Shearman & Sterling and local firm GTs Advocates have advised the Mongolian government on its sale of an offshore yuan bond, making it the second country after Britain to issue yuan-denominated bonds.
Allen & Overy acted as international counsel, and MahoneyLiotta acted as Mongolian counsel to the banks on the transaction.
The 1 billion yuan ($161.08 million) sovereign issue shows increasing appetite for yuan assets as countries try to diversify their reserve portfolios, and is another step in the yuan's expedition to become a global reserve currency.
About 93 percent of the bond was allocated to Asian investors and 7 percent to European investors.
The Shearman team was led by Hong Kong capital markets partner Matthew Bersani. The firm previously advised the Government of Mongolia in its debut sovereign bond issuance in December 2012.
Britain became the first Western country to sell an offshore yuan bond in October. Its finance ministry said the yuan proceeds were used to finance the government's reserves of foreign currency.
At the provincial level, Canada's British Columbia and Australia's New South Wales tapped dim sum bonds last year.
Japan, South Korea and Nigeria have also expressed intention to increase their exposure to yuan assets. According to bankers, more than 50 foreign central banks have started using the yuan or keeping it as part of their foreign reserves.
