The world’s first public sector issuance of social and green dual-tranch bonds saw Linklaters’ capital markets partner Gloria Cheung advising the issuer, Hong Kong developer New World Development.
The USD700 million bonds, include USD200 million five-year social bonds with a coupon rate of 5.875% and USD500 million in green perpetual bonds at a coupon rate of 6.15%.
The proceeds will be used to fund New World Development’s commitment to building sustainable cities and communities.
Clifford Chance has advised HSBC, Mizuho Securities, Morgan Stanley, Standard Chartered Bank and UBS Hong Kong, which were the joint lead managers of this deal.
Partner Mark Chan led Clifford Chance’s team with support from associates George Mok and Sammi Liu and trainee solicitor Xavier Chan.
Both firms have also advised New World Development on a related tender offer of USD950 million 4.375% guaranteed notes due 2022.
