The offering of Sino-Ocean Land perpetual subordinated convertible bond managed and underwritten by Bank of China International Holdings Limited (BOCI), a wholly owned investment banking subsidiary of Bank of China, wins the "Best Equity-Linked Offering" award in the recent "Deals of the Year 2011" election sponsored by The Banker's, a British magazine.
It is the first offering of perpetual subordinated convertible bond issued by a Chinese corporate. The equity-linked structure meets the financing demands of the issuer to the maximum extent without creating further leverage. Additionally, various terms are designed to attract more investors, including the one-year conversion lock-up, a stable yield of 8% and benefits from bond-converted stocks.
In 2010, based on its competitive advantages of designing large cross-border bond trading products and implementing the offering in complicated market situation, BOCI participated in and successfully implemented 14 overseas bond offerings, assisting domestic and overseas enterprises in raising funds up to USD 19 billion on the global debt capital markets. As the largest ever USD-denominated bank capital offering in Asia (excluding Japan) managed by BOCI, the successful offering of Bank of China (Hong Kong) USD 2.5 billion subordinated debt due in2020 was awarded the "Best Bank Capital Bond" by The Asset magazine. In addition, BOCI has carried out multiple large bond offerings in China's mainland, including Sinopec bonds, CNPC bonds and CGNPC bonds, ranking first becoming the number one on the 2010 ranking list of domestic bond brokers by underwritten amount.
The Banker, owned by the Financial Times Ltd., is one of the world's premier banking and finance magazines. Its "Deals of the Year" award has broad influence on financial institutions worldwide.
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