishi added.
This is Deutsche Bank’s tenth consecutive international sovereign bond mandate from MoF since 2017. In September, Deutsche Bank helped MoF on its 2 billion Euro issuance, marking the sovereigns first visit to the offshore bond market since 2021.
Deutsche Bank has been actively supporting the continuous opening-up of the capital markets in China. As a leading institution in China’s debt capital markets, Deutsche Bank is fully committed to contributing to RMB internationalisation through its active participation in both onshore and offshore markets.
Deutsche Bank’s commitment in the Middle East and Africa region is more than a century old. Since 2010, Deutsche Bank has more than doubled its capital commitment in the region, invested in key technology, and supported the ongoing development of the region’s financial markets. The bank has been a strong player in the Islamic Finance industry for over a decade and is recognized as a world-class provider of Islamic Finance solutions catering to evolving client needs.
Deutsche Bank first established a presence in China in 1872 with the opening of its first overseas office in Shanghai. Headquartered in Beijing, Deutsche Bank China completed local incorporation in 2008. Deutsche Bank has a regional hub in Hong Kong SAR.
Through rapid organic growth and strategic investments, Deutsche Bank’s core global businesses are all active in China. These include corporate advisory and capital markets, transaction banking, as well as asset and wealth management.
For more information about Deutsche Bank China: https://china.db.com
About Deutsche Bank
Deutsche Bank provides commercial and investment banking, retail banking, transaction banking and asset and wealth management products and services to corporations, governments, institutional investors, small and medium-sized businesses, and private individuals. Deutsche Bank is Germany’s leading bank, with a strong position in Europe and a significant presence in the Americas and Asia Pacific.
This press release has been approved and/or communicated by Deutsche Bank AG or by its subsidiaries and/or affiliates (“DB”). Deutsche Bank AG is authorized under German Banking Law (competent authority: BaFin - Federal Financial Supervisory Authority) and by the Prudential Regulation Authority and subject to limited regulation by the Financial Conduct Authority and Prudential Regulation Authority. Details about the extent of our authorization and regulation by the Prudential Regulation Authority, and regulation by the Financial Conduct Authority are available from us on request. Securities and investment banking activities in the United States are performed by Deutsche Bank Securities Inc., member NYSE, NASD and SIPC, and its broker-dealer affiliates. Lending and other commercial banking activities in the United States are performed by Deutsche Bank AG, and its banking affiliates. Copyright (C) 2024 Deutsche Bank AG
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Global investors flock to 2 billion US dollar issuance as financial cooperation between China and Saudi Arabia continues to strengthen.
China’s Ministry of Finance (MoF) has once again turned to Deutsche Bank to help execute its 2 billion US dollar dual-tranche bond issuance, as Joint Lead Manager and Joint Bookrunner as well as Billing & Delivery Bank.
For the first time, MoF chose Riyadh, Saudi Arabia, for its second offshore issuance for the year. The Ministry also visited investors across the United Arab Emirates the days prior to pricing. This transaction aims to strengthen financial cooperation and mutual economic benefits between China and Saudi Arabia.
The orderbook across both tranches was 39.7 billion US dollars, representing 19.85 times covered, the highest oversubscription among all USD issuances in Asia’s bond market in 2024 year to date. The transaction attracted a wide range of investors across Asia, the Middle East, Europe, and the US.
Samuel Fischer, Deutsche Bank’s Head of Onshore China Debt Capital Markets, said: “We are pleased to leverage our network and connectivity to support the Ministry of Finance broaden and diversify its investor base, this time turning to Saudi Arabia. The transaction comes after the NPC, China’s parliament passed a widely anticipated stimulus package during its November session.”
Importantly, this issuance underscores Deutsche Bank’s role as a leading bank facilitating activity between the China-Middle East corridor, benefiting from China’s continuous financial market opening up and the robust growing economic ties between China and the Middle East.
“We are delighted and honoured to lead this issuance in Saudi Arabia for a key client for Deutsche Bank, while keenly looking forward to helping Saudi and other GCC issuers in raising capital from China and other Asian capital markets as an important business objective for us,” Deutsche Bank’s Chief Executive Officer for Middle East and Africa Jamal Al Kishi added.
This is Deutsche Bank’s tenth consecutive international sovereign bond mandate from MoF since 2017. In September, Deutsche Bank helped MoF on its 2 billion Euro issuance, marking the sovereigns first visit to the offshore bond market since 2021.
Deutsche Bank has been actively supporting the continuous opening-up of the capital markets in China. As a leading institution in China’s debt capital markets, Deutsche Bank is fully committed to contributing to RMB internationalisation through its active participation in both onshore and offshore markets.
Deutsche Bank’s commitment in the Middle East and Africa region is more than a century old. Since 2010, Deutsche Bank has more than doubled its capital commitment in the region, invested in key technology, and supported the ongoing development of the region’s financial markets. The bank has been a strong player in the Islamic Finance industry for over a decade and is recognized as a world-class provider of Islamic Finance solutions catering to evolving client needs.
For further information, please contact:
Deutsche Bank
Media Relations
Mohanad Nahas
E-mail: mohanad.nahas@db.com
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About Deutsche Bank China
Deutsche Bank first established a presence in China in 1872 with the opening of its first overseas office in Shanghai. Headquartered in Beijing, Deutsche Bank China completed local incorporation in 2008. Deutsche Bank has a regional hub in Hong Kong SAR.
Through rapid organic growth and strategic investments, Deutsche Bank’s core global businesses are all active in China. These include corporate advisory and capital markets, transaction banking, as well as asset and wealth management.
For more information about Deutsche Bank China: https://china.db.com
About Deutsche Bank
Deutsche Bank provides commercial and investment banking, retail banking, transaction banking and asset and wealth management products and services to corporations, governments, institutional investors, small and medium-sized businesses, and private individuals. Deutsche Bank is Germany’s leading bank, with a strong position in Europe and a significant presence in the Americas and Asia Pacific.
This press release has been approved and/or communicated by Deutsche Bank AG or by its subsidiaries and/or affiliates (“DB”). Deutsche Bank AG is authorized under German Banking Law (competent authority: BaFin - Federal Financial Supervisory Authority) and by the Prudential Regulation Authority and subject to limited regulation by the Financial Conduct Authority and Prudential Regulation Authority. Details about the extent of our authorization and regulation by the Prudential Regulation Authority, and regulation by the Financial Conduct Authority are available from us on request. Securities and investment banking activities in the United States are performed by Deutsche Bank Securities Inc., member NYSE, NASD and SIPC, and its broker-dealer affiliates. Lending and other commercial banking activities in the United States are performed by Deutsche Bank AG, and its banking affiliates. Copyright (C) 2024 Deutsche Bank AG