Published on 8/31/2023 in the Prospect News Emerging Markets Daily and Prospect News Green Finance Daily.
New Issue: Bank of Communications branch prices $500 million of three-year floaters at par
By William Gullotti
Buffalo, N.Y., Aug. 31 – China’s Bank of Communications Co., Ltd., via its Hong Kong branch, priced $500 million of three-year floating-rate notes (A2) at par, according to a listing notice with an appended offering circular on Thursday.
The Regulation S notes are issued under the bank’s $12 billion medium-term note program, listed June 7.
Interest will be SOFR plus 60 basis points.
Bank of Communications Co., Ltd., Hong Kong Branch, Credit Agricole CIB, HSBC Ltd., Agricultural Bank of China Ltd., Hong Kong Branch, Agricultural Bank of China Ltd., Macao Branch, Bank of China Ltd., Bank of China (Hong Kong) Ltd., Bocom International Securities Ltd., China Citic Bank International Ltd., China Construction Bank (Asia) Corp., Ltd., China Construction Bank Corp., Singapore Branch, China Everbright Bank Co., Ltd., Hong Kong Branch, China Galaxy International Securities (Hong Kong) Co., Ltd., China International Capital Corp., Hong Kong Securities Ltd., CLSA Ltd., CMB International Capital Ltd., CMB Wing Lung Bank Ltd., Guotai Junan Securities (Hong Kong) Ltd., Huatai Financial Holdings (Hong Kong) Ltd., Hua Xia Bank Co., Ltd., Hong Kong Branch, Industrial and Commercial Bank of China (Asia) Ltd., Industrial and Commercial Bank of China Ltd., Dubai (DIFC) Branch and Industrial Bank Co., Ltd., Hong Kong Branch are the joint lead managers and joint bookrunners for the offering, with the issuer, Credit Agricole and HSBC also acting as joint global coordinators.
Proceeds will be used to finance and/or refinance eligible green assets and/or projects.
Listing for the notes is expected on the Hong Kong Exchange effective Aug. 31.
Bank of Communications is based in Shanghai.
| Issuer: | Bank of Communications Co., Ltd., Hong Kong Branch
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| Amount: | $500 million
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| Issue: | Floating-rate notes, series 50
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| Maturity: | Aug. 30, 2026
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| Bookrunners: | Bank of Communications Co., Ltd., Hong Kong Branch, Credit Agricole CIB, HSBC Ltd., Agricultural Bank of China Ltd., Hong Kong Branch, Agricultural Bank of China Ltd., Macao Branch, Bank of China Ltd., Bank of China (Hong Kong) Ltd., Bocom International Securities Ltd., China Citic Bank International Ltd., China Construction Bank (Asia) Corp., Ltd., China Construction Bank Corp., Singapore Branch, China Everbright Bank Co., Ltd., Hong Kong Branch, China Galaxy International Securities (Hong Kong) Co., Ltd., China International Capital Corp., Hong Kong Securities Ltd., CLSA Ltd., CMB International Capital Ltd., CMB Wing Lung Bank Ltd., Guotai Junan Securities (Hong Kong) Ltd., Huatai Financial Holdings (Hong Kong) Ltd., Hua Xia Bank Co., Ltd., Hong Kong Branch, Industrial and Commercial Bank of China (Asia) Ltd., Industrial and Commercial Bank of China Ltd., Dubai (DIFC) Branch and Industrial Bank Co., Ltd., Hong Kong Branch
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| Trustee: | Bank of Communications Co., Ltd. (as fiscal agent, paying agent, transfer agent and registrar)
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| Counsel to issuer: | Linklaters (England), King & Wood Mallesons (China)
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| Counsel to underwriters: | Allen & Overy (England), JunHe LLP (China)
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| Coupon: | SOFR plus 60 bps
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| Price: | Par
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| Yield: | SOFR plus 60 bps
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| Call: | For taxation reasons at par
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| Pricing date: | Aug. 23
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| Issue date: | Aug. 30
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| Listing date: | Aug. 31
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| Rating: | Moody’s: A2 (expected)
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| Distribution: | Regulation S
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| ISIN: | XS2673392796
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