Sustainability Report 2013


Environmental Sustainability Bonds

We established our Environmental Sustainability Bond Programme in response to clear investor demand for this type of bond product. These bond-financed projects achieve specific environmental benefits and together comprise our Green Project Portfolio (GPP). We are able to access innovative sources of funding for our work through the GPP and since 2010 we have issued 12 bonds under the Programme for a total of €415 million.

Issues under the Environmental Sustainability Bond Programme in 2013 comprised three private placements denominated respectively in Brazilian real, Australian dollars and an inaugural US$ 250 million four-year bond that was launched in September 2013 and listed on the London Stock Exchange. This was our first Environmental Sustainability bond to be directed to ethical institutional investors. Morgan Stanley and Skandinaviska Enskilda Banken AB (SEB) were joint lead managers in the transaction. Not only do green bond issues attract a new investor base but they also allow us to highlight to a wider audience our emphasis on environmentally-sound and sustainable development within our core mandate.

Investors also have the opportunity to invest in our other bonds. Total issuances in 2013 amounted to €6.5 billion.