Hunton Andrews Kurth Secures First Maritime Sustainability Bond in Thailand for TMB Thanachart with International Finance Corporation as the Subscriber

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June 2, 2022
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The Bangkok office of Hunton Andrews Kurth LLP assisted International Finance Corporation (IFC) in subscribing for $150 million (USD) of bonds to be issued by TMB Thanachart (TTB), Thailand’s sixth-largest bank, comprised of $100 million of Green Bonds and $50 million of maritime sustainability bonds (Blue Bonds). TTB will be the first Thai commercial bank to issue maritime sustainability bonds in Thailand, with the bond proceeds to be used by TTB to provide businesses with access to funding that helps address climate change. A major challenge for Thailand is the threat to the sustainable marine economy, which accounts for about 30 percent of gross domestic product. Thailand is expected to rank among the top six in the world for marine plastic pollution.

The proceeds from the Green Bond issuance will be dedicated to financing customers’ purchases of electric vehicles, which will be key to meeting the country's climate goals and reducing greenhouse gas emissions by 40 percent by 2030.

The Hunton Andrews Kurth team included Bangkok partner Stephen Bennett and senior associate Tanagorn Thimasarn with London counsel Robert Askew advising on English law matters and legal opinion.

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