By Lisa Kerner
Charlotte, N.C., July 22 – Link Asset Management Ltd. priced a $500 million 2 7/8% green bond (A2/A) due 2026.
It is the company’s first green bond, as well as the first green bond issued by a Hong Kong business enterprise and the first such issue by a property company in Asia, according to a news release.
Link will apply to list the notes on the Stock Exchange of Hong Kong Ltd.
Proceeds will be used to fund Link’s green initiatives, including financing its Kowloon East office project, a commercial project that will be built to HK-BEAM Platinum and LEED Platinum green building standards.
“Our inaugural green bond provides a direct link between our corporate sustainability initiatives and capital markets through allocating capital specifically for building thriving low-carbon communities,” said chief executive officer George Hongchoy.
HSBC Securities (USA) Inc., BofA Merrill Lynch, Bank of China (Hong Kong) Ltd. and J.P. Morgan Securities LLC are the lead arrangers for the bond issuance. HSBC and BofA Merrill Lynch are the green bond advisors.
Link Asset, based in Hong Kong, manages Link Real Estate Investment Trust.
| Issuer: | Link Asset Management Ltd.
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| Issue: | Green bond
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| Amount: | $500 million
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| Maturity: | 2026
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| Coupon: | 2 7/8%
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| Arrangers: | HSBC Securities (USA) Inc., BofA Merrill Lynch, Bank of China (Hong Kong) Ltd. and J.P. Morgan Securities LLC
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| Advisors: | HSBC Securities (USA) Inc., BofA Merrill Lynch
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| Ratings: | Moodys: A2
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| S&P: A
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