Clifford Chance advises on the seventh issuance of Women's Livelihood Bond by Impact Investment Exchange

Global law firm Clifford Chance has advised Australia and New Zealand Banking Group (ANZ) and Standard Chartered Bank as Placement Agents on the seventh issuance of Impact Investment Exchange (IIX)’s Women’s Livelihood Bond™ (WLB) Series – the US$60 million first tranche of Women's Livelihood Bond 7 (WLB7).

The bonds are issued in compliance with the Orange Bond Principles™. The proceeds will be used to extend loans to high impact enterprises, benefitting approximately 773,000 – 816,000 underserved women and girls (from low-income, rural, or semi-urban, minority or otherwise disadvantaged communities) in India, Indonesia, the Philippines and Sri Lanka.

Since its inception in 2017, the WLB Series has mobilised US$288 million including WLB7.

Partner Gareth Deiner and counsel Claire Neo led the deal, with support from senior associate Nicholas Henneberry, associates Joel Sherard and Chak Ching Lau and professional support lawyer Joanne Pacewicz. Partner Leng-Fong Lai and senior consultant James Booth acted on behalf of the trustee, The Bank of New York Mellon.

Gareth commented, "We are delighted to have once again supported the Placement Agents and Impact Investment Exchange on this landmark matter. Leveraging our experience in sustainable finance, we are proud to contribute to a financing initiative that delivers meaningful social impact and advances the economic empowerment of women and girls across the Global South."

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

Clifford Chance has advised previous issuance of WLB which includes WLB3, WLB4Climate, WLB5 and WLB6.