VTB Bank in First Renminbi Bonds by Emerging Markets Issuer

Cleary Gottlieb represented Russia’s VTB Bank in the issuance of Rmb1 billion worth of three-year renminbi bonds. VTB is the first Russian borrower, and the first emerging markets issuer outside China, to issue bonds denominated in the Chinese currency.

Issuers of so-called “dim sum” bonds need to gain approval from Beijing to move the proceeds of the bonds from Hong Kong to the mainland. Prior to February 2010, issuance was restricted to the Chinese government and Chinese financial institutions.