Linklaters and Latham & Watkins have advised on the first renminbi-denominated bond by a French company, reports The Asian Lawyer.

L'Air Liquide, a French producer of industrial and medical gases, has guaranteed the issue of two tranches of bonds, worth $400m (£256m), by its subsidiary, Air Liquide Finance. The bonds were listed on the Hong Kong Stock Exchange on 19 September.

Bonds issued in China's national currency, also known as dim sum bonds, have become an increasingly popular option for overseas issuers looking to raise debt finance, despite currency restrictions that prevent them from easily converting the proceeds.

Latham advised L'Air Liquide with a team including Hong Kong partner Jane Ng, while counsel Frederic Chamboredon led the US firm's Paris team.

Linklaters advised the underwriters – HSBC Holdings, Bank of China, International and Commercial Bank of China, and Standard Chartered – with a team led by partners Cenzi Gargaro in Paris and Jeremy Webb in Hong Kong.

The magic circle firm has recently advised on dim sum bond issues by companies including Mitsubishi UFJ Lease & Finance, Century Tokyo Leasing and Tesco.

Foreign companies including McDonald's and Caterpillar made dim sum bond offerings last year, while Unilever's $46m (£30m) issue in March this year made it the first European multinational to target the renminbi debt market.

The Asian Lawyer is a US affiliate title of Legal Week.