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Add to Preferred SourcesIFC, a member of the World Bank Group, has issued its first Sterling green bond, attracting strong investor demand and raising 350 million Pounds to fight climate change.
This marks IFC’s first Sterling-denominated benchmark in 5 years and is the first green bond to be issued by a multilateral development bank in the Sterling market since 2015. The transaction highlights the growing appetite for socially responsible investment in the United Kingdom, with UK-based investors accounting for 52% of the final book.
The proceeds of the bond will go to finance IFC investments in renewable energy, energy efficiency, and other areas that reduce greenhouse emissions globally.
Jingdong Hua, IFC Vice President, and Treasurer said: “I am very happy to announce the first-ever IFC Green Bond Issuance in Pound Sterling, listed on the London Stock Exchange. The bond showcases the powerful role that capital markets can play in mobilizing savings for climate-smart finance.”
Nikhil Rathi, CEO, London Stock Exchange Plc said: “We congratulate IFC on its inaugural Sterling green bond listed on London Stock Exchange’s dedicated green bond segment. The listing comes only a few months after the launch of the UK Green Finance Taskforce initiative which encourages more sterling green bond issuance.
IFC is one of the world’s largest financiers of climate-smart projects for developing countries, and has been a pioneer in the green bond market, since its first issuance in 2010. In 2013 IFC became the first institution to issue a $1 billion global benchmark green bond, helping to transform the market from niche to mainstream. Innovative transactions include the first offshore Renminbi-denominated green bond in 2014 and the first green offshore Rupee-denominated bond in 2015. IFC has now issued $8.2 billion of green bonds in 14 currencies since the beginning of the program. These issuances are part of a global strategy to develop the green bond asset class in fixed income markets, and support investments in renewable energy, energy efficiency, green buildings and other areas that reduce greenhouse gas emissions.
Original source: IFC
Published on 13 July 2018