Bank of China launches new $40 billion medium-term note program

By William Gullotti

Buffalo, N.Y., May 9 – Bank of China Ltd. launched a new $40 billion medium-term note program (A1/A/A) on Monday, according to an offering circular published on Tuesday.

Individual branches may issue program drawdowns as subsidiary issuers, in which case individual guarantors may be specified in the relevant pricing supplements.

The Regulation S program also includes provisions for Rule 144A drawdowns.

The bank, as both Bank of China Ltd. and Bank of China (Hong Kong) Ltd., is acting as its own arranger and dealer for the program.

Bank of New York Mellon, London Branch is the trustee.

Allen & Overy and Jingtian & Gongcheng will advise the bank in its capacity as arranger and dealer.

Linklaters and JunZeJun Law Offices will advise the bank in its capacity as issuer.

The program became effective May 8, will remain effective for 12 months and is listed on the Hong Kong Exchange.

Bank of China is one of the largest state-owned commercial banks in China.

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