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Allen & Overy advises the joint lead managers on Bank of China’s landmark issuance of USD3.8bn equivalent multi-currency bonds for the Belt and Road Initiative


18 April 2019

Allen & Overy has advised the joint lead managers in connection with the issuance of Belt and Road Initiative (BRI) themed, USD3.8bn equivalent multi-tranche and multi-currency bonds by Bank of China Limited (BOC) under its USD40bn medium term note programme, providing low-cost funding for medium and long-terms projects related to the BRI.

This transaction involves eight tranches of bonds in five currencies, issued by five BOC branches, namely the Luxembourg branch, Hong Kong branch, Frankfurt branch, Sydney branch and Macau branch. The bonds will be listed on the Hong Kong Stock Exchange, and for some tranches, on additional stock exchanges including the China Europe International Exchange, the Frankfurt Stock Exchange and the Luxembourg Stock Exchange.

The Allen & Overy team has advised the joint lead managers for each of the bond issuances. It is led by Partner Agnes Tsang and Of Counsel Jaclyn Yeap, with support from lawyers Tiffany Tse, Alan Zhang, Catherine Wong and Evelyn Zhu.

Partner Agnes Tsang commented: “This is a landmark transaction which demonstrates the strong confidence of global investors in BRI themed bonds and more broadly in collaboration with BRI related projects. We have also seen the growing ambition of Chinese banks in participating in the multi-billion dollar BRI.”

Of Counsel Jaclyn Yeap added: “We are delighted to have advised over thirty major financial institutions from different jurisdictions. This illustrates Allen & Overy’s capability to dedicate teams and expertise in such a large scale multi-branch and multi-currency transaction.”




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