Bank of China’s US$942 Million Dual-Currency Blue Bonds Offering

Linklaters acted as international legal advisor to Bank of China Limited on the pricing of its US$942m equivalent dual-currency blue bonds offering. Allen & Overy advised the joint lead managers and joint bookrunners.

The proceeds will be used to support ocean-related sustainability projects. This offering marks the first blue bond issuance in Asia and the first global blue bond issuance by a commercial bank.

The issuance comprised US$500m three-year blue bonds, issued by BOC’s Paris branch and RMB 3bn two-year blue bonds, issued by BOC’s Macau branch. The US dollar denominated bonds are listed on the Euronext Access 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) and managing associate Allen Zhang, with support on the listing on Euronext from partner Véronique Delaittre and managing associate Antoine Galvier from the firm’s Paris office.

The A&O team was co-led by partners Jaclyn Yeap and Agnes Tsang, with support from Alan Zhang, Susan Zhang and Rachel Cheung.

Involved fees earner: Veronique Delaittre – Linklaters; Antoine Galvier – Linklaters; Michael Ng – Linklaters; Allen Zhang – Linklaters;

Law Firms: Linklaters;

Clients: Bank of China;

Author: Michael Patrini