Environmental Finance's Bond Awards 2023

Law firm of the year: Clifford Chance

As well as being the winner of several previous Environmental Finance Bond awards, in 2022 Bloomberg ranked Clifford Chance as the number one legal adviser to managers on sustainable bonds in Europe, as ranked by volume.

The firm played a key role in a wide variety of deals in 2022 and advised managers and issuers across a range of green, social, sustainable, and sustainability-linked bond (GSSS) issuances.

Of particular note was their work with debut issuers in several new regions and sectors, as well as blended finance transactions for sovereigns and new financing structures.

Highlights from 2022 include advising Nordic bank Nordea on its issuance of a NOK4.1 billion ($394 million) bond, which was the first issue of its kind to have proceeds earmarked exclusively to finance sustainability-linked loans.

The firm also advised Credit Suisse and CIBC FirstCaribbean on a debt-for-nature conversion transaction for Barbados – which included a secondary guarantee from The Nature Conservancy as well as having marine conservation objectives.

The financing also benefited from both climate and pandemic-related debt deferral protections. This issuance won awards for Initiative of the year - sustainability bond and the Award for innovation – bond structure (sustainability bond).

One of the Environmental Finance Bond Awards judges commented that the firm showed, "strong leadership for the development of GSSS bond market," and was "engaged in many landmark deals" as well as "contributing to more transparent market regulation".