CGN issues long-term green bonds

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2070
中广核发行长期绿色债券
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China General Nuclear Power Corporation (CGN) recently successfully issued multi-tranche long-term green bonds via CGNPC International, which marks the first successful issuance of such US dollar bonds with a maturity of 30 years multi-tranche by a Chinese clean energy company.

King & Wood Mallesons (KWM) advised CGN on the issuance, which includes US$500 million 3.875% guaranteed bonds due 2023, US$100 million 4.8% guaranteed bonds due 2048, and €500 million (US$570 million) 2% guaranteed bonds due 2025, under the laws of Mainland China and Hong Kong.

The transaction involved close collaboration between KWM’s Hong Kong and Shenzhen offices. Zhou Hao, one of the lead partners of the Hong Kong team, told China Business Law Journal that the key issue for lawyers was to address the issuer’s concerns regarding investors’ demand for long-term bonds, which involved giving more weight to market trends and ensuring the offering-related information was adequate for investors to assess their investment.

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