Published on 4/29/2022 in the Prospect News Emerging Markets Daily and Prospect News Green Finance Daily.
New Issue: Bank of China branches issue $1 billion and €500 million green notes in two parts
By Rebecca Melvin
New York, April 29 – Bank of China Ltd. sold $1 billion and €500 million of green notes (A1/A/A) via its Macau and Luxembourg branches, according to announcements and listing notices with appended offering circulars on Friday.
The Macau branch priced $1 billion floating-rate notes due April 28, 2025 at par with a coupon of compounded SOFR plus 78 basis points. The notes were expected to be listed on the Hong Kong exchange on Friday.
The Luxembourg branch priced €500 million 1˝% green notes due April 28, 2025 (series 129) at 99.68.
The Regulation S green notes are issued under the bank’s $40 billion medium-term note program.
Bank of China was a manager for each of the tranches, along with additional managers for each tranche.
Proceeds will be used to finance and/or refinance eligible green projects.
The lender is based in Beijing.
| Issuer: | Bank of China Ltd.
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| Amount: | $1 billion and €500 million
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| Issue: | Green notes
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| Trustee: | Bank of New York Mellon, London Branch
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| Counsel to issuer: | Linklaters (England), JunZeJun Law Offices (China)
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| Counsel to managers: | Allen & Overy (England), Jingtian & Gongcheng (China)
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| Pricing date: | April 21
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| Issue date: | April 28
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| Ratings: | Moody’s: A1
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| S&P: A
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| Fitch: A
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| Distribution: | Regulation S
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| Floaters
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| Issuer: | Bank of China Ltd. Macau
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| Amount: | $1 billion
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| Maturity: | April 29, 2025
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| Managers: | Bank of China Ltd., Bank of China (Hong Kong) Ltd., BOCI Asia Ltd., Bank of Communications Co., Ltd., Hong Kong Branch, Bank of Communications Co., Ltd., Macau Branch, BNP Paribas, China Construction Bank (Asia) Corp., Ltd., China International Capital Corp. Hong Kong Securities Ltd., China Minsheng Banking Corp., Ltd., Hong Kong Branch, Citigroup Global Markets Ltd., CLSA Ltd., CMB Wing Lung Bank Ltd., Credit Agricole CIB, Goldman Sachs (Asia) LLC, Industrial and Commercial Bank of China (Asia) Ltd., Industrial and Commercial Bank of China (Macau) Ltd., J.P. Morgan Securities plc, Merrill Lynch (Asia Pacific) Ltd., Mizuho Securities Asia Ltd., SinoPac Securities (Asia) Ltd., Standard Chartered Bank and UBS AG Hong Kong Branch
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| Coupon: | SOFR plus 78 bps
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| Price: | Par
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| ISIN: | XS2471135926
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| Euro-denominated notes
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| Issuer: | Bank of China Ltd. Luxembourg
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| Amount: | €500 million
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| Maturity: | April 28, 2025
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| Managers: | Bank of China (Europe) SA, Bank of China (Hong Kong) Ltd., BOCI Asia Ltd., ABCI Capital Ltd., Agricultural Bank of China Ltd. Hong Kong Branch, Agricultural Bank of China Ltd., Singapore Branch, Bank of Communications Co., Ltd. Hong Kong Branch, BNP Paribas, China Construction Bank (Asia) Corp. Ltd., China Construction Bank (Europe) SA, Citigroup Global Markets Ltd., CLSA Ltd., CMBC Securities Co. Ltd., CMB International Capital Ltd., Credit Agricole CIB, HSBC Continental Europe, Merrill Lynch (Asia Pacific) Ltd. and Standard Chartered Bank AG
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| Coupon: | 1˝%
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| Price: | 99.68
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| ISIN: | XS2471305867
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