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Bank of China Macau Branch first Chinese issuer to issue social bonds in the offshore market

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Yeap Jaclyn
Jaclyn Yeap

Of Counsel

Hong Kong

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Tsang Agnes
Agnes Tsang

Partner

Hong Kong

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Mirpuri Madhu
Madhu Mirpuri

Marketing and Communications Manager

Hong Kong

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09 March 2020

Allen & Overy advised the joint lead managers and joint bookrunners on a dual-currency senior small and medium enterprises (SMES) themed (COVID-19 Impact Alleviation) social bonds issuance. This is the first social bonds issuance from a Chinese issuer in the international capital markets.

This landmark transaction comprises of a HKD4 billion 1.95% bonds due 2022 and a MOP1 billion 1.90% bonds due 2022. Both notes are issued under Bank of China Limited’s USD40 billion MTN programme and are aligned with the Social Bond Principles 2018 published by the International Capital Market Association. Proceeds of the bonds will be used to support SMES in Macau to aid access to financial resources and reduce financing costs in response to the recent outbreak of COVID-19.

Partner Agnes Tsang and Of Counsel Jaclyn Yeap led the transaction advising the joint lead managers and joint bookrunners and were supported by a team including Ming Wei Loo, Angela Liu, Evelyn Zhu, Iris Zhou and Dilys Hung.

Allen & Overy advised the underwriters’ on Bank of China Macau Branch’s first SOFR-based bond in Asia and first green bonds in Macau last October.