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Allen & Overy advises the managers on Bank of Communications’ debut additional tier 1 perpetual capital bond

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Yeap Jaclyn
Jaclyn Yeap

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Hong Kong

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Madhu Mirpuri

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20 November 2020

Allen & Overy has advised the managers in connection with Bank of Communications’ USD2.8 billion undated additional tier 1 (AT1) capital bonds, utilising a new perpetual bond format for Chinese banks.

The bonds were offered under Regulation S format and listed on the Hong Kong Stock Exchange. The securities are intended to qualify as AT1 capital of Bank of Communications under the CBIRC Capital Regulations. This landmark transaction marks the first offshore capital issuance by a Chinese financial institution with a perpetual bond structure.

The Allen & Overy team advised Bank of Communications and J.P. Morgan as the joint global coordinators, joint book runners and joint lead managers, BOCOM International, Crédit Agricole CIB, HSBC, Goldman Sachs (Asia) L.L.C., Citigroup, China International Capital Corporation, ANZ, and BNP PARIBAS as the joint book runners and joint lead managers, and Huarong International Securities and Guotai Junan International as the co-managers. Partner Jaclyn Yeap led the Allen & Overy team comprising of Jiayin Yu, Evelyn Zhu and Rey Zhu.