British Columbia hires BOC, HSBC for Panda bonds

Sun Jan 3, 2016 9:12pm EST
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By Ina Zhou

HONG KONG, Jan 4 (IFR) - British Columbia has hired Bank of China and HSBC Bank (China) as joint lead underwriters for a potential maiden offering of Panda bonds.

The offering is for up to 3 billion renminbi ($460 million) with a maximum tenor of five years.

The Canadian province registered with Chinese regulators in late November to issue Panda bonds of up to Rmb6bn in the domestic interbank market.

The issuer is rated Aaa/AAA/AA (high) by Moody's/S&P/Dominion Bond. It has been exempted from securing domestic Chinese credit ratings.

British Columbia was the first foreign government entity to sell Dim Sum bonds, raising 2.5 billion renminbi in late 2013 from a sale of one-year bonds. (Reporting by Ina Zhou; Editing by Vincent Baby and Daniel Stanton)