Issue of S$100 million fixed rate sustainability-linked guaranteed bonds by HSBC Institutional Trust Services (Singapore) Limited (in its capacity as trustee of Sabana Industrial Real Estate Investment Trust)
Allen & Gledhill advised CIMB Bank Berhad, Singapore Branch (“CIMB”) and The Hongkong and Shanghai Banking Corporation Limited (“HSBC”), on the issue of S$100 million fixed rate sustainability-linked guaranteed bonds (“Bonds”) due 2029 by HSBC Institutional Trust Services (Singapore) Limited (“HSBC Institutional Trust”) (in its capacity as trustee of Sabana Industrial Real Estate Investment Trust (“Sabana Industrial REIT”)).
The Bonds are unconditionally and irrevocably guaranteed by the Credit Guarantee and Investment Facility (“CGIF”), a trust fund of the Asian Development Bank.
CIMB was appointed sole global coordinator for the Bonds.
CIMB and HSBC were appointed joint lead managers, joint bookrunners and joint sustainability-linked framework structuring advisors in relation to the Bonds.
The Bonds are the first Singapore dollar-denominated CGIF-guaranteed sustainability-linked bonds in Asia, the first listed CGIF-guaranteed bonds aligned to the ASEAN Sustainability-Linked Bond Standards, and the first CGIF-guaranteed bonds issued by an industrial REIT in Asia. The Bonds are also Sabana Industrial REIT’s first non-sukuk bond offering.
Advising CIMB and HSBC were Allen & Gledhill Partners Margaret Chin, Delwin Singh, and Sunit Chhabra.
