Milbank in first US-backed climate bond issue in SE Asia

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Milbank Singapore capital markets James Grandolfo Paul Pery
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Milbank Tweed Hadley & McCloy represented Bank of America Merrill Lynch, HSBC and CLSA as joint arrangers and dealers in connection with the establishment of a US$1 billion medium-term note (MTN) programme issued by Cayman Island-based Energy Finance International and guaranteed by Philippines-based AC Energy, and the issuance of two series of notes totaling US$410 million.

This inaugural climate bond issuance by AC Energy marks the first climate bonds initiative (CBI) certified US-dollar climate bond in Southeast Asia to be listed on the Singapore Stock Exchange.

The notes are a drawdown from the MTN and comprise: (1) an initial issuance of US$225 million 4.75% notes due in 2024, and the issuance of an additional tranche of US$75 million in 2024 Notes; and (2) a second series issuance of US$110 million 5.25% notes due in 2029.

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