Shearman & Sterling advised firm pro bono client WLB Asset II Pte. Ltd., a wholly owned subsidiary of Impact Investment Exchange Pte. Ltd. (IIX), on the offering of $10.5 million aggregate principal amount of its 4% Women’s Livelihood Bond 2 due 2024 (WLB2) and $1.5 million subordinated debt from Rockefeller Foundation Zero Gap Investment Fund Co-Invest, LLC and Rockefeller Foundation Zero Gap Investment Fund, LP. The bonds will help sustainable livelihoods for more than 250,000 underserved women in South and Southeast Asia through innovative finance, and the proceeds will be mainly used to extend loans to selected microfinance institutions and impact enterprises benefitting women in Cambodia, India, Indonesia and Sri Lanka.
The WLB2 is the second bond in the award-winning Women’s Livelihood BondTM Series (WLB Series) and has built on the success of the Women’s Livelihood BondTM 1 (WLB1), an $8.5 million debt offering closed in July 2017 which helps sustainable livelihoods for over 385,000 women across Southeast Asia. The WLB2 is an innovative financial instrument that mobilizes private sector capital for positive social and environmental impact, while offering financial returns to investors independent of social outcomes. It expands to include more countries than those in the WLB1 such as India, Sri Lanka and Indonesia as well as new sectors such as clean and affordable energy in addition to sustainable agriculture and financial inclusion.
The WLB2 is the Asia Pacific’s second multi-country gender bond listed on the Singapore Exchange and the first ICMA and ASEAN Capital Markets certified Social Bond focused on women’s empowerment.
The Shearman & Sterling team included partners Won Lee (Hong Kong-Capital Markets), Michael Steinberg (New York-Finance), Nathan Greene (New York-Investment Funds), Geoffrey Goldman (New York-Derivatives & Structured Products), James Duncan (London-Derivatives & Structured Products) and Tomasz Kulawik (Washington, D.C.-Finance); counsel Hae-Ran Song (Hong Kong-Capital Markets); associates Andrew Tsang (New York-Finance), Charles Zamiskie, Gina Lee (both New York-Capital Markets), Joanna Enns (Toronto/New York-Capital Markets), Leo Wong (Hong Kong-Capital Markets), Michele Smith (London-Finance), Naffie Lamin (New York-Derivatives & Structured Products), Ryan Au (Washington, D.C.-Tax), Tarek Raucci (New York-Investment Funds), Woo Suk Hong (London-Finance), Yeonsue Kim (Menlo Park-Capital Markets) and Yoon-jee Kim (New York-Capital Markets); attorney William Yaro (New York-Finance); trainees Maryam Usman (London-Investment Funds) and Saloni Patel (London-Finance); and legal assistant Hayley Law (Hong Kong-Capital Markets).
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NOTES TO EDITORS:
About Shearman & Sterling:
With more than 850 lawyers in 24 offices, Shearman & Sterling is a global law firm that partners with corporations, major financial institutions, emerging growth companies, governments and state-owned enterprises to provide the legal and industry insight needed to navigate the challenges of today and achieve their ambitions of tomorrow. Our lawyers come from some 80 countries and speak more than 60 languages.
Contacts:
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