Slaughter and May, Hong Kong, advised Swire Properties Limited on the issuances by its wholly-owned subsidiary, Swire Properties MTN Financing Limited, of CNY2.5 billion 3.30% Green Notes due 2025 and CNY700 million 3.55% Green Notes due 2028, being the largest corporate green “dim sum” bond issuance in Hong Kong. This transaction makes Swire Properties the first Hong Kong corporate to issue a Renminbi-denominated public green bond and the first Hong Kong corporate to return to the public “dim sum” bonds market since 2019.
The Notes were issued under Swire Properties’ US$4 billion Medium Term Note Programme. The Notes are guaranteed by Swire Properties Limited and are listed on the Hong Kong Stock Exchange.
As part of Swire Properties’ Sustainable Development 2030 Strategy, the net proceeds from the issuances will be used to fund or refinance, in whole or in part, Swire Properties’ new or existing green projects that relate to green building development, energy efficiency, renewable energy, sustainable water and wastewater management, or climate change adaptation.
Slaughter and May also advised Swire Properties on its first green bond issue, being the first green bond in Hong Kong with the Green Finance Certification from the Hong Kong Quality Assurance Agency.
Ellie Steiner / Trainee