Latest news with #GreenBonds
Zawya
42 minutes ago
- Business
- Zawya
Nasdaq Dubai welcomes ICBC's multi-currency green bond listings totalling $1.72bln
The listing includes three issuances from ICBC's branches in Dubai (DIFC), Hong Kong and Singapore. With this listing, Nasdaq Dubai's total debt market has reached USD 136 billion, including USD 40 billion in bond listings and a growing share of ESG-related instruments. Dubai: Nasdaq Dubai today welcomed the listing of three Green Bond issuances totaling USD 1.72 billion by Industrial and Commercial Bank of China Limited (ICBC). The bonds were issued under the bank's USD 20 billion Global Medium Term Note Programme by its branches in Dubai (DIFC), Hong Kong, and Singapore. The listings include: ICBC Hong Kong Branch: USD 1,000,000,000 Floating Rate Notes due 2028 ICBC Singapore Branch: USD 300,000,000 4.125% Notes due 2028 ICBC Dubai (DIFC) Branch: CNH 3,000,000,000 2.00% Notes due 2028 These issuances further strengthened ICBC's position as the leading Chinese issuer, as well as the leading RMB denominated bond issuer on the exchange. To commemorate the successful listing, His Excellency Zhang Yiming, Ambassador of the People's Republic of China to the UAE rang the bell at the market-opening ceremony at Nasdaq Dubai in the presence of Hamed Ali, CEO of Nasdaq Dubai and Dubai Financial Market (DFM) and Liu Hua, General Manager of ICBC Dubai (DIFC) Branch. Liu Hua, General Manager of ICBC Dubai (DIFC) Branch, said "The successful listing of ICBC's multi-currency carbon neutrality-themed green bonds issued by its branches in Dubai (DIFC), Hong Kong, and Singapore on Nasdaq Dubai reflects ICBC's confidence and commitment to the UAE capital market. As a pioneer in green financing, ICBC has significantly contributed to the environmental sustainability by extending green products, particularly within the framework of the Belt and Road Initiative. With a cumulative total of USD 5.6 billion outstanding bonds in the UAE, ICBC reaffirms its strategic foresight and dedication to fostering eco-friendly and sustainable development globally." Hamed Ali, CEO of Nasdaq Dubai and DFM, commented 'We are delighted to welcome ICBC's latest multi-currency Green Bond listings to Nasdaq Dubai, reflecting the strength of our partnership and the growing appeal of Dubai's capital markets among international issuers. These listings underscore Dubai's role as a trusted global hub for sustainable finance and reinforce our commitment to providing a transparent, innovative, and efficient marketplace that supports responsible investment. We look forward to continuing our collaboration with ICBC as they expand their ESG footprint globally.' Following this listing, Nasdaq Dubai's total debt listings have reached USD 136 billion, including USD 40 billion in bonds and USD 17 billion in Green Bonds. The exchange's ESG-related issuance portfolio at USD 29 billion, reaffirms its leadership in advancing sustainable finance across the region and beyond. Nasdaq Dubai continues to cement its position as a global leader in fixed income listings and a central platform for sustainable investment. About ICBC: Industrial and Commercial Bank of China was established on 1 January 1984. On 28 October 2005, the Bank was wholly restructured to a joint-stock limited company. On 27 October 2006, the Bank was successfully listed on both Shanghai Stock Exchange and The Stock Exchange of Hong Kong Limited. About Nasdaq Dubai: Nasdaq Dubai is the international financial exchange serving the region between Western Europe and East Asia. It welcomes regional as well as global issuers that seek regional and international investment. The exchange currently lists shares, derivatives, Sukuk (Islamic bonds), conventional bonds and Real Estate Investment Trusts (REITS). The majority shareholder of Nasdaq Dubai is Dubai Financial Market with a two-thirds stake. Borse Dubai owns one third of the shares. The regulator of Nasdaq Dubai is the Dubai Financial Services Authority (DFSA). For further information, please contact: Noora Al Soori Communications and Public Relations Dubai Financial Market E: nalsoori@ Shruti Choudhury Associate Director Edelman Smithfield E: dfmedelmansmithfield@
Associated Press
10-02-2025
- Business
- Associated Press
NOTEHOLDER UPDATE IN RELATION TO UKRENERGO
US$825,000,000 6.875% GUARANTEED SUSTAINABILITY-LINKED GREEN NOTES DUE 2028 (THE 'NOTES') ISSUED BY PRIVATE JOINT STOCK COMPANY 'NATIONAL POWER COMPANY 'UKRENERGO"" (THE 'COMPANY') LONDON, Feb. 10, 2025 /PRNewswire/ -- The Ad Hoc Group of holders of the Notes (the 'Ad Hoc Group'), advised by Cleary Gottlieb Steen & Hamilton LLP, wishes to comment on the Company's announcement issued today (the 'Company Announcement'). It is the view of the Ad Hoc Group that the proposal put forward by the Company detailed in the Company Announcement (the 'Company Proposal') has no prospect of approval by a requisite majority of holders of the Notes nor does it form the basis for viable point of engagement with Noteholders. The Ad Hoc Group considers that the proper context for evaluating the Company's request for a debt restructuring includes the following considerations: There is no historical example of a haircut being imposed by a state-owned enterprise ('SOE') in Ukraine. Ukrainian SOEs (including the Company) are commercial entities. Where SOEs have entered into debt restructurings, such transactions have always been conducted on the basis of the entities' debt capacities and commercial relationships. In the current case, where the Noteholders additionally benefit from credit enhancement in the form of a sovereign guarantee, a haircut would be even more unwarranted. There is no economic reason for the Company not to provide a par recovery on the basis of its current financial position – it is clear that the Company is liquid, solvent and has the financial capacity to make payments on the Notes on time. By agreeing to suspend coupon payments until November 2024, holders of the Notes have already provided considerably more cash flow relief to the Company than any of its other creditors (whose indebtedness ranks pari passu with the Notes and who, despite ranking pari passu with the Notes, continued to receive payments on their indebtedness during this period). In the event the Company were to aim for a non-par recovery (which is not justified on commercial grounds), it should enter into comprehensive debt restructuring negotiations with all of its pari passu lenders. The Company has shown no intention to date of adopting a common approach to all its creditors. The Notes were issued as Green Bonds which provided financing to the Company on concessional terms. The use of proceeds of the Notes was to cancel the Company's overdue obligations to renewable energy producers. It would be commercially egregious to tap markets for concessional Green Bonds to cover the Company's obligations to renewables producers and then ask or expect Green Bond holders to accept anything other than full repayment of the subsidized financing provided. The Group notes that the Company entered into a borrowing more recently with similar use of proceeds from multilateral sources. There is no commercial basis to support selectively restructuring debts that are legally and logically indistinguishable. The Company Proposal does not adhere to any of these principles and moreover: It uses the sovereign guarantee in support of the Notes (a credit enhancement tool) to detract from rather than enhance Noteholder recoveries. This is illogical and an effort to obfuscate the point that, consistent with historical practice, a haircut would not be justified even without a sovereign guarantee. It is entirely at odds with market expectations based on historical precedent, the Company's circumstances and current market prices of the Notes. It is underpinned by inaccurate or otherwise incomplete data, information and assumptions. In relation to this, the Ad Hoc Group also notes that the Company did not include provision for full payment in respect of the Notes in their 2025 tariff submission (which is wholly inconsistent with its obligations under the Notes). There is little currency to be gained by an argument that its tariffs do not support payments under the Notes, when the Company failed to request tariffs consistent with its financial obligations. Notwithstanding this, the Ad Hoc Group remains willing to engage with the Company constructively regarding a potential transaction in relation to the Notes provided that such engagement is underpinned by the key principles set out above. To this end, the Ad Hoc Group provided an indicative term sheet setting out a proper basis for constructive, good-faith negotiations with a view to delivering a transaction that would be able to command sufficient support from holders of the Notes to be implementable (the 'AHG Proposal'). The key terms of the AHG Proposal are as follows: 1. Payment by the Company of all past due interest on the Notes in full. 2. Either of the following to enable a partial de-risking of the Notes in exchange for releasing the full sovereign guarantee: a. a partial paydown of the Notes in cash with holders of the Notes receiving US$460 in cash for each US$1,000 in principal amount of the Notes; or b. the Notes receiving the benefit of a security package consisting of the same instruments that were provided by the sovereign to holders of the sovereign's USD 7.75% Notes due 2024 as part of the most recent sovereign restructuring transaction. I.e. for each US$1,000 of aggregate principal amount of, and accrued interest on, the Notes: US$280.00 in principal amount of Step Up A Bonds 2029; US$120.00 in principal amount of Step Up A Bonds 2034; US$21.85 in principal amount of Step Up B Bonds 2030; US$81.65 in principal amount of Step Up B Bonds 2034; US$69.00 in principal amount of Step Up B Bonds 2035; and US$57.50 in principal amount of Step Up B Bonds 2036. 3. To the extent not redeemed, the Notes remaining in place on their existing terms and payment schedule but with a coupon of 8.5%. 4. A consent fee of US$20 in cash for each US$1,000 in principal amount of the Notes. The Ad Hoc Group considers the AHG Proposal to be fully compatible with the 'Most Favoured Creditor' provisions in the sovereign bond documents. Whilst the Ad Hoc Group remains willing to engage with the Company to agree a workable solution, for such discussions to have any prospect of being successful the Company would need to agree to engage with the Ad Hoc Group on the basis of the principles set out above. Holders of the Notes are invited to contact Alastair Goldrein or James Armshaw of Cleary Gottlieb Steen & Hamilton LLP for further information. The contact details for Messrs. Goldrein and Armshaw appear below:
