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Clifford Chance advises on New World Development’s dual tranche US$500 million green perpetual bond and US$200 million social bond

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17 June 2022

Clifford Chance advises on New World Development’s dual tranche US$500 million green perpetual bond and US$200 million social bond

Leading international law firm Clifford Chance has advised HSBC, Mizuho Securities, Morgan Stanley, Standard Chartered Bank and UBS AG Hong Kong as joint lead managers for New World Development (NWD)’s issuance of its US$500 million 6.15% green perpetual bond and US$200 million 5.875% social bond due 2027. The transaction is the world's first corporate US dollar-denominated social and green dual tranche bond offering in the public bond markets.

The social bond issuance is part of NWD's US$7 billion Medium Term Note (MTN) Programme. The firm also advised on a related tender offer for NWD's US$950 million 4.375% guaranteed notes due 2022.

Commenting on the transaction, lead partner Mark Chan said, “We are thrilled to bring our leading capital markets expertise to advise on the world's first US dollar-denominated bond featuring dual green and social tranches. With the inclusion of social bonds, this landmark deal not only reflects the growing importance of sustainable finance for issuers and investors in Hong Kong, but also the maturity of investors' ESG concerns.”

The deal was led by lead partner Mark Chan and supported by associates George Mok and Sammi Liu and trainee solicitor Xavier Chan.

Clifford Chance previously advised Bank of China (Hong Kong) and HSBC on world’s largest retail green bond issuance by the HKSAR Government and South East Asia’s first public sustainability-linked bond issuance.

高伟绅就新世界发展5亿美元绿色永续债和2亿美元社会责任债双重债券发行为联席牵头管理人提供法律服务

国际领先律师事务所高伟绅就新世界发展(NWD)发行5亿美元,年息6.15%的绿色永续债和2亿美元,年息5.875%,2027年到期的社会责任债为联席牵头管理人汇丰银行、瑞穗证券、摩根士丹利、渣打银行和瑞士银行香港分行提供法律服务。本交易是全球公开债券市场首项由企业发行人就美元社会责任债和绿色债进行双重债券发行交易。

社会责任债发行是新世界发展70亿美元中期票据计划下的一次后续发行。高伟绅还为新世界发展就其已发行的9.5亿美元,年息4.375%,2022年到期的担保票据的要约收购交易提供法律服务。

牵头合伙人陈方中 (Mark Chan) 表示:"我们非常高兴能够利用高伟绅在资本市场的强大业务能力,为全球首次企业美元绿色债和社会责任债的双重债券发行提供法律服务。从本次社会责任债发行的纳入可以看出,本项具有里程碑意义的交易不仅反映了可持续金融对于香港发行人和投资人日益增长的重要性日益增长,而且还反映了投资人在环境、社会和公司治理问题方面的关注趋于成熟。"

本交易由合伙人陈方中(Mark Chan)领导,由律师莫秉傑(George Mok)和廖卓莹(Sammi Liu)、实习律师陈嘉胜(Xavier Chan)提供支持。

高伟绅此前曾就香港特别行政区政府发行全球最大的零售绿色债券为中国银行(香港)和汇丰银行提供法律服务,也曾经参与东南亚地区首项可持续债券公开发行。