Linklaters advises on world’s largest US$3bn green bond

Linklaters was pleased to act for Bank of China Limited in a multi-currency offering of Green Bonds totaling over US$3bn.

“This the world’s largest green bond issuance, generating significant interest across Asia and globally,” said Michael Ng, Partner, Linklaters.

A recognised leader in green bonds, Linklaters is proud to have involved in this landmark transaction which is expected to promote greater green bond issuances by Chinese enterprises in the future.

Capital markets partner Andrew Carmichael said teams in Hong Kong, Luxembourg and New York advised Bank of China as it amended and supplemented its Medium Term Note Programme to allow for Green Bond issues and securities offerings by a New York branch.

“U.S. dollar, Euro and Renminbi denominated bonds were offered. E&Y rated the bonds GB-AAA (Dark Green), which is the highest tier on the firm’s green rankings,” Mr Carmichael added.

Mr Ng said the transaction underscores how the Chinese Government is committed to establishing a major Green Bond market domestically, and by Chinese issuers internationally.

“The deal certainly points to a global leadership role China seeking to take in the formation of a new green economy,” Mr Ng added. 

At the same time, the RMB1.5bn tranche by the New York branch also helped advancement of the internationalisation of the Chinese Yuan in the United States and globally, which is a key objective of the Chinese Government.

The transaction was led by partners Michael Ng, Andrew Carmichael, William Liu and Pam Shores in Hong Kong.

For further information please contact Nicholas Davy on +852 9700 2617.