White & Case supports IFC, AIIB, SMBC on social bond investment

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White & Case supports IFC, AIIB, SMBC on social bond investment

China’s first social bond issued by a non-bank financial institution, Haier Financial Services, saw White & Case advising three multilateral investors.

The USD2 million five-year note was purchased by International Finance Corporation (IFC), which invested USD100 million, while the rest was shared between the Asian Infrastructure Investment Bank (AIIB) and Sumitomo Mitsui Banking Corporation (SMBC).

Proceeds will be used for more than 500 social projects in underdeveloped regions in China, including medical care, education, food safety, sustainable agriculture, small and medium-sized enterprises, and women entrepreneurs.

Managing partner David Li in Beijing office led the White & Case team with support from Singapore-based partner Kaya Proudian, Hong Kong-based partner Melody Chan and London-based partner Richard Pogrel.

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