Clifford Chance advises on HKMC's US$423.3 million infrastructure loan-backed securities issuance
24 October 2024
- Francis Edwards, Dauwood Malik, Lin Lu, Nicholas Henneberry, Greg Chan, Bruce Kahl, Andrew Whelan, Struan Murray,
- Hong Kong, Singapore, London
Clifford Chance advises on HKMC's US$423.3 million infrastructure loan-backed securities issuance
Global law firm Clifford Chance has advised Standard Chartered Bank as sole global coordinator and China International Capital Corporation Hong Kong Securities Limited, ING Bank N.V., Singapore Branch, MUFG Securities Asia Limited, Natixis Hong Kong Branch and Standard Chartered Bank as joint bookrunners on The Hong Kong Mortgage Corporation Limited (HKMC)'s second infrastructure loan-backed securities (ILBS) issuance.
This transaction is executed through a Hong Kong incorporated orphan special purpose vehicle Bauhinia ILBS 2 Limited. The issued notes are listed on The Hong Kong Stock Exchange. The HKMC acts as the sponsor, collateral manager and risk retention holder of the transaction.
This transaction has a portfolio of 28 project and infrastructure loans across 26 individual projects spreading across 14 countries and 10 sub-sectors, with a total value of approximately US$423.3 million. In total, five classes of rated notes are issued (Class A1-SU, Class A1, Class B, Class C and Class D), all of which are investment grade rated, with aggregate principal of US$386.7 million. Within the capital structure, there is an US$107 million sustainability tranche (Class A1-SU) backed by sustainable, green and social assets. Class A1-SU is issued in accordance with the HKMC's Social, Green and Sustainability Financing Framework, which aligns with the Green Bond Principles, Social Bond Principles and Sustainability Bond Guidelines released by the International Capital Market Association.
The project was led by Hong Kong based partner Francis Edwards and Dauwood Malik with support from foreign legal counsel Lin Lu, senior associate Nicholas Henneberry and associate Greg Chan.
A separate Clifford Chance team led by London-based partner Bruce Kahl with support from senior associates Andrew Whelan and Struan Murray and associate Micah McDonald advised DB Trustees (Hong Kong) Limited as the trustee.
Francis Edwards said, "We'd like to congratulate HKMC, Standard Chartered Bank, CICC, ING, MUFG and Natixis on this successful transaction. We are proud to continue supporting HKMC's ILBS issuances in Hong Kong which consolidates the vital role of Hong Kong as an infrastructure financing and securitisation hub and international financial centre."
Clifford Chance is a market leader in securitisation and sustainable finance, having advised on HKMC's first US$404.8 million ILBS issuance in May 2023.
HKMC is a company wholly owned by The Government of the Hong Kong Special Administrative Region of the People's Republic of China (Hong Kong Government) through the Exchange Fund.
高伟绅助力按揭证券公司在香港特别行政区发行4.233亿美元基建贷款抵押证券
国际领先律师事务所高伟绅就香港按揭证券有限公司(“按揭证券公司”)发行第二批基建贷款抵押证券(“ILBS”),为渣打银行(独家全球协调行)和中国国际金融香港证券有限公司、ING银行新加坡分行、三菱日联证券亚洲有限公司、法国外贸银行香港分行和渣打银行(联席簿记行)提供法律服务。
本次交易通过于中国香港注册的特设公司Bauhinia ILBS 2 Limited进行。所发行的票据于香港联合交易所上市。按揭证券公司作为该交易的发起人、抵押品管理人和风险保有人。
本次交易涉及14个国家的28个项目和基建贷款,26个独立项目和10个子行业,总值约为4.233亿美元。所发行票据共分五级(A1-SU级、A1级、B级、C级和D级),均为投资级别,总值为3.867亿美元。在资本结构中,有1.07亿美元是由具可持续发展、绿色和社会责任元素资产组成的可持续融资票据(A1-SU级)。A1-SU级票据是根据按揭证券公司的《社会责任、绿色及可持续金融框架》发行的,符合国际资本市场协会的绿色债券原则、社会责任债券原则和可持续债券指引。
本次交易由高伟绅香港办公室合伙人Francis Edwards牵头负责,外国法律顾问律师鹿麟(Lin Lu)、高级律师Nicholas Henneberry和律师陈冠强(Greg Chan)提供支持。
此外,由高伟绅伦敦办公室合伙人Bruce Kahl牵头、高级律师Andrew Whelan和Struan Murray以及律师Micah McDonald组成的团队为德意志信托(香港)有限公司(信托受托人)提供了法律服务。
本交易负责人Francis Edwards表示: "我们由衷祝贺按揭证券公司、渣打银行、中金公司、ING银行、三菱日联金融和法国外贸银行成功完成本次票据发行交易。我们很荣幸能为按揭证券公司在香港发行国际基建贷款证券持续提供法律支持,此次发行进一步促进了香港发展为基建融资和证券化中心以及国际金融中心。"
高伟绅是证券化和可持续金融领域市场领军律所,曾就按揭证券公司2023 年 5 月发行首批4.048亿美元ILBS 提供法律服务。
按揭证券公司是由中华人民共和国香港特别行政区政府(香港政府)通过外汇基金全资拥有的公司。