Magic Circle firm Allen & Overy has advised Bangkok Bank, Bank of Ayudhya and Standard Chartered on the Kingdom of Thailand’s 30-billion-baht ($965 million) dual-tranche sustainability bond issuance.
This marks the first issuance of sustainability bonds by the Kingdom of Thailand under the country’s commitment to the United Nations Sustainable Development Goals and the Paris Agreement under the United Nations Framework Convention on Climate Change.
The proceeds of each of the two tranches will be used for different purposes. The first 10-billion-baht tranche will be used for liability management and to refinance the capital expenditures of Bangkok’s electric Mass Rail Transit Orange Line (East) project, and the remaining amount will be used to tackle the economic and social impacts of the COVID-19 pandemic in Thailand.
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