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Clifford Chance advises on Bank of China's first Greater Bay Area multi-currency, multi-tranche bond deal

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19 December 2018

Clifford Chance advises on Bank of China's first Greater Bay Area multi-currency, multi-tranche bond deal

Leading international law firm Clifford Chance advised on Bank of China Limited's first multi-currency, multi-tranche US$1.83 billion bond deal to support the development of the Greater Bay Area in southern China. The four currency, five tranche transactions were under its US$40 billion medium term note (MTN) programme.

The proceeds from the transactions will be used to finance various loan projects in the Greater Bay Area, such as the recently-opened Hong Kong-Zhuhai-Macau Bridge. The Greater Bay Area is a Chinese government initiative to link the cities of Hong Kong, Macau, Guangzhou, Shenzhen, Zhuhai, Foshan, Zhongshan, Dongguan, Huizhou, Jiangmen and Zhaoqing into an economic and business hub.

Head of Capital Markets for Asia Pacific partner Connie Heng led on the deal and was supported by consultant Mark Chan, associates Torrance Shi, Sarah Cheng and Angie Yeung, and trainee Bowie Szeto.

The team advised the managers on the following:

  • Bank of China Limited, Hong Kong Branch on the issuance of its RMB1 billion 4.45% notes due 2021;
  • Bank of China Limited, Hong Kong Branch on the issuance of its HK$4 billion 3.3% notes due 2020 – the largest public bond issue in the currency this year;
  • Bank of China Limited, Macau Branch on the issuance of its US$550 million floating rate notes due 2021;
  • Bank of China Limited, Macau Branch on the issuance of its US$250 million floating rate notes due 2023;
  • Bank of China Limited, Macau Branch on the issuance of its MOP3 billion 3% notes due 2020 – the first public pataca bond issue in the offshore capital markets.

Connie said, "We are honoured to be working with Bank of China on these landmark transactions. This transaction highlights the exceptional expertise and bench strength of our market-leading Capital Markets practice."

Clifford Chance has acted in the past on Bank of China's previous issuances under its MTN programme.

高伟绅律师事务所就中国银行首次发行大湾区多币种多批次债券提供法律服务

国际领先律师事务所高伟绅就中国银行股份有限公司(以下简称“中国银行”)首次发行大湾区18.3亿等值美元多币种多批次债券,为承销商提供法律服务。本次债券发行旨在配合推动粤港澳大湾区的发展。债券发行在中国银行的400亿美元中期票据计划下开展,共涉及四个币种、五个批次。

本次债券发行所募集资金将将广泛用于大湾区相关信贷项目,例如近期开通的港珠澳大桥等。推进大湾区建设,是中国政府为了将区内城市,包括香港、澳门、广州、深圳、珠海、佛山、中山、东莞、惠州、江门和肇庆,连结成商业经济枢纽而提出的倡议。

本次债券发行的法律咨询团队由亚太区资本市场业务主管合伙人王彦琳带领,协作人员有资深顾问律师陈方中、高级律师施超、注册外国律师郑美苹、法律助理杨芷娸及见习律师司徒映稜。

团队就以下债券批次发行为承销商提供咨询:

• 中国银行香港分行发行于2021年到期、息率4.45%的10亿人民币票据;
• 中国银行香港分行发行于2020年到期、息率3.3%的40亿港元票据(本年度发行规模最大的港币计价公募债券);
• 中国银行澳门分行发行于2021年到期的5.5亿美元浮息票据;
• 中国银行澳门分行发行于2023年到期的2.5亿美元浮息票据;以及
• 中国银行澳门分行发行于2020年到期、息率3%的30亿澳门币票据(该行首次在境外资本市场发行澳门币计价公募债券)。

王彦琳表示:“我们很荣幸能协助中国银行办理这些具有里程碑意义的交易。这些交易的法律咨询由我们资本市场业务部承办,彰显了我们市场领先的专业知识和后备力量。”

高伟绅在过去也曾多次参与中国银行在其中期票据计划开展的债券发行交易。