Bank of China (Hong Kong Branch)'s Proposed MTN Drawdown Rated 'A'

HONG KONG (S&P Global Ratings) Jan. 28, 2021--S&P Global Ratings today assigned its 'A' long-term issue rating to Bank of China Ltd. (Hong Kong Branch)'s proposed issuance of U.S.-dollar-denominated fixed-rate notes (Yulan bonds). The notes will draw down from Bank of China Ltd.'s (BOC) US$40 billion medium-term note (MTN) program. The issue rating is subject to our review of the final issuance documentation. The Yulan bonds are redeemable at par on maturity. They will constitute direct, general, unsecured, unconditional, and unsubordinated obligations of the issuer, which will at all times rank equally with its other present and future senior unsecured obligations, save for those preferred by provisions of law. The issuer intends to use the proceeds for general corporate purpose.

...January 27, 2021 HONG KONG (S&P Global Ratings) Jan. 28, 2021--S&P Global Ratings today assigned its 'A' long-term issue rating to Bank of China Ltd. (Hong Kong Branch)'s proposed issuance of U.S.-dollar-denominated fixed-rate notes (Yulan bonds). The notes will draw down from Bank of China Ltd.'s (BOC) US$40 billion medium-term note (MTN) program. The issue rating is subject to our review of the final issuance documentation. The Yulan bonds are redeemable at par on maturity. They will constitute direct, general, unsecured, unconditional, and unsubordinated obligations of the issuer, which will at all times rank equally with its other present and future senior unsecured obligations, save for those preferred by provisions of law. The issuer intends to use the proceeds for general corporate purpose. The rating on the notes reflects our long-term issuer credit rating on BOC (A/Stable/A-1). We view the creditworthiness of the Hong Kong branch as equal to that of the bank....

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