New Issue: China’s Bank of Communications sells $1 billion 2.304% subordinated bonds due 2031

By William Gullotti

Buffalo, N.Y., July 8 – Bank of Communications Co., Ltd. sold $1 billion of 2.304% subordinated tier-2 bonds (BBB/BBB+) due 2031, according to a Stock Exchange of Hong Kong listing notice on Thursday.

The joint global coordinators, joint lead managers and joint bookrunners for the offering are Bank of Communications, Bocom International, Citigroup and HSBC.

Also serving as joint lead managers and joint bookrunners are Agricultural Bank of China Ltd., Hong Kong Branch, Bank of China, China Citic Bank International, China Everbright Bank Hong Kong Branch, China International Capital Corp., China Minsheng Banking Corp., Ltd., China Securities International, CLSA, CMB International, Crédit Agricole CIB, Guotai Junan International, Haitong International, Huarong International Securities, ICBC, JP Morgan, Shanghai Pudong Development Bank and Standard Chartered Bank.

The branch will use the proceeds to strengthen its capital base and fund business development. The listing for the Regulation S bonds is expected to take effect July 9.

Bank of Communications is based in Shanghai.

Issuer:	Bank of Communications Co., Ltd.
Issue:	Subordinated Tier-2 Bonds
Amount:	$1 billion
Maturity:	2031
Bookrunners:	Bank of Communications, Bocom International, Citigroup, HSBC, Agricultural Bank of China Ltd., Hong Kong Branch, Bank of China, China Citic Bank International, China Everbright Bank Hong Kong Branch, China International Capital Corp., China Minsheng Banking Corp., Ltd., China Securities International, CLSA, CMB International, Crédit Agricole CIB, Guotai Junan International, Haitong International, Huarong International Securities, ICBC, JP Morgan, Shanghai Pudong Development Bank and Standard Chartered Bank
Coupon:	2.304%
Pricing date:	June 29
Listing date:	July 9

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