Clifford Chance

Clifford Chance advises pro bono on the world's largest Orange Bond by Impact Investment Exchange

Global law firm Clifford Chance has advised Australia and New Zealand Banking Group (ANZ) and Standard Chartered Bank pro bono as Placement Agents on the sixth issuance of Impact Investment Exchange (IIX)’s Women’s Livelihood Bond™ (WLB) Series, the US$100 million Women’s Livelihood Bond™ 6 (WLB6).

The closing of WLB6 marks the world’s largest sustainable debt security in the market, issued in compliance with the Orange Bond Principles™ and aims to uplift over 880,000 women and girls in the Global South.

Proceeds from WLB6 will be used to promote the growth of women-focused businesses, sustainable livelihoods, peace, prosperity, and the planet across six sectors: agriculture, water and sanitation, clean energy, affordable housing, SME lending and microfinance. The impact of this capital raise extends to India, Cambodia, Indonesia, Kenya, and Vietnam, with 100% of the US$100 million proceeds designed to advance SDG 5: Gender Equality and 25-30% designed to advance SDG 13: Climate Action as well. Since its inception in 2017, the WLB Series has mobilised US$228 million including WLB6.

Orange Bonds – which draw name from the orange hue of United Nations’ Sustainable Development Goal (UN SDG) 5: Gender Equality – a class of sustainable financial instruments that aim to eliminate gender bias, improve equality and living standards by mobilising new sources of capital for empowermentminorities building a gender-empowered financing system.

Partner Gareth Deiner and counsel Ying Chiang Chong led the deal, with support from senior associates Claire Neo and Nicholas Henneberry, associates April Zhang, Joel Sherard, and Zheyi Feng and trainee associate Yasmin Yousoof. Partner Leng-Fong Lai, senior consultant James Booth, and registered foreign lawyer Nicoll Gnoh acted on behalf of the trustee, The Bank of New York Mellon.

Gareth commented, "It has been a rewarding journey for our capital markets team to advise on this ground-breaking matter pro bono. Not only has it brought about meaningful change in the lives of women and girls in the Global South, but it has also transformed the landscape of impact investing. We are proud to leverage our expertise in a way that contributes to such significant social transformation."

Leng-Fong added, "Having advised on WLB3, WLB4Climate, WLB5 and now WLB6, it is very encouraging to see the continuous development in The Women’s Livelihood Bond™ Series while generating sustainable return to financial investors. It brings our team pride and joy as we collaborate with the public and private sectors and work towards a common goal."