, Philippines

Philippines' AC Energy launches $225m maiden green bonds

The bonds, priced at $99.45, have a five-year tenor and 4.75% per annum coupon.

Philippine utility AC Energy has set the terms for its $225m maiden green bond with a five-year tenor and coupon of 4.75% per annum, priced at $99.45.

According to an announcement, the bonds will be issued by AC Energy subsidiary AC Energy Finance International Limited and listed on the Singapore Exchange Securities Trading (SGX-ST).

The bonds have received pre-issuance certification as Climate Bonds under the Climate Bonds Standard (CBS). The Climate Bonds Standard Board of the Climate Bonds Initiative (CBI) approved the certification of the notes on 14 January 2019.

AC Energy’s issuance will be the first publicly syndicated CBI-certified USD Green Bond in Southeast Asia, the company added.

HSBC acted as sole global coordinator; Bank of America Merrill Lynch (BofAML) acted as sole green structuring agent, and BofAML, CLSA, and HSBC acted as joint bookrunners and joint lead managers, with the participation of BDO Capital, BPI Capital Corp., and China Bank Capital as domestic managers.

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