CBI member, Clifford Chance advised on Bank of China’s first multi-currency, multi-tranche bond deal to support the development of the Greater Bay Area in southern China. The deal involved four currencies and five tranche transactions and was valued in USD at $1.83 billion.
Clifford Chance advised on a total of 5 transactions, these were:
- Bank of China, Hong Kong Branch on the issuance of its RMB 1 billion 4.45% notes due 2021;
- Bank of China, Hong Kong Branch on the issuance of its HK$ 4 billion 3.3% notes due 2020 – which was the largest public bond issue in the HK$ of last year;
- Bank of China, Macau Branch on the issuance of its US$ 550 million floating rate notes due 2021;
- Bank of China, Macau Branch on the issuance of its US$ 250 million floating rate notes due 2023;
- Bank of China, Macau Branch on the issuance of its Macanese Pataca (MOP) 3 billion 3% notes due 2020 – the first public Macanese Pataca bond issue in the offshore capital markets.
Head of Capital Markets for Asia Pacific, partner Connie Heng led on the deal and said: “We [Clifford Chance] are honoured to be working with Bank of China on these landmark transactions. This transaction highlights the exceptional expertise and bench strength of our market-leading Capital Markets practise.”
This deal was the second time Clifford Chance has advised Bank of China, having previously acted in the past on Bank of China’s previous issuances medium term note programme. The proceeds from the transactions will be used to finance various loan projects in the Greater Bay Area, such as the recently opened Hong Kong – Zhuhai – Macau Bridge.
The Greater Bay Area is a Chinese government initiative to link the cities of Hong Kong, Macau, Guangzhou, Shenzhen, Zhuhai, Foshan, Dongguan, Huizhou, Jiangmen and Zhaoqing into an economic and business hub. The Bay is also one of the starting points for China’s Belt & Road Initiative.
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