Skip to main content

Clifford Chance

Clifford Chance
News and awards

News and awards

Clifford Chance advises China Merchants Bank on landmark issuance of US$600 million sustainability and green bonds

8 September 2021

Clifford Chance advises China Merchants Bank on landmark issuance of US$600 million sustainability and green bonds

Leading international law firm Clifford Chance recently advised China Merchants Bank, through its Luxembourg branch, in connection with the issuance of a landmark dual-tranche sustainability and carbon neutrality bonds totalling US$600 million. This is the first-ever dual-tranche sustainability and green bond from a Chinese issuer to be listed on the Luxembourg stock exchange.

The offering was also China Merchants Bank’s first carbon neutrality-themed green bond to help drive China’s emission and carbon neutrality commitments. The green bonds, equally split at US$300 million each, included a two-year floating-rate sustainability bond linked to the secured overnight finance rate. The second tranche was a five-year fixed rate carbon neutrality themed green notes due 2026.

Credit Agricole CIB, JP Morgan, Citigroup, CMB International, CMB Wing Lung Bank Limited, and Agricultural Bank of China Limited (Hong Kong branch) acted as underwriters.

The Clifford Chance team was led by partner Angela Chan who was supported by senior associate Clarisse Fong (Singapore) and associate Anthony Lau (Hong Kong).

Commenting on the transaction Angela said, “We are honoured to have had the opportunity to work with China Merchants Bank on this landmark transaction in China’s efforts to boost its sustainability and ESG commitments. The market reception of the transaction and the strong interest in the financing are a testament to the ever-increasing focus of companies and countries on minimising carbon emissions and increasing sustainable financing. We expect similar transactions to occur in this space.”

高伟绅助力招商银行发行6亿美元可持续发展及碳中和主题绿色债券

国际领先律师事务所高伟绅近日就招商银行卢森堡分行发行两笔总额达6亿美元的可持续发展及碳中和主题债券,为发行人提供法律服务。本次交易是首个由中资发行人发行并在卢森堡证券交易所上市的双笔可持续发展和绿色债券。作为招商银行发行的首个碳中和主题绿色债券,其旨在助力中国的碳排放与碳中和承诺。本次发行包括一笔于2023年到期的SOFR浮息可持续发展债券,以及一笔于2026年到期的固息碳中和主题绿色债券,发行规模均为3亿美元。

东方汇理、摩根大通、花旗集团、招银国际、招商永隆银行及农业银行香港分行担任本次发行的承销商。

本项目由高伟绅资本市场业务组合伙人陈菀淇牵头领导,并由房欣苡(新加坡)和刘俊彦(香港)提供支持。

陈菀淇律师表示:“我们很荣幸与招商银行就这一里程碑式交易进行合作,以促进中国的可持续发展和 ESG 承诺。本次交易受到了市场的高度认可和投资人的强烈投资意向,说明企业和国家对碳减排及可持续融资的关注日益增强。我们预期在该领域将出现更多的类似交易。”