Linklaters advises Bank of China on its multi-jurisdictional, multi-currency notes issuance to raise low-cost funding for Belt and Road Initiatives

Linklaters advised Bank of China Limited (“BOC”) on its jumbo bond offerings with an aggregate principal amount of US$3.8 billion, issued by BOC’s Hong Kong, Macau, Luxembourg, Frankfurt and Sydney branches simultaneously.

 

The offerings, comprised a total of eight tranches, issued in five different currencies, in both fixed and floating rates, with multiple tenors, are listed on the Hong Kong Stock Exchange, the EuroMTF market operated by the Luxembourg Stock Exchange, the Quotation Board of the Open Market (Freiverkehr) at the Frankfurt Stock Exchange (Frankfurter Wertpapierbörse) and the China Europe International Exchange (CEINEX). The proceeds of the Notes would be used to fund medium and long-term projects related to the Belt and Road Initiative.

 

Linklaters were advisors to BOC for English, Hong Kong, Luxembourg and German law.  The Linklaters team was led by partner Michael Ng, supported by associates Jessica Zhou and Zhefei Zhang form the firm’s Hong Kong office, alongside partner Nicki Kayser, consultant Delphine Horn and associate Merve Nazli Kaylan from the firm’s Luxembourg office and partner Christian Storck and associate Yue Qi from the firm’s Frankfurt office.

 

Linklaters has been a trusted advisor to BOC for many years, having worked with them on the establishment of their MTN programme in 2013, and all of their drawdowns thereunder, including all of its annual multi-branch Belt and Road Initiative mega notes offerings for the past five years, raising a total of US$14.6 billion. Linklaters also advised on BOC’s recent Greater Bay notes offering (including the first public MOP-denominated bond issue in offshore capital markets).