A&G News 28 November 2022
Allen & Gledhill advised Oversea-Chinese Banking Corporation Limited (“OCBC”), DBS Bank Ltd. ("DBS") and United Overseas Bank Limited (“UOB”) on the issue of JPY16.5 billion 1.05% sustainability-linked notes due 2029 (“Series 12 notes”) and S$165 million 5% notes due 2026 (“Series 13 notes”) by Ascott REIT MTN Pte. Ltd. under its S$2 billion multicurrency debt issuance programme.
OCBC was the sole lead manager for the Series 12 notes.
DBS, OCBC and UOB were the joint lead managers for the Series 13 notes.
The Series 12 notes are a sustainability-linked bond which provides for an additional payment in the event of a failure by CapitaLand Ascott Trust to achieve a 40.5% reduction in electricity consumption and/or Excellence in Design for Greater Efficiencies (EDGE) Greenbuilding Certification for three assets in the Philippines and Indonesia by 31 December 2028. The bond was solely subscribed by International Finance Corporation (IFC) and marks IFC’s first sustainability-linked bond in the hospitality sector globally.