New Issue: Bank of China branches sell $500 million floaters, RMB 2 billion 2.98% notes due 2026

By William Gullotti

Buffalo, N.Y., Sept. 19 – Bank of China, via Bank of China Ltd., Luxembourg Branch and Bank of China Ltd., Dubai Branch, priced RMB 2 billion of 2.98% notes and $500 million of floating-rate notes due 2026 (A1/A/A) at par, according to multiple listing documents released on Tuesday.

Each series of Regulation S notes is issued under the bank’s $40 billion medium-term note program and are not callable.

Bank of China, Bank of China (Hong Kong), BOC International, Agricultural Bank of China, Bank of Communications, China Citic Bank, China Construction Bank (Asia), China Securities International, Citigroup, Citic Securities, Credit Agricole CIB, HSBC, Industrial Bank Co., Ltd., Hong Kong Branch, Mizuho and Natixis are the joint global coordinators, joint lead managers and joint bookrunners for the fixed-rate series.

The joint global coordinators, joint lead managers and joint bookrunners for the floaters are Bank of China, Bank of China (Hong Kong), BOC International, Agricultural Bank of China, Bank of Communications, Barclays, China Construction Bank (Asia), China Minsheng Banking Corp., Ltd., China Securities International, Citigroup, Citic Securities, Credit Agricole CIB, Emirates NBD Capital, HSBC, ICBC, Industrial Bank Co., Ltd., Hong Kong Branch, Mizuho and Standard Chartered Bank.

Proceeds from each offering will be used by that branch to finance and/or refinance eligible green projects.

Listings for each series became effective on the Luxembourg Stock Exchange on Sept. 18, with additional listings expected on the Hong Kong and Dubai exchanges effective Sept. 18.

Each issuer is a branch of Bank of China Ltd., one of the largest state-owned commercial banks in China.

Issuer:	Bank of China
Issue:	Notes
Maturity:	Sept. 18, 2026
Trustee:	Bank of New York Mellon, London Branch
Counsel to issuer:	Linklaters (England), JunZeJun Law Offices (China)
Counsel to underwriters:	Allen & Overy (England), Jingtian & Gongcheng (China)
Pricing date:	Sept. 11
Issue date:	Sept. 18
Listing dates:	Sept. 18 (Luxembourg), Sept. 19 (Hong Kong, Nasdaq Dubai)
Ratings:	Moody’s: A1
	S&P: A
	Fitch: A
Distribution:	Regulation S
Issuer:	Bank of China Ltd., Luxembourg Branch
Amount:	RMB 2 billion
Bookrunners:	Bank of China, Bank of China (Hong Kong), BOC International, Agricultural Bank of China, Bank of Communications, China Citic Bank, China Construction Bank (Asia), China Securities International, Citigroup, Citic Securities, Credit Agricole CIB, HSBC, Industrial Bank Co., Ltd., Hong Kong Branch, Mizuho and Natixis
Coupon:	2.98%
Price:	Par
Yield:	2.98%
ISIN:	HK0000951035
Issuer:	Bank of China Ltd., Dubai Branch
Amount:	$500 million
Bookrunners:	Bank of China, Bank of China (Hong Kong), BOC International, Agricultural Bank of China, Bank of Communications, Barclays, China Construction Bank (Asia), China Minsheng Banking Corp., Ltd., China Securities International, Citigroup, Citic Securities, Credit Agricole CIB, Emirates NBD Capital, HSBC, ICBC, Industrial Bank Co., Ltd., Hong Kong Branch, Mizuho and Standard Chartered Bank
Coupon:	Compounded SOFR plus 60 bps
Price:	Par
Yield:	SOFR plus 60 bps
ISIN:	XS2677539541

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