21 November 2016
Clifford Chance advises on China's first green covered bonds
Leading international law firm Clifford Chance advised the joint lead managers (Bank of China Limited, London Branch, Bank of China (Hong Kong) Limited, BOCI Asia Limited, The Hongkong and Shanghai Banking Corporation Limited, Citigroup Global Markets Limited, Barclays Bank PLC, China Construction Bank (Asia) Corporation Limited, Crédit Agricole Corporate and Investment Bank, Merrill Lynch International, Société Générale and Standard Chartered Bank) on Bank of China Limited's issuance of $500 million green covered bonds due 2019 under the Bank's US$5 billion Medium Term Note Programme. This is the first ever sale of green covered bonds from a Chinese bank.
Partner Connie Heng, Head of Capital Markets for Asia Pacific said, "We're delighted to be involved in another landmark green transaction. China is focused on leading in green finance and is committed to developing its green bond market. We look forward to working on future transactions."
The team was led by Connie who was supported by senior associate Mark Chan and associates Ambroise Ng and Nancy Mu. London partner Maggie Zhao was also involved.
Previous green bond deals the team has advised on include Bank of China's $3.03 billion green bonds, the largest green bond issued by a Chinese entity in the international market in August and Agricultural Bank of China's US$1 billion dual currency bonds in London from October 2015 - the first green bond from a Chinese bank.