Swire Properties MTN Financing is the first Hong Kong company to list green dim sum bonds on the HKEX valued at RMB3.2 billion (USD446.57 million), making it the largest such issuance among the city’s corporations.
The wholly owned subsidiary of Swire Properties is also the first Hong Kong company to return to the public dim sum bond market since 2019. Green dim sum bonds are usually denominated in RMB and the funds raised will be used for environmental projects.
Of the total bonds issued, RMB2.5 billion will have a 3.30% coupon rate due in 2025, while RMB700 million have a 3.55% coupon rate due in 2028, which were issued under the company’s USD4 billion Medium Term Note Programme.
Slaughter and May advised the issuer, Swire Properties MTN, and the guarantor, Swire Properties, on English law and Hong Kong law, led by partner Lisa Chung.
Partner John Lee, who is also Asia-Pacific head of international capital markets, led the Allen & Overy team, advising the dealers on English law. The 22 dealers included HSBC, Standard Chartered Bank, ANZ Banking Group, Barclays Bank and BNP Paribas.
The joint global co-ordinators and lead managers are HSBC, BOC (Hong Kong), BofA Securities, ICBC (Asia) and Mizuho Bank.
