On May 8, BOC successfully issued RMB1.5 billion “Schengen Bonds” in Luxembourg, with a tenor of 3 years and a fixed rate of 3.5%, which are the first RMB bonds issued by a Chinese enterprise in the local market and in continental Europe.
This public issue has generated active responses among local and international investors, with a total subscription amount of over RMB3 billion and the bonds 2 times over-subscribed.
BOC has regarded Europe as one of its most important overseas markets, and positioned itself as a major bank promoting economic and trade ties between China and Europe. Its Luxembourg Branch is the first banking branch established overseas upon the founding of the People's Republic of China. It has the comprehensive business license both as a branch and a subsidiary, and has become a local RMB clearing bank. During 2013, the Branch recorded cross-border RMB settlements of over RMB100 billion, and has become a provider of full-range overseas RMB products and services. It is a major bank providing cross-border RMB services to a large number of "Going global" enterprises, and commands an absolutely leading position in the local cross-border RMB settlement market.
As the only centenarian financial enterprise in China, BOC is also the most internationalized and diversified bank of the country, with operations spanning a wide variety of sectors including commercial banking, investment banking, direct investment, investment management, insurance, fund and leasing, and overseas presence in 40 countries and regions. The Bank is the only financial institution from emerging market economies that has entered the list of global systematically important banks for three consecutive years, and has been one of the "Fortune Global 500" for 25 straight years. It is ranked 9th by capital strength among banks worldwide, with key financial indicators attaining world-leading levels. As of the end of March 2014, BOC's total assets amounted to RMB15.11 trillion.
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