03 July 2018 Ground-breaking deals
Linklaters advises on the largest ever green bond listing on the London Stock ExchangeLinklaters has advised the London branch of Industrial and Commercial Bank of China (ICBC) on its recent USD$1.58bn issuance of green bonds. The bonds are listed on the International Securities Market (ISM) and green segment of the London Stock Exchange, making it the largest green bond listing ever on the London Stock Exchange. ICBC London Branch is also the first Chinese issuer on the ISM.
ICBC London Branch's green bond includes three floating rate tranches, a USD-500-million three-year dollar tranche, USD-500-million five-year dollar tranche and a EUR-500-million three-year euro tranche. It has also received Climate Bonds Initiative certification.
Richard O’Callaghan, Capital Markets partner at Linklaters, says:
“To be associated with the largest ever green bond listing on the London Stock Exchange is a real privilege. The success of the issue of the green bonds highlights the scale of green finance opportunities as increasing numbers of companies look to climate and environmental issues.”There are a total of 78 green bonds listed on the London Stock Exchange.
The Linklaters team was led by Capital Markets partners Richard O’Callaghan and Michael Ng. The team included Capital Markets associates Catherine Lee and Sirae Chen.
Linklaters has been at the forefront of green finance developments, previously advising on the world’s largest green bond, advising on the first China green covered bonds and, earlier this year, inputting into The Green Finance Taskforce report on policy recommendations for the future of green finance in the UK.