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17 November 2014

Farris Represents Underwriters in Province of BC’s Chinese Renminbi Bond Offering

On November 13, 2014, the Province of British Columbia completed a CNY3,000,000,000 (CDN$559 million) offering of 2.85% bonds, Series BCCNY-2, due November 13, 2016. The bonds are to be admitted to trading on the Euro MTF Market of the Luxembourg Stock Exchange.

The Province of British Columbia was the first government outside of China to issue Chinese Renminbi denominated bonds.  The offering was among the largest ever from an international issuer in the Renminbi market, equalling the United Kingdom’s issue earlier in October and surpassing the Province’s previous issue in 2013.

Farris represented the syndicate of agents for the offering, comprised of the Bank of China, The Hongkong and Shanghai Banking Corporation (HSBC), RBC Capital Markets and Industrial and Commercial Bank of China (ICBC).

The Farris team included Trevor Scott, Victor Tsao and Ron Dueck (tax).

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