Year-end yield hunt drives BOCGI’s $600m bond

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By Addison Gong
28 Nov 2019

Bank of China’s Macau branch guaranteed a $600m bond for Bank of China Group Investment (BOCGI) that was issued through a special purpose vehicle — a structure that has fallen out of favour among the big Chinese banks.

BOCGI is incorporated in Hong Kong and wholly-owned by Bank of China. Its new deal was issued through an SPV called Amipeace and guaranteed by A1/A/A rated BOC Macau. Thanks to the structure, the bond was rated on par with the guarantor by both Moody’s and Fitch, despite ...

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