Jacqueline Heng#2042

Jacqueline Heng

Jacqueline Heng is a capital markets lawyer based in London, who is qualified in England, New York and Ireland.

Jacqueline is recognised as a Next Generation Partner for Debt Capital Markets by Legal 500, and a “Notable Practitioner” in the IFLR 1000 Rankings. She has also been awarded 'Rising Star for Capital Markets' and 'Rising Star UK' at the inaugural Euromoney LMG Awards.

Jacqueline advises on Regulation S offerings outside of the United States, as well as Rule 144A offerings into the United States, and on both publicly listed and privately placed deals.

For over a decade, she has advised investment banks, DFIs, sovereign and quasi-sovereign issuers and corporate clients across a broad spectrum of industries including financial services, energy, manufacturing, mining and natural resources, transport and TMT.

Jacqueline has worked on various debt securities offerings (including corporate bonds, green bonds, sovereign bonds, convertible and exchangeable bonds, high-yield bonds, ORB retail bonds and mini-bonds), EMTN programmes, CP and CD programmes, and structured notes. She has also advised on liability management transactions (including consent solicitations and tender offers) and securities law compliance matters (including continuing disclosure obligations and market abuse regulations).
Jacqueline is a thought leader in the area of green bonds and sustainable financings, and is a regular author/commentator and panel speaker. She has also been active in dealing with issues arising from the transition from LIBOR to risk free rates.

Jacqueline graduated from Cambridge University with an MA (Cantab) in Law and an LL.M. (Commercial Law). 
Contributed to


Green bonds
Green bonds
Practice notes

This Practice Note looks at what constitutes a green bond and covers: (1) green use of proceeds bonds, (2) green use of proceeds revenue bonds, (3) green project bonds, (4) green securitised bonds, (5) the components of the Green Bond Principles (use of proceeds, process for evaluation and selection, management of proceeds and reporting), (6) use of external assurance to confirm compliance with principles, (7) methods of verifying green credentials, and (8) how the green bond market is developing.

Sustainability-linked bonds
Sustainability-linked bonds
Practice notes

Sustainability-linked bonds (SLBs) are bonds whereby the proceeds from the issuance are not ring-fenced to green or sustainable purposes (unlike ‘use of proceeds’ green bonds or sustainable bonds) and may be used for general corporate purposes or other purposes. Instead, the SLBs are linked to the performance of certain key performance indicators in achieving pre-defined sustainability performance targets, and depending on whether this is achieved, certain characteristics of the SLBs may vary (eg coupon rachet). Therefore, issuers are committing explicitly to future improvements in sustainability outcomes with a pre-defined timeline. SLBs are a forward-looking performance-based instrument. The Sustainability-linked Bond Principles (SLBPs) have been published by ICMA and constitute recommended best practice in order to promote market integrity and transparency in sustainable finance. This Practice Note sets out what an SLB is, describes the SLBPs and how they work and what the future looks like for SLBs.

Practice Area


  • Contributing Author

Qualified Year

  • 2007


  • International Capital Markets Association


  • 2006 Master of Arts
  • 2005 Master of Laws (LL.M.)
  • 2003 Bachelor of Arts (Honours)


  • 2004–2005 University of Cambridge
  • 2003–2004 Oxford Institute of Legal Practice
  • 2000–2003 University of Cambridge

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