Published on 12/6/2022 in the Prospect News Emerging Markets Daily.
New Issue: Bank of China branch sells $300 million 4¾% notes due 2025 at 99.751
By William Gullotti
Buffalo, N.Y., Dec. 6 – Bank of China Ltd., Dubai Branch priced $300 million of 4¾% notes due 2025 (A1/A/A) at 99.751, 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 Ltd., Hong Kong Branch, Bank of Communications, BNP Paribas, China Minsheng Banking Corp., Ltd., Hong Kong Branch, China Securities International, Citic Securities, CNCB Capital, Credit Agricole CIB, HSBC, ICBC, Mizuho and MUFG are the joint global coordinators, joint lead managers and joint bookrunners for the offering.
Proceeds will be used for general corporate purposes.
Listings for the notes are expected on the Hong Kong Exchange and on Nasdaq Dubai effective Dec. 6.
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., Dubai Branch
|
| Amount: | $300 million
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| Issue: | Notes, series 136
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| Maturity: | Dec. 5, 2025
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| Bookrunners: | Bank of China, Bank of China (Hong Kong), BOC International, Agricultural Bank of China Ltd., Hong Kong Branch, Bank of Communications, BNP Paribas, China Minsheng Banking Corp., Ltd., Hong Kong Branch, China Securities International, Citic Securities, CNCB Capital, Credit Agricole CIB, HSBC, ICBC, Mizuho and MUFG
|
| Trustee: | Bank of New York Mellon, London Branch
|
| Counsel to issuer: | Linklaters (England), JunZeJun Law Offices (China)
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| Counsel to underwriters: | Allen & Overy (England), Jingtian & Gongcheng (China)
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| Coupon: | 4¾%
|
| Price: | 99.751
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| Yield: | 4.84%
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| Pricing date: | Nov. 28
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| Issue date: | Dec. 5
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| Listing date: | Dec. 6
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| Ratings: | Moody’s: A1
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| S&P: A
|
| Fitch: A
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| Distribution: | Regulation S
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| ISIN: | XS2553801098
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