Linklaters advises on CMOC’s jumbo US$1.2bn convertible bond issuance

Linklaters advised the bookrunners on the issuance of US$1.2bn convertible bonds by CMOC Group Ltd. (CMOC). The transaction represents the largest one-year tenor convertible bond deal by a Chinese miner in recent years.

The bonds are listed on the Vienna MTF operated by the Vienna Stock Exchange.

The Linklaters team was led by capital markets partner Taiki Ki, with support from solicitor Xie Xie.

This transaction continues into 2026 a notable trend of sizeable convertible bond transactions seen in 2025, including Alibaba’s approximately US$3.2bn zero-coupon convertible bond issuance, Ping An Insurance’s HK$11.765bn convertible bonds and Chow Tai Fook Jewellery Group’s HK$8.8bn convertible bond issuance, all of which were advised on by Linklaters.