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HKSAR Government issues USD2.5bn multi-tranche green bonds under its newly established Global Medium Term Note Programme

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Tsang Agnes
Agnes Tsang

Partner

Hong Kong

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Yeap Jaclyn
Jaclyn Yeap

Partner

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Stathopoulos Alexander
Alexander Stathopoulos

Partner

Singapore

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Yu Jiayin
Jiayin Yu

Registered Foreign Lawyer, NY

Hong Kong

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Mirpuri Madhu
Madhu Mirpuri

Marketing and Communications Manager

Hong Kong

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05 February 2021

Allen & Overy has advised the Government of the Hong Kong Special Administrative Region of the People’s Republic of China (HKSAR) on the establishment of its HKD100 billion Global Medium Term Note Programme dedicated to green bond issuances, and the subsequent multi-tranche issuance of USD2.5 billion green bonds under the programme.

This is the first 30-year green bond issued by an Asian government, and the longest tenor issued by the HKSAR Government.

The issuance comprises three tranches including USD1 billion 0.625% 5-year bonds, USD1 billion 1.375% 10-year bonds and USD500 million 2.375% 30-year bonds. The issuance has established a comprehensive benchmark curve for potential green bond issuers in Hong Kong and the wider Asia-Pacific region.

The bonds are listed on both the Hong Kong Stock Exchange and the London Stock Exchange, and were offered in a combined Rule 144A/Regulation S transaction to a diverse group of conventional and green institutional investors internationally. The proceeds from the issuance will be used exclusively for eligible projects under the HKSAR Government’s Green Bond Framework which will provide environmental benefits and support the sustainable development of Hong Kong.

Building on the momentum from the successful issuance of the HKSAR Government’s inaugural green bond which A&O also advised on in 2019, this landmark transaction demonstrates the Government’s continued commitment in promoting sustainable development and reinforces Hong Kong’s position as a leading green finance hub in the region.

The A&O team was led by partners Agnes Tsang, Jaclyn Yeap and Alex Stathopoulos, with support from Gordon Ng, Charles Chiu and Jiayin Yu.

 
Disclaimer: 

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 securities 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