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Bank of China Macau Branch issues first SOFR-based bond in Asia and first green bonds in Macau

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Tsang Agnes
Agnes Tsang


Hong Kong

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Yeap Jaclyn
Jaclyn Yeap



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18 October 2019

HONG KONG: Allen & Overy has advised the joint lead managers in connection with the issuance of US$959.9mn equivalent multi-tranche and multi-currency bonds by Bank of China Limited, Macau Branch under Bank of China Limited’s USD40bn medium term note programme.

This transaction involves three tranches of bonds denominated in CNY, USD and Euro with tenors of two to three years. The three tranches are also certified as green by the Climate Bond Initiative and are the first green bonds issued in the Macau Special Administrative Region of the People’s Republic of China.

The USD bonds are the first bonds in Asia to adopt the Secured Overnight Financing Rate (SOFR), a key milestone for issuers in the region looking to move away from the London Interbank Offered Rate.

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 team members Tiffany Tse, Alan Zhang, Evelyn Zhu and Dilys Hung.

For further information, please contact Madhu Mirpuri ( on +852 2974 7377.