BOC Sydney expands Belt and Road initiatives

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BOC Sydney expands Belt and Road initiatives

Philip Harvey

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. 

Firm: King & Wood Mallesons (BOC Sydney)

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 Ryan

Emma Ryan

Emma Ryan is the editor of Lawyers Weekly at Momentum Media.

Emma has worked for Momentum Media since 2015, and has been responsible for breaking some of the biggest stories in corporate Australia. She also directs the content for Lawyers Weekly's stable of events, including the Australian Law Awards, the Women in Law Awards and the Boutique Law Summit. 

A journalist by training, Emma has spent her career connecting with audiences across a variety of platforms, including online, podcast and radio.

She graduated from Charles Sturt University with a Bachelor of Communications (Journalism). 

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