Clifford Chance advises HKSAR Government on its multi-currency green and infrastructure bond offering
Global law firm Clifford Chance has advised the Government of the Hong Kong Special Administrative Region of the People’s Republic of China (HKSAR Government), as issuer, on its latest multi-currency issuance of approximately HK$27.6 billion equivalent of green bonds and infrastructure bonds under the Government Sustainable Bond Programme and the Infrastructure Bond Programme.
The offering, which is listed on The Stock Exchange of Hong Kong Limited and the London Stock Exchange, comprised five institutional tranches denominated in Hong Kong dollars, Renminbi, US dollars and euro, as follows:
- HK$3 billion 30-year infrastructure tranche;
- RMB6 billion 20-year infrastructure tranche;
- RMB6 billion 30-year infrastructure tranche;
- US$500 million 5-year infrastructure tranche; and
- EUR750 million 8-year green tranche.
The green bonds and the infrastructure bonds are governed by the HKSAR Government’s Green Bond Framework and Infrastructure Bond Framework, respectively. Proceeds raised will be credited to the Capital Works Reserve Fund to finance or refinance eligible green projects and infrastructure projects in accordance with the relevant frameworks.
Partner Mark Chan led the transaction supported by counsel Torrance Shi, senior associate Christine Chan and registered foreign lawyer Xinyue Yang.
This transaction builds on the firm’s track record in advising on debt capital markets transactions for public sector and quasi-public issuers in Hong Kong. Earlier this year, the firm advised the West Kowloon Cultural District Authority on the establishment of its US$1 billion MTN programme and The University of Hong Kong’s US$1 billion MTN programme. The firm has also previously advised The Hong Kong Mortgage Corporation on its HK$25.3 billion bond issuance and the Urban Renewal Authority on its HK$12 billion bond issuance.
Press contact: Madhu Mirpuri
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