By Rozalia Walencik and Sean Kidney
Nederlandse Waterschapsbank (NWB), a Dutch bank that lends to public sector and social entities, today announced its first green bond at EUR500m. NWB is rated Aaa (negative) / AA+ (stable). Bookrunners were Rabobank, SEB and HSBC.
The bond had an initial target of midswaps plus 10 basis points. In the end orders were very strong, and after only two hours there were $1.8bn of orders for $680m issued.
This lunchtime talk with Sean Kidney and Nick Silver is co-hosted with the Chartered Institute for Securities & Investment.
Time: 12:30- 14:00, Wednesday 2 July 2014, Venue: Shearman & Sterling, 9 Appold Street, London, EC2A 2AP
Overview: Climate bonds are not just securities for financing green energy projects – this $356bn market is developing rapidly and has a clear ethical bent. Come and learn what Climate Bonds are, how this market is growing as well as the prospects for both Climate Bond certification and sector indices.
Speakers
GBP260 billion Aviva Investors is one of the gorillas of the investor world. Speaking at Monday's Environmental Bonds conference in London, Aviva's Head of Instituional Credit,
Our Climate Bonds Green Property (expert) Working Group last week published for comment their proposed eligibility criteria for property investments to be certified under the Climate Bonds Standard.
We're holding a series of webinars to run through the proposed criteria and seek feedback.
The webinars are being co-hosted with:
By Bridget Boulle and Sean Kidney
By Bridget Boulle and Rozalia Walencik
Last week Vornado Realty (BBB) became the second US real estate investment trust to issue a corporate green bond, following the Regency Centres bond late last month. The 5 year, $450 million bond was structured by Bank of America Merrill Lynch. Pricing was in line with non-green bonds.
London: the Climate Bonds Green Property Working Group of international experts today published their proposed rules as to what buildings can be used to issue Certified Climate Bonds. Climate Bonds and Green Bonds are where the bond proceeds go to assets important to addressing climate change. The new rules will help investors better understand the low carbon integrity of green building investments. They are part of the Climate Bonds Standard, a FairTrade-like labelling scheme for bonds.
The bond will be used to support climate-friendly investments in emerging markets.
It's the first green bond issued by a multilateral institution in the offshore Chinese markets. The bond, which yields 2%, saw demand from investors in Asia and Europe. HSBC is the sole lead manager for the bond.
http://ifcext.ifc.org/ifcext/pressroom/IFCPressRoom.nsf/0/FC77F4FC845140...
http://www.ftadviser.com/2014/06/17/investments/fixed-income/renminbi-de...
China's CGN Wind has issued a one billion yuan, five year bond to finance wind energy developments in Inner Mongolia, Guangdong, Xinjiang and Gansu. Unusually, the interest rate uses a combination of "fixed rate + floating rate", with the floating rate tied to China Certified Emission Reduction (CCER). They called it a “carbon bond”.
In a couple of weeks I’ll be flying into the toxic pea-soup air of Beijing, for our next round of work on “Growing a Green Bonds Market in China”.
