Sidley represented the underwriters in the US$5 billion dual-currency notes issuance by Alibaba Group (NYSE: BABA; HKEX: 9988). The bonds are rated A+ by S&P, A1 by Moody’s, and A+ by Fitch, matching China’s sovereign rating. The USD-denominated notes are issued under Rule 144A/Regulation S, with a total size of US$2.65 billion, consisting of USD notes with maturities of 5.5 years, 10.5 years, and 30 years. The CNY-denominated notes are issued under Regulation S, with a total size of CN¥17 billion, consisting of offshore RMB notes with maturities of 3.5 years, 5 years, 10 years, and 20 years. The Sidley team was led by partner Carrie Li. Other team members included counsel Leonard Lou, senior managing associates Jacob Zhao and Congsi Wu, associate Jay Jing, and senior legal assistant Kristine Zhang.~~Sidley represented the underwriters in the US$5 billion dual-currency notes issuance by Alibaba Group (NYSE: BABA; HKEX: 9988). The bonds are rated A+ by S&P, A1 by Moody’s, and A+ by Fitch, matching China’s sovereign rating. The USD-denominated notes are issued under Rule 144A/Regulation S, with a total size of US$2.65 billion, consisting of USD notes with maturities of 5.5 years, 10.5 years, and 30 years. The CNY-denominated notes are issued under Regulation S, with a total size of CN¥17 billion, consisting of offshore RMB notes with maturities of 3.5 years, 5 years, 10 years, and 20 years. The Sidley team was led by partner Carrie Li. Other team members included counsel Leonard Lou, senior managing associates Jacob Zhao and Congsi Wu, associate Jay Jing, and senior legal assistant Kristine Zhang.