Linklaters advises the Republic of Chile on first sustainable bond offering
First sustainable bond listed on the Taipei Exchange by a sovereign issuer
Linklaters has advised the Republic of Chile on the offering of US$1.5 billion 3.500% notes due 2053. The Republic of Chile intends to invest the net proceeds into projects that may qualify as “eligible green expenditures” and “eligible social expenditures” under its Sustainable Bond Framework.
The notes, known as Formosa bonds because they have been listed on the Taipei Exchange, obtained the lowest coupon by a sovereign issuer of a Formosa bond and are the first sustainable bond listed on the Taipei Exchange by a sovereign issuer.
The strong issuance highlights the demand from investors with dedicated environmental, social, and governance (ESG) mandates in the Formosa market and elsewhere.
The Linklaters team was led by partner Conrado Tenaglia, alongside counsel Alejandro Gordano, counsel Matthew Brigham (Tax), associate Matthew Russo (Tax) and foreign attorney Monica Perez-Banuet Farell.
Linklaters has been at the forefront of the growth in the green bonds market, advising on some of the leading offerings in recent years. This has included the first sovereign green bond issuance in the Middle East and North Africa region, Ukraine’s first-ever green bond issuance, and the world’s first green convertible bond in the real estate sector among many others. Linklaters also recently advised on Europe’s first sovereign sustainability bond.
Linklaters’ green and social bond experience spans its Latin American, North American, European, and Asian offices and draws on the support of the firm’s market-leading practices.
