Our sustainable finance practice boasts a track record of cutting-edge and first-of-their-kind transactions and is bolstered by the support of our preeminent capital markets and debt finance practices across the globe.

We regularly advise clients on green, social, and sustainable “use of proceeds” and KPI-linked bonds, KPI-linked credit facilities, and derivatives structures, such as virtual power purchase agreements.

We structured and worked on:

  • The first ever sustainability-linked bond
  • The first ever sovereign issuance of a sustainability-linked bond
  • The first ever sustainability-linked bond to include a coupon step-down for overperformance on the pre-defined targets
  • The first European green bond convertible into equity of the issuer
  • One of the first gender diversity-linked bonds
  • The inaugural green or sustainability-linked bond issuance for dozens of issuers
  • One of the first ever sustainability-linked capital call facilities
  • The first U.S. dollar, SEC-registered affordable housing bond offering
  • The first ever pandemic-protected bond
  • One of the first sovereign debt instruments to have a pandemic clause

Notable Experience

Selected Highlights

  • Alphabet on its $10 billion multicurrency sustainability-linked revolving credit facility and its $10 billion debt offering, which included an inaugural issuance of $5.75 billion sustainability bonds, the largest issuance of sustainability bonds to date.

  • Citigroup in its first-ever SEC-registered U.S. dollar-denominated green bond offering.

  • Enel in its $1.5 billion Sustainable Development Goals-linked bond issuance with an interest-rate linked to the achievement of a renewable energy-based KPI, the first ever sustainability-linked debt instrument issued.

  • JinkoSolar, a solar panel manufacturer, in six convertible bond offerings and multiple follow-on offerings totaling over $500 million.

  • Neoen in a €170 million offering of the first-ever European green bonds convertible into new shares and/or exchangeable for existing shares of the issuer.

  • Starbucks in its $1 billion sustainability bond offering to support Starbucks’ ethical coffee sourcing and its Greener Retail initiative.

  • Suzano in the first KPI-linked bonds issued in the Americas, using a KPI target reduction of greenhouse gas emissions, and, subsequently, in KPI-linked bond issuances with KPI targets related to water usage and ratios of women in company leadership roles.

  • The Korea Development Bank in its $300 million SEC-registered green bond offering to finance renewable energy projects.

  • The Nature Conservancy in its inaugural $350 million green bond offering.

  • The Republic of Chile’s $1.65 billion SEC-registered offering of sustainability-linked bonds, the first ever offering of sustainability-linked bonds by a sovereign.

  • Verizon in its $1 billion green bond offering for long-term renewable energy purchase agreements to support the construction of solar and wind facilities, which mandated minority- and women-owned firms as lead underwriters.

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