New World Development’s Dual Tranche US$500 Million Green Perpetual Bond and US$200 Million Social Bond

Linklaters advised New World Development, while Clifford Chance advised the joint lead managers.

HSBC, Mizuho Securities, Morgan Stanley, Standard Chartered Bank and UBS AG Hong Kong acted as joint lead managers for New World Development (NWD)’s issuance of its US$500 million 6.15% green perpetual bond and US$200m 5.875% 5-year 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.

New World Development (HKG:0017)  is a Hong Kong-based company focused on property, hotels, infrastructure and services and department stores.

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

The Linklaters team was led by capital markets partner Gloria Cheung.

Involved fees earner: Mark Chan – Clifford Chance; Sammi Liu – Clifford Chance; George Mok – Clifford Chance; Gloria Cheung – Linklaters;

Law Firms: Clifford Chance; Linklaters;

Clients: HSBC; Mizuho Securities; Morgan Stanley; New World Development Co. Ltd.; Standard Chartered Bank; UBS AG Hong Kong Branch;

Giulia Di Palma

Author: Giulia Di Palma