Linklaters advises Bank of China on its US$920m equivalent SOFR Index and SONIA Index floating rate bonds

On 3 August 2021, Linklaters acted as international legal advisor to Bank of China on the pricing of its US$920m equivalent Secured Overnight Financing Rate (SOFR)/ Sterling Overnight Index Average (SONIA) benchmark floating rate bonds.

Bank of China, through its London and Hong Kong SAR branches, priced £300m 2-year SONIA Index bonds and US$500m 3-year SOFR Index bonds, respectively. The GBP denominated SONIA bonds are the world's first public offering of non-sovereign senior SONIA Index bonds and are admitted to trading on the International Securities Market of the London Stock Exchange, while the US dollar denominated SOFR Index bonds are listed on the Hong Kong Stock Exchange.

The Linklaters team was led by capital markets partner Michael Ng, counsel Grace Wee, with support from managing associate Allen Zhang.

Linklaters is committed to supporting clients on some of the most innovative and highest profile transactions, including advising on a host of firsts in the LIBOR transition space in Asia:

• Asia’s first public GBP LIBOR to SONIA consent solicitation
• Asia’s first public SOFR Index floating rate notes
• Asia’s first public SOFR-linked floating rate notes