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Bank of China Macau launches market-first MOX innovation bond

Bank of China Macau launches market-first MOX innovation bond
Published Date
Oct 22 2025
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Image of Agnes Tsang
Agnes TsangPartner, Hong Kong SAR
Image of Jiayin Yu
Jiayin YuRegistered Foreign Lawyer, New York, Hong Kong SAR

A&O Shearman advised the joint global coordinators, joint lead managers and joint bookrunners on Bank of China Limited, Macau Branch’s Regulation S dual-currency, dual-tranche issuance of RMB- and USD-denominated notes under Bank of China’s USD40 billion Medium Term Note Program. The notes are listed on Chongwa (Macao) Financial Asset Exchange Co., Ltd. (MOX).

The dual-currency, dual-tranche issuance comprises:

  • CNY2.5bn 1.90% notes due 2028
  • USD600 million floating rate notes due 2028

The notes are certified by MOX as Macau Science and Technology Innovation Bonds and represented the first MOX-certified issuance in the market following the promulgation of the MOX Macau Science and Technology Innovation Bond Certification Standards (Pilot Phase). The net proceeds of the notes will be used to finance and/or refinance the loans that support the development of the science and technology innovation sector.

The A&O Shearman team was led by partner Agnes Tsang, with support from Jiayin Yu, Jenny Chau, and Eunice Wong.

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