Slaughter and May, Hong Kong, advised MTR Corporation Limited (MTR) on the establishment of its A$5 billion debt issuance programme (Programme), and on the issue of A$2 billion fixed rate green notes (Notes), being the first issuance under the Programme. The Notes represent the largest ever AUD corporate green bond and dual-tranche corporate bond in the Australian market, as well as the largest ever Australian Dollar corporate orderbook achieved in history.
The Notes were issued in two equal tranches, with a 5-year tranche of A$1 billion and a 12-year tranche of A$1 billion, with coupon rates set at 4.886% and 5.582% respectively. The net proceeds from the issue of the Notes will be used to support eligible green investments as set out in MTR’s Sustainable Finance Framework. The Notes were rated “AA+” by Standard & Poor’s and “Aa3” by Moody’s.
Australia and New Zealand Banking Group Limited (ANZ), Deutsche Bank AG, MUFG Securities Asia Limited and UBS AG acted as the Joint Lead Managers and Joint Bookrunners for the issuance of the Notes. ANZ also acted as the ESG Coordinator.
Slaughter and May worked as an integrated team with King & Wood Mallesons, led by partner Philip Harvey.
Anson Chan / Trainee