Published on 6/27/2023 in the Prospect News Emerging Markets Daily and Prospect News Green Finance Daily.
New Issue: Bank of China branch sells $500 million 4 5/8% notes due 2026 at 99.754
By William Gullotti
Buffalo, N.Y., June 27 – Bank of China Ltd., New York Branch priced $500 million of 4 5/8% notes due 2026 (A1/A/A) at 99.754, according to a listing notice with an appended offering circular on Tuesday.
The Regulation S notes are issued under the bank’s $40 billion medium-term note program and may not be redeemed prior to maturity.
Bank of China, Bank of China (Hong Kong), BOC International, Agricultural Bank of China, Bank of Communications, Barclays, China Citic Bank, China Construction Bank (Asia), China International Capital Corp., China Securities International, Citigroup, Citic Securities, CMB Wing Lung Bank Ltd., Credit Agricole CIB, Industrial Bank Co., Ltd., Hong Kong Branch, J.P. Morgan, Mizuho and Wells Fargo Securities are the joint global coordinators, joint lead managers and joint bookrunners for the offering.
Proceeds will be used to finance and/or refinance eligible green projects.
Listing for the notes is expected on the Hong Kong Exchange effective June 27.
The issuer is a branch of Bank of China Ltd., one of the largest state-owned commercial banks in China.
| Issuer: | Bank of China Ltd., New York Branch
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| Amount: | $500 million
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| Issue: | Notes, series 139
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| Maturity: | June 26, 2026
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| Bookrunners: | Bank of China, Bank of China (Hong Kong), BOC International, Agricultural Bank of China, Bank of Communications, Barclays, China Citic Bank, China Construction Bank (Asia), China International Capital Corp., China Securities International, Citigroup, Citic Securities, CMB Wing Lung Bank Ltd., Credit Agricole CIB, Industrial Bank Co., Ltd., Hong Kong Branch, J.P. Morgan, Mizuho and Wells Fargo Securities
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| Trustee: | Bank of New York Mellon, London Branch
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| Counsel to issuer: | Linklaters (England, New York), JunZeJun Law Offices (China)
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| Counsel to underwriters: | Allen & Overy (England, New York), Jingtian & Gongcheng (China)
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| Coupon: | 4 5/8%
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| Price: | 99.754
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| Pricing date: | June 15
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| Issue date: | June 26
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| Listing date: | June 27
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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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| ISIN: | XS2632485897
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