Bank of China Ltd. Paris Branchs Proposed MTN Drawdown Assigned #A# Rating

Stocks and Financial Services Press Releases Tuesday November 14, 2017 16:20
HONG KONG--14 Nov--S&P Global Ratings

HONG KONG (S&P Global Ratings) Nov. 14, 2017--S&P Global Ratings today said it has assigned its 'A' long-term issue rating to the proposed U.S. dollar, euro, and Chinese renminbi denominated senior unsecured green bonds to be issued by Bank of China Ltd. (Paris Branch). The notes are to be issued pursuant to Bank of China Ltd.'s (BOC) US$30 billion medium-term note (MTN) program.

The rating on the notes reflects the structure of the proposed issuance and is in line with our issuer credit ratings on BOC. The U.S. dollar denominated notes will have a tenor of five years and pay fixed or floating rate coupons; the euro dollar denominated notes will have a tenor of three years and pay floating rate coupons; and the renminbi denominated notes will have a tenor of three years and pay fixed coupons. These notes will be redeemable at par on maturity. The notes will constitute direct, general, unsubordinated, unconditional, and unsecured obligations of BOC and will at all times rank equally among themselves.

BOC is headquartered in Beijing. It reported assets of RMB19.4 trillion as of Sept. 30, 2017.

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