POLITICS & INSTITUTIONS - ECONOMY

Chinese bank floats its first Belt and Road bond in Lux



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Zhou Lihong of Bank of China Luxembourg (third from left) and Robert Scharfe of the Luxembourg Stock Exchange (right) are seen during a ceremony marking the sale of Bank of China bonds at the Luxembourg Stock Exchange, 24 April 2018Photo credit: Luxembourg Stock Exchange 

The Bank of China has listed €700m in bonds as part of the “Belt and Road” initiative in the grand duchy.

The offering was 260% oversubscribed, the Luxembourg Stock Exchange said in a press announcement on 24 April.

It was the bank’s fourth international Belt and Road listing and its first here. The bourse said BOC has raised more than $10bn altogether through the offerings.

Belt and Road “involves China underwriting billions of dollars of infrastructure investment in countries along the old Silk Road linking it with Europe,” The Economist explained in May 2017.

Bank of China is that country’s and the world’s fourth largest, according to S&P.

Last autumn, fellow Chinese bank ICBC raised $2.15bn green Belt and Road bonds listed in Luxembourg.