Dentons has advised Commercial Bank of Qatar (P.S.Q.C.) (CBQ) on its issuance of CHF 225 million 1.7075% Senior Guaranteed Green Notes due 2027. The notes were issued by CBQ Finance Limited, a special purpose vehicle established in Bermuda, and the notes are guaranteed by CBQ. The transaction was completed on 8 October 2024. Dentons also advised on the related 28 September 2023 update of CBQ’s US$5 billion Euro Medium Term Note Programme.
The issuance was CBQ’s inaugural green note issuance. It was also the largest-ever Swiss-franc-denominated issuance of green notes in Qatar. The net proceeds of the Green Notes will be applied to finance and/or refinance, in whole or in part, a portfolio of eligible sustainable projects in eligible green categories, as set out in CBQ’s Sustainable Finance Framework.
The issuance was rated A- by S&P and A by Fitch, was listed on the SIX Swiss Exchange and was offered to sophisticated investors, outside the US, in reliance on Regulation S under the US Securities Act of 1933.
The Dentons team in Dubai was led by partnerĀ Alex Roussos, with assistance from senior legal consultant Katie Phillips and senior associateĀ James Osun-Sanmi.
