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Allen & Overy advises Bank of Ayudhya on the first private-sector women entrepreneurs’ bond issuance in Asia-Pacific

Author
Jaggs Stephen
Stephen Jaggs

Managing Partner

Bangkok

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Prasertsomsuk Doungporn
Doungporn Prasertsomsuk

Counsel

Bangkok

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Wiriyatornphan Natthicha
Natthicha Wiriyatornphan

Associate

Bangkok

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Panuwat Chaistaporn

Associate

Bangkok

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25 September 2019

Allen & Overy has advised Bank of Ayudhya Public Company Limited (BAY), Thailand’s leading bank in retail and SME banking as English and Thai law legal counsel on the launch of its USD-denominated Women Entrepreneurs Bonds.

The aim of this offering is to boost lending to women-led small and medium-sized enterprises (WSMEs) in Thailand.

This will be the first private-sector “gender” bond issuance in the Asia-Pacific region and the first social bond issuance in Asian emerging markets in compliance with the International Capital Markets Association Social Bond Principles and the ASEAN Social Bond Standards.

The International Finance Center (IFC), a member of the World Bank Group, and Deutsche Investitions und Entwicklungsgesellschaft (DEG) have agreed to subscribe as anchor investors for a combined amount of up to USD220 million. The pioneering investment is supported by the Women Entrepreneurs Opportunity Facility, a joint initiative by the IFC and Goldman Sachs 10,000 Women to expand access to capital for women entrepreneurs globally.

The Allen & Overy team involved counsel Doungporn Prasertsomsuk (Bangkok) and associates Panuwat Chaistaporn (Bangkok) and Natthicha Wiriyatornphan (Bangkok). Lawyers in our Singapore office provided support on the international aspect.

Stephen Jaggs, managing partner for Allen & Overy Bangkok said: We are proud to have advised Bank of Ayudhya on this landmark issuance which supports and empowers women in Thailand.”

For further information, please contact Madhu Mirpuri, madhu.mirpuri@allenovery.com, on +852 29747377.