DeHeng Again Assisted State Grid International Development Co., Ltd. in Establishing an Offshore MTN Program and Completing the First Drawing Issuance under the Program

2025-09-30

In September 2025, State Grid International Development Co., Ltd. (hereinafter “SGID”) successfully established a USD 10 billion offshore medium-term note (MTN) program through its subsidiary, State Grid Europe Development (2014) Public Limited Company. On September 17, 2025, it successfully issued RMB 6 billion in green bonds under this program to global investors, with a coupon rate of 1.88%. SGID provided guarantees for the MTN program and the first drawing issuance. This issuance set a record for the largest single-tranche issuance size by a central state-owned enterprise and achieved a new low in offshore RMB bond costs for Chinese enterprises in recent years.

As the PRC legal counsel for SGID in this project, the DeHeng team, with primary support from Hou Zhiwei, Zhang Yan, and Yang Youqi, assisted the company in completing the establishment of the MTN program and the first drawing issuance.