Bank of China raises US$500 million in first offering of Yulan bonds, as Beijing seeks to tap funding in Europe

News Snapshot:

The bonds, which have a maturity of three years and carry an annual interest rate of 0.86 per cent, were oversubscribed four times Named after a Chinese magnolia variety, the bonds are denominated mainly in US dollars and euros Bank of China has become the first company to sell Yulan bonds, a new debt product that links Chinese companies with global investors, as the Asian country seeks to widen its funding access amid uncertain ties with the US. Bank of China has become the first company to sell Yulan bonds, a new debt product that links Chinese companies with global...