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Clifford Chance advises HKMC on inaugural dual-tranche social bonds

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8 November 2022

Clifford Chance advises HKMC on inaugural dual-tranche social bonds

Leading international law firm Clifford Chance has advised The Hong Kong Mortgage Corporation Limited (HKMC) on the dual-tranche issuance of its inaugural social bonds comprising a series of HK$8 billion 5.00 per cent. notes due 2024 and a series of offshore Renminbi (CNH) 3 billion 3.40 per cent. notes due 2025. This transaction is the world’s first dual-tranche social bond issuance denominated in Hong Kong dollar and offshore Renminbi.

The social bonds, issued under HKMC's US$30 billion medium term note programme, are part of HKMC’s new Social, Green and Sustainability Financing Framework. Global coordinators, bookrunners and lead managers were Crédit Agricole, HSBC and Standard Chartered.

Commenting on the transaction, lead partner Mark Chan said, “We are proud to bring our leading capital markets expertise to advise on the world’s first dual-tranche social bond issuance denominated in HK-dollar and offshore Renminbi. This landmark transaction showcases continued strong support for ESG financing as investor demand in the ESG space evolves and matures exponentially.”

Mark was supported by associates George Mok and Christine Chan.

The firm has a track record of advising on landmark debt issuances including Vena Energy’s inaugural green project bond in Japan, Lenovo’s inaugural offering of green bonds, New World Development’s dual tranche green perpetual bond and social bond and the world’s largest retail green bond issuance by the HK SAR Government.

高伟绅助力香港按揭证券有限公司首次发行双币种社会责任债券

国际领先律师事务所高伟绅就香港按揭证券有限公司首次发行双币种社会责任债券提供法律服务,其中包括80亿港元的年息5.00%、2024年到期的港币债券和30亿元人民币的年息3.40%、2025年到期的离岸人民币债券。本交易是全球首次以港元和离岸人民币双币种发行的社会责任债券。

此次社会责任债券于300亿美元中期票据计划下发行,是香港按揭证券公司的新社会、绿色和可持续融资框架的一部分。法国东方汇理银行、汇丰银行和渣打银行担任本次发行的全球协调人、簿记管理人和牵头管理人。

本交易的牵头合伙人陈方中表示:我们非常高兴能够利用我们在资本市场的强大业务能力为全球首次以港元和离岸人民币双币种发行社会责任债券提供法律服务。随着投资人在ESG领域的需求呈指数级增长且不断成熟,本项开创性交易显示了市场对ESG融资的持续强力支持。

本交易由莫秉杰和陈家颖提供支持。

高伟绅近期为多项大型债务发行交易提供了法律服务,其中包括Vena Energy在日本首次发行绿色项目债券 、联想首次发行绿色债券 、新世界发展发行绿色永续债和社会责任债券 以及香港特区政府发行全球规模最大的零售绿色债券 。