Clifford Chance

Clifford Chance advises on Bank of China's multi-currency drawdowns under US$30 billion MTN programme

Leading international law firm Clifford Chance advised on Bank of China Limited's multi-tranche and multi-currency drawdowns under its US$30 billion medium term note programme. The transactions were undertaken by Bank of China Limited as part of the 'One Belt One Road' initiative.

Head of Capital Markets for Asia Pacific partner Connie Heng led on the deal and was supported by consultant Mark Chan, associates Torrance Shi, Jeffery Hung, Nancy Mu and trainee Angie Yeung.

The team advised the managers on the following:

• Bank of China Limited, Singapore Branch on its issuance of US$600 million floating rate notes due 2020;
• Bank of China Limited, Dubai Branch on its US$650 million floating rate notes due 2020;
• Bank of China Limited, Johannesburg Branch on its CNY1.5 billion fixed rate notes due 2020;
• Bank of China (Luxembourg) S.A. on its EUR500 million floating rate guaranteed notes due 2020 guaranteed by Bank of China Limited, Luxembourg Branch;
• Bank of China Limited, Macau Branch on its US$750 million fixed rate notes due 2022 and US$300 million fixed rate notes due 2027; and
• Bank of China Limited, Sydney Branch on its AU$800 million floating rate notes due 2022.

Connie said, "This transaction showcases once again the extraordinary expertise and multi-jurisdictional capability of our Capital Markets practice. The transaction includes many firsts including the first CNY-denominated bond issued in South Africa."