Published on 7/6/2016 in the Prospect News Emerging Markets Daily and Prospect News Green Finance Daily.
New Issue: Bank of China prices multi-tranche green dollar, euro, renminbi notes
By Christine Van Dusen
Atlanta, July 6 – Bank of China Ltd. priced a multi-tranche issue of notes due in 2018, 2019 and 2021 and denominated in dollars, euros and renminbi (expected ratings: A1//A), a market source said.
The deal included $750 million three-year floating-rate notes that priced at par to yield Libor plus 100 basis points.
The $500 million 1 7/8% three-year fixed-rate notes priced at 99.93 to yield Treasuries plus 125 bps.
The $1 billion 2¼% five-year notes priced at 99.836 to yield Treasuries plus 135 bps.
The €500 million ¾% five-year notes priced at 99.839 to yield mid-swaps plus 95 bps.
The bookrunners for the four tranches were Bank of China, BofA Merrill Lynch, Credit Agricole CIB, HSBC, BNP Paribas, China Construction Bank (Asia), Commerzbank, ING and SEB.
The RMB 1.5 billion two-year notes priced at par to yield 3.6% via bookrunners Bank of China, Citigroup and Wells Fargo Securities.
The proceeds from all of the bonds will be used to fund green projects.
| Issuer: | Bank of China Ltd.
|
| Trade date: | July 5
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| Settlement date: | July 12
|
| Distribution: | Regulation S
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| Expected ratings: Moody's: A1
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| Fitch: A
|
|
|
| Floating-rate notes due 2019
|
| Amount: | $750 million
|
| Maturity: | July 12, 2019
|
| Bookrunners: | Bank of China, BofA Merrill Lynch, Credit Agricole CIB, HSBC, BNP Paribas, China Construction Bank (Asia), Commerzbank, ING, SEB
|
| Coupon: | Libor plus 100 bps
|
| Price: | Par
|
|
|
| Fixed-rate notes due 2019
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| Amount: | $500 million
|
| Maturity: | July 12, 2019
|
| Bookrunners: | Bank of China, BofA Merrill Lynch, Credit Agricole CIB, HSBC, BNP Paribas, China Construction Bank (Asia), Commerzbank, ING, SEB
|
| Coupon: | 1 7/8%
|
| Price: | 99.93
|
| Spread: | Treasuries plus 125 bps
|
|
|
| Dollar notes due 2021
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| Amount: | $1 billion
|
| Maturity: | July 12, 2021
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| Bookrunners: | Bank of China, BofA Merrill Lynch, Credit Agricole CIB, HSBC, BNP Paribas, China Construction Bank (Asia), Commerzbank, ING and SEB
|
| Coupon: | 2¼%
|
| Price: | 99.836
|
| Spread: | Treasuries plus 135 bps
|
|
|
| Euro notes due 2021
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| Amount: | €500 million
|
| Maturity: | July 12, 2021
|
| Bookrunners: | Bank of China, BofA Merrill Lynch, Credit Agricole CIB, HSBC, BNP Paribas, China Construction Bank (Asia), Commerzbank, ING, SEB
|
| Coupon: | ¾%
|
| Price: | 99.839
|
| Spread: | Mid-swaps plus 95 bps
|
|
|
| Renminbi notes due 2018
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| Amount: | RMB 1.5 billion
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| Maturity: | July 12, 2018
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| Bookrunners: | Bank of China, Citigroup, Wells Fargo Securities
|
| Coupon: | 3.6%
|
| Price: | Par
|
| Yield: | 3.6%
|
|
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