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On 8th May 2014, Bank of China Limited, Luxembourg Branch launched its first offshore-RMB “Schengen” bond, for an amount of RMB 1.5 billion. The transaction is done under the USD 10 billion MTN programme of the Bank of China Group. With the support from international and local institutional investors, the issuance was around 2 times oversubscribed. It was priced at 3.50% for the 3-year bond.
The “Schengen” bond has enabled Bank of China to become the first Chinese mainland company to launch its RMB bonds in mainland Europe, and the bond will be listed in the Luxembourg Stock Exchange, which will be the first time for the Bank of China Group to list its RMB bonds in the Eurozone. The choice of Luxembourg as a listing place reflects the commitment of the Bank of China...
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