Leading global law firm Baker McKenzie has advised Standard Chartered Bank as Structuring Advisor and Placement Agent on the recent private placement of ZAR 3 billion Green Bonds due 2024 by the Development Bank of Southern Africa Limited ("DBSA") to PIMCO.
DBSA is a leading development finance institution, established in 1983, with the mandate to promote economic growth as well as regional integration for sustainable development projects and programmes in South Africa, the Common Market for Eastern and Southern Africa and the Southern African Development Community. DBSA is 100 per cent. owned by the Republic of South Africa.
PIMCO is a global investment firm which manages more than USD 1.9 trillion in assets and invests in markets around the world.
Baker McKenzie supported Standard Chartered Bank’s in-house legal team on this complex cross-border transaction sequence, led by Helen Pinder, Head of Legal, Capital Markets ( Europe, Africa, Americas & MENAP).
The Baker McKenzie team in London was led by finance partner Michael Doran supported by senior associate James Tanner, trainee solicitor Akshay Prasad and US Securities Counsel Charles Farnsworth, and in Johannesburg by finance partner Lodewyk Meyer.
London-based partner Michael Doran commented "We were very pleased to work with Standard Chartered Bank in structuring and executing this pioneering private placement. This is truly landmark deal - being one of the major green financings in Africa to date. It opens up the direct private placement market, is denominated in a local currency and shows a major commitment to both Africa and its nascent and dynamic Green Bond market by PIMCO. Clearly It sits squarely within the SDG 7 Initiative for Africa announced by the United Nations Economic Commission for Africa, Africa 50 and PIMCO in 2020. Quite simply it opens up a world of opportunities both for Africa and global ESG investors”
DBSA was advised by Norton Rose Fulbright and PIMCO by Allen & Overy.