Court Ruling Casts Fresh Doubt on China’s ‘Keepwell’ Bonds

Hogan Lovells Hong Kong partners Jonathan Leitch and Byron Phillips have been quoted by Bloomberg and other media outlets, sharing their insights on the highly anticipated ruling in the Tsinghua litigation.

Hogan Lovells successfully represented the plaintiff, Citicorp International Limited, in obtaining a very significant judgment in a bond default dispute against Tsinghua, on 15 June 2023. This decision is an important development for the credit market and may have a significant impact on the marketability of keepwell deeds and similar products in the PRC offshore bond market.

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