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A&O Shearman advises HKSAR Government on its institutional green bonds

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Published Date

Jul 30 2024

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A&O Shearman has advised the Government of the Hong Kong Special Administrative Region of the People’s Republic of China (the HKSAR Government) on the issuance of approximately HKD25 billion worth of green bonds denominated in three currencies under the Government Sustainable Bond Programme (previously known as the Government Green Bond Programme).

The multi-tranche offering consists of:

RMB2 billion 2.60% Notes due 2026
RMB2 billion 2.70% Notes due 2029
RMB2 billion 2.80% Notes due 2034
RMB2 billion 3.05% Notes due 2044
RMB2 billion 3.15% Notes due 2054
USD1 billion 4.25% Notes due 2027
EUR750 million 3.375% Notes due 2031

For the first time, the HKSAR Government offered RMB Green Bonds with maturities of 20 and 30 years with the latter setting a record as the longest tenor RMB bonds the HKSAR Government has ever issued.

The A&O Shearman deal team was led by partner Agnes Tsang with support from Erica Lo, Gordon Ng, Eileen Qu and Iris Owyong. Alexander Stathopoulos and Magdalena Biereder provided U.S. law advice.