First US municipality to list green bonds overseas

Project description

The San Francisco Public Utilities Commission (SFPUC), a department of the City and County of San Francisco, listed the first US municipal green bond on the London Stock Exchange. The SFPUC sold US$664m in taxable bonds, more than half (US$341m) of which were designated as green bonds, and listed on the London International Securities Market.

Scope of work

Our cross-border team from San Francisco, Los Angeles, New York and London served as bond counsel to the SFPUC. Since this transaction involved the first European listing of US municipal bonds, there were no prior precedents to benchmark.

This transaction, which garnered significant media attention, showcases the value of our global platform facilitating the completion of a complex transaction.

Why is this project unique

In addition to being a market first, the transaction is important to the SFPUC because it taps into growing investor demand in Europe and Asia for municipal assets.

Offices

A cross-border team from San Francisco, Los Angeles, New York and London