Linklaters acted Bank of China Limited (BOC) on the pricing of its approx. US$780m equivalent dual-currency transition bonds public offering.
The proceeds of the bonds will be used to finance and/or refinance eligible transition projects, which are in line with strategic pathways of carbon neutrality goals and strategies of the countries and regions the projects are located in. This offering marks the first ever transition bonds aligned to the ICMA Climate Transition Finance Handbook globally, the first transition bonds from Asia referencing the EU Taxonomy transition activity classification, and the first ever transition bonds from a financial institution by public offering globally.
The issuance comprised US$500m 3-year transition bonds and RMB1.8bn 2-year transition bonds, issued by BOC’s Hong Kong branch. Both the US dollar denominated bonds and the Renminbi denominated bonds are listed on the Hong Kong Stock Exchange.
The Linklaters team was led by capital markets partner Michael Ng (Picture), with support from managing associate Allen Zhang.
Law Firms: Linklaters;
Clients: Bank of China;