A&O advises the Hong Kong Government on its first green bond issuance
29 May 2019
The bonds will be listed on both the Hong Kong Stock Exchange and the London Stock Exchange’s regulated market, and were offered in a combined 144A/Regulation S transaction to institutional investors internationally. Under the HKSAR Government’s Green Bond Framework, the proceeds from the issuance will be used to fund the city’s public works projects that provide environmental benefits and support the sustainable development of Hong Kong.
Hong Kong’s Government Green Bond Programme, which is one of the world’s largest, demonstrates the government’s determination to promote sustainable development and combat climate change, and reinforces Hong Kong’s position as the regional hub for bond issuance.
Partner Agnes Tsang commented: “We are extremely honored to be part of Hong Kong’s green finance development. With the strong support from the government, we can expect more green bonds to be arranged and issued in Hong Kong.”
Of Counsel Jaclyn Yeap added: “This underscores our strengths in sovereign bond and green bond issuances. We share with the government a mutual goal of boosting the city’s bond market and a mutual commitment to green finance.”
The Allen & Overy team was led by partner Agnes Tsang and of counsel Jaclyn Yeap, with support from lawyers Tiffany Tse and Catherine Wong and trainee solicitor Charles Chiu. Singapore-based partner Alex Stathopoulos advised on the New York law aspects of the transaction.
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