BOC Aviation prices first offshore RMB bond

BOC Aviation has priced its first offshore RMB-denominated bond. The coupon on the 5-year unsecured notes of RMB 1bn is 4.5% p.a. The notes will close on November 20th, 2013, subject to the satisfaction of customary closing conditions. The transaction was issued off BOC Aviation’s US$2bn Euro Medium Term Note Programme originally established in September 2012 and was 3.5 times subscribed with an order book aggregating RMB3.5bn. It was jointly arranged by BOC International, HSBC and Standard Chartered Bank.