Clifford Chance advises on New World Development’s dual tranche US$500 green perpetual bond and US$200 million social bond

Clifford Chance advises on New World Development's dual tranche US$500 green perpetual bond and US$200 million social bond

Leading international law firm Clifford Chance has advised HSBC, Mizuho Securities, Morgan Stanley, Standard Chartered Bank and UBS AG Hong Kong as joint lead managers for New World Development (NWD)'s issuance of its US$500 million 6.15% green perpetual bond and US$200 million 5.875% social bond due 2027. The transaction is the world's first corporate US dollar-denominated social and green dual tranche bond offering in the public bond markets.

The social bond issuance is part of NWD's US$7 billion Medium Term Note (MTN) Programme. The firm also advised on a related tender offer for NWD's US$950 million 4.375% guaranteed notes due 2022.

Commenting on the transaction, lead partner Mark Chan said, "We are thrilled to bring our leading capital markets expertise to advise on the world's first US dollar-denominated bond featuring dual green and social tranches. With the inclusion of social bonds, this landmark deal not only reflects the growing importance of sustainable finance for issuers and investors in Hong Kong, but also the maturity of investors' ESG concerns."

The deal was led by lead partner Mark Chan and supported by associates George Mok and Sammi Liu and trainee solicitor Xavier Chan.

Clifford Chance previously advised Bank of China (Hong Kong) and HSBC on world's largest retail green bond issuance by the HKSAR Government and South East Asia's first public sustainability-linked bond issuance.