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BOC Sydney expands Belt and Road initiatives

King & Wood Mallesons has advised Bank of China’s Sydney branch on its Aussie dollar bond issuance as part of a progression of the Belt and Road initiatives. 

user iconEmma Musgrave • 09 May 2019 • Big Law
Philip Harvey
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Firm: King & Wood Mallesons (BOC Sydney)

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Deal: BOC Sydney has been advised on its Australian dollar bond issuance, as part of the state-owned lender’s multicurrency, multitranche ‘Silk Road’ bonds offering in April 2019. The bonds were denominated in US dollars, euros, Australian dollars, offshore renminbi and Hong Kong dollars through five of its branches – Sydney, Luxembourg, Hong Kong, Frankfurt and Macau, according to a statement from KWM.

Value: “The A$600 million bonds were issued off the bank’s overall US$40 billion Medium Term Note programme, with a 3.5-year Australian dollar floating rate and ratings of A1/A/A, on par with BOC,’ the statement noted.

Area: Finance

Key players: The KWM team was led by partner Philip Harvey, with assistance by special counsel Angela Chung.

Deal significance: According to KWM's statement, the bonds mark BOC’s fifth in the international market specifically for China’s Belt and Road Initiative.

The proceeds of the bonds, it noted, “are slated to support projects under the BRI, which is a massive infrastructure initiative linking some 65 countries across Asia, Europe and Africa”.

“KWM is currently involved in a range of Belt and Road projects and advising BOC Sydney on this issuance is another way in which the firm can help progress this international initiative,” explained partner Philip Harvey.

“BRI looks to bolster economic co-operation and pave the way for simplified trades between countries along the ancient Silk Road and we are proud to be involved in progressing projects that serve to promote exchange and mutual learning in the region.”

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Emma Musgrave

Emma Musgrave

Emma Musgrave (née Ryan) is the managing editor, professional services at Momentum Media.

Emma has worked for Momentum Media since 2015, including five years spent as the editor of the company's legal brand - Lawyers Weekly. Throughout her time at Momentum, she has been responsible for breaking some of the biggest stories in corporate Australia. In addition, she has produced exclusive multimedia and event content related to the company's respective brands and audiences. 

Prior to joining Momentum Media, Emma worked in breakfast radio, delivering news to the Central West region of NSW, before taking on a radio journalist role at Southern Cross Austereo, based in Townsville, North Queensland.

She holds a Bachelor of Communications (Journalism) degree from Charles Sturt University. 

Email Emma on: This email address is being protected from spambots. You need JavaScript enabled to view it. 

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