Clifford Chance

Clifford Chance advises on Bank of China's multibillion four currency bond issuance

Leading international law firm Clifford Chance has advised the joint global coordinators on Bank of China's US$3.55 billion four currency multi-tranche bond issuance. The multiple series of notes were issued under Bank of China Limited's US$20 billion Medium Term Note Programme.

The separate tranches were the following: Bank of China Limited, Singapore Branch SG$500 million 2.75 % notes due 2019; Bank of China Limited, Abu Dhabi Branch CNY2 billion 3.60% notes due 2017; Bank of China Limited, Hong Kong Branch US$1 billion 2.125% notes due 2018, US$800 million 2.875% notes due 2020 and US$500 million 3.875% notes due 2025; and Bank of China Limited, Hungarian Branch EUR500 million Floating Rate Notes due 2018.

Partner Matt Fairclough who led the deal said, "This transaction represents another landmark for the capital markets given its sheer size, number of issuing branches and tranches all coming to the market at the same time. Our capital markets team continues to work on some of the largest and most innovative transactions for financial institutions in Asia, including these multi-tranche senior debt deals as well as a variety of regulatory capital financings and equity transactions."

Matt was supported by senior associate Mark Chan and associate Torrance Shi.

Clifford Chance's Capital Markets team has been involved in other recent groundbreaking deals such as advising on Bank of China's Tier 1 preference share and Tier 2 capital securities transactions and on Thailand's first dim sum bond issued by TMB Bank Public Company Limited.