Bank of China issues 2.5bn RMB-denominated bonds in London

Bank of China London Branch issued 2.5 billion RMB-denominated bonds on Wednesday. This issuance marked the first RMB bond issued in the London market by the British branch of a Chinese bank, which will be listed on the London Stock Exchange. The funds raised from the deal will all be retained in London to support further development of the London offshore RMB market as well as Britain-China bilateral trade and investment, the bank said. "By leveraging Bank of China Group's leading position in other major offshore RMB markets, London Branch has introduced a full range of RMB products and services in London as one of the first market movers," said Fang Wenjian, general manager of Bank of China London Branch. Bank of China is the Global Coordinator, and HSBC, UBS and Bank of America Merrill Lynch have been appointed as the Joint Lead Managers for this issue.