Magic circle firms Clifford Chance and Linklaters have advised on the RMB2.5bn (£266m) bond issuance of China Minmetals.

The Chinese state-owned enterprise – one of the world's largest metals and minerals trading companies – completed its sale of the three-year dim sum bonds at 3.65% at the end of last month, making it the fourth company to issue RMB bonds in Hong Kong since the rules regarding off-shore yuan bond issuance were changed last year.

China's National Development and Reform Commission (NDRC) in May permitted five mainland companies to issue bonds in financial centres outside of China with a total quota of RMB25bn (£2.6bn).

CC acted for China Minmetals on the sale, fielding a team of six led by Hong Kong capital markets partner Connie Heng and Shanghai corporate partner Jean Thio.

Linklaters advised the banks, which included HSBC, Industrial and Commercial Bank of China (Asia), DBS, Agricultural Bank of China International and Standard Chartered. A group of three was led by capital markets partner William Liu in Hong Kong. 

Beijing-based law firm JiaYuan provided PRC counsel to the issuer.

China Minmetals, the biggest producer of iron and steel in China, has more than 100 offices in its home country and over 40 companies overseas, operating a range of ancillary businesses in sectors such as financial services and real estate.

Its recent bond issuance in Hong Kong is the biggest single-tranche bond among those issued by the state-owned enterprises which obtained approvals from the NDRC.

Others to have taken advantage of the new rules include China's biggest independent power producer Huaneng Power International, which issued RMB1.5bn (£157.8m) worth of dim sum bonds in January, and China Guangdong Nuclear Power, which sold RMB3bn (£315.6m) of bonds in October and in the new year.

Baosteel Group was the first of the four, issuing RMB6.5bn (£683.7m) worth of bonds in October.