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A&O Shearman supports on the first PRC bank digital bond issuance

Published Date
Jan 21 2025
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A&O Shearman has advised the joint global coordinators, joint lead managers and joint bookrunners on the issuance of USD300 million floating rate digitally native notes due 2028 by Bank of Communications Co., Ltd. Hong Kong Branch under its USD12 billion medium term note programme.

The transaction marked several market firsts as the first digital bond issuance by a PRC bank and the first digital USD bond issuance by a financial institution. The notes were created and recorded on HSBC's digital asset platform and cleared through the Central Moneymarkets Unit (CMU) of the Hong Kong Monetary Authority.

Agnes Tsang A&O Shearman partner commented: "Leveraging our extensive experience in digital bonds, A&O Shearman is delighted to have supported this groundbreaking issuance, which represents several significant market firsts. This transaction underscores our commitment to innovation and our ability to assist clients to navigate the dynamic landscape of digital assets. We look forward to continuing our contributions to the digital bond development in the Greater China region."

The A&O Shearman team was led by partner Agnes Tsang, with support from Gordon Ng, Eileen Qu and Rachel Cheung.

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