Clifford Chance

Clifford Chance advises The Church Commissioners for England on its £550 million public bond issuance

International law firm Clifford Chance advised The Church Commissioners for England, a Church of England investment foundation with over £10 billion in assets, in connection with their issuance of £550 million public bonds which includes both a conventional and a sustainable element. The transaction consists of £250 million in bonds due to mature in 2032, with a further £300 million tranche that will mature in 2052.

The money raised will be invested on a long-term basis, enhancing the fund’s capital efficiency and offering the potential to generate additional value for the fund. The proceeds will be invested according to the Church Commissioners’ responsible investment approach, with the proceeds of the Sustainability Bond used solely to support existing and future eligible sustainable projects, as set out in the Church Commissioners’ newly established Sustainable Financing Framework.

The Debt Capital Markets team advising on the transaction was led by Partner Paul Deakins with support from associates Sarah Cheng and Pearl Mahaga and trainee Lily Grant.