Lawyers from leading independent Isle of Man law firm, ’ corporate team have acted for the Isle of Man Treasury alongside global law firm Clifford Chance LLP on the issuance of £400 million 1.625% Notes due 2051, the proceeds of which are intended to be used in accordance with a newly established Isle of Man Sustainable Financing Framework.
Cains Listing Services Limited, which is part of the Cains group, is acting as listing agent for the Isle of Man Treasury in respect of the listing of the Notes on The International Stock Exchange (TISE).
Banco Santander S.A., Barclays Bank PLC and HSBC Bank plc acted as joint lead managers with international law firm Dentons acting as lead counsel to the joint lead managers.
The Notes have been assigned a rating of Aa3 by Moody’s Investors Service Limited.
The Cains team was led by directors Tristan Head and Scott Leonard-Morgan, who worked alongside Clifford Chance LLP, The Isle of Man Treasury team (led by David Catlow, Executive Director, Financial Governance), the team at the Isle of Man Attorney General’s Chambers and the Treasury Minister.
Director Tristan Head said: "We are delighted to have acted for the Isle of Man Treasury in relation to such an important transaction for the Isle of Man. The team at Cains has significant experience in advising on bond issues and other capital markets work (including acting for the Treasury in respect of its 2000 and 2001 bond issues) and we were therefore well placed to advise the Treasury on this transaction.
We are also pleased that Cains Listing Services Limited, a Category 1 and 2 member of TISE, was appointed to act as listing agent in relation to the notes. Cains is uniquely placed in the Isle of Man to provide a joined up and cost effective legal and TISE listing agent/sponsor service to our clients and intermediaries. We look forward to attracting more businesses to use the Isle of Man branch of TISE and Isle of Man corporate entities to list their securities on TISE.”
Isle of Man Treasury Chief Financial Officer Caldric Randall said: “We have been delighted by the strength of institutional demand for our debut issue of sustainable bonds. This demonstrates that investors recognise the resilience of the Isle of Man through the COVID-19 pandemic and, through our new Sustainable Financing Framework, our commitment to protecting and enhancing the environment in the Isle of Man as well as to investing in our community for the long term.”