DeHeng Assisted China Three Gorges International Corporation in Issuing Offshore Bonds

2025-12-02

In December 2025, China Three Gorges International Corporation (“CTG International”) successfully issued EUR 600 million in green bonds offshore, with a coupon rate of 2.875%. This achieved the lowest coupon among Chinese issuers for the same maturity term in the past three years and the tightest spread ever recorded for euro-denominated bond issuances by Chinese enterprises, setting a record for the largest spread compression among central SOEs issuing euro bonds with the same term.

As PRC legal counsel to the underwriters for this issuance, the DeHeng team, with primary support from Hou Zhiwei, Zhang Yan, and Liu Di, assisted CTG International in completing the issuance.