Davis Polk & Wardwell and Haiwen & Partners have advised automobile company Zhejiang Geely Holding Group on the issuance of $400 million offshore green bond, the first ever from China’s auto industry.  

King & Wood Mallesons has advised the joint lead managers, including Bank of China, Bank of America Merrill Lynch, Barclays, and Société Générale. 

The offering is being carried out through Geely’s subsidiary firm, London Taxi Corporation. The bonds carry a fixed interest rate of 2.75 per cent per annum with a tenor of five years, which is the lowest coupon ever among U.S. dollar bonds issued by a Chinese carmaker. It also marks the third green bond offering by a Chinese enterprise.

The KWM team working on the deal was led by partners Hao Zhou and Pan Yujia. Conyers Dill & Pearman acted as BVI counsel to Geely.