Linklaters advises on landmark supranational Hong Kong dollar bonds issuance
Linklaters advised the joint lead managers on the first Hong Kong dollar benchmark public bond offering by the International Bank for Reconstruction and Development (IBRD), a member of the World Bank Group. The five-year HK$7bn (approximately US$900m) sustainable development bond marked the largest issuance denominated in HKD by a supranational.
The bonds have been admitted to trading on the regulated market of the Luxembourg Stock Exchange and were settled through the Central Moneymarkets Unit operated by the Hong Kong Monetary Authority.
Proceeds from the bond will be used to support the IBRD's sustainable development projects across its member countries in line with IBRD’s twin goals of eliminating extreme poverty and promoting shared prosperity.
The Linklaters cross-jurisdictional capital markets team was led by London-based partner Elaine Keats and Hong Kong SAR-based partner Terence Lau, supported by Tilak Shah, Lily Wang, Tom van Schaik and Svetli Hughes.
Linklaters’ capital markets partner Elaine Keats commented:
“We are delighted to be the World Bank’s long-term partner in pursuing positive social and environmental impacts. This successful transaction reinforces Linklaters’ strengths in delivering cross-market financing and providing bespoke solutions for our supranational clients.”
Capital Markets partner Terence Lau added:
“We are pleased to have supported the World Bank on the largest ever supranational financing in the Hong Kong dollar bond market. This transaction further demonstrates Hong Kong’s position as a leading international centre for sustainable finance.”
Linklaters’ Capital Markets team remains a leader in advising on the most innovative cross-border transactions for sovereign and supranational issuers. The team has recently advised on landmark deals such as IFC’s first-of-its-kind Hong Kong dollar social bonds issuance, the Development Bank of Kazakhstan’s first-ever RMB-denominated bond issuance, and the Republic of Indonesia’s inaugural A$800m Kangaroo bond issuance.
