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Allen & Overy advises on first HKQAA certified green bond issuance by a financial institution

 

This was the first green bonds issued by a financial institution to have received the Pre-issuance Stage Certificate from the Hong Kong Quality Assurance Agency (HKQAA).

The issuance comprises of a USD200m 3-year floating rate green bond, a USD200m 5-year floating rate green bond and a HKD2.6bn 2-year fixed rate green bond. The green bonds are issued under ICBC’s green bond framework, which received a “dark green” shading from the Center for International Climate Research (CICERO) and an external review opinion from Zhongcai Green Financing Consultants Ltd. The green bond framework is aligned to both the international and Chinese domestic standards including the Clean Development Mechanism under the United Nations Framework Convention on Climate Change, the ICMA Green Bond Principles and the PBOC Green Bond Categories. The green bonds are listed on The Stock Exchange of Hong Kong.

The deal was led by capital markets partner Agnes Tsang with support from of counsel Jaclyn Yeap, registered foreign lawyer Michelle Hu and trainee Hysan Chan in Hong Kong.

ICBC, Crédit Agricole CIB, Agricultural Bank of China Hong Kong Branch, Bank of Communications, Citigroup, HSBC, Standard Chartered Bank and UBS are the joint global coordinators and joint lead managers of the USD green bonds. ICBC, Crédit Agricole CIB, HSBC and Standard Chartered Bank (Hong Kong) Limited are the joint global coordinators and joint lead managers for the HKD green bonds.

For further information, please contact Madhu Mirpuri (madhu.mirpuri@allenovery.com) on +852 2974 7377.

Notes for Editors:

1. The information contained herein is restricted and is not for publication, distribution or release in or into the United States of America, Australia, Canada, Japan or South Africa. This announcement is not an offer of securities for sale or a solicitation of an offer to purchase securities in the United States or any other jurisdiction. The bonds referred to herein (the "Securities") have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not, subject to certain exceptions, be offered or sold in the United States or to or for the account or benefit of a person located in the United States.

2. Allen & Overy is an international legal practice with approximately 5400 people, including some 550 partners, working in 44 offices worldwide.

3. In this press release 'Allen & Overy' means Allen & Overy LLP and/or its affiliated undertakings.

4. The term 'partner’ is used to refer to a member of Allen & Overy LLP or an employee or consultant with equivalent standing and qualifications or an individual with equivalent status in one of Allen & Overy LLP’s affiliated undertakings.

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