Markets Monthly #5 - 10/06/2020: Cumulative GB issuance at USD845bn: China
cleans coal from Green Catalogue: Swisscom’s debut 10x oversubscribed: Brazil
Certification: New covered bond from France: LatAm infrastructure and Asian GB
investors feature in webinar programme.
Welcome to the Markets Monthly!
For more information on the Climate Bonds Database on Market Data mail to: dataenquiries@climatebonds.net

Climate Bonds Connected – Online Programme
Climate Bonds Connected is our new online programme with all the latest transition, green & sustainable financedevelopments. Webinars, podcasts and more.
Coming up: Asian Green Bond Investors with GPIF, Brazil Infrastructure Minister, EU Sustainability with Martin Spolc
with more into July. The full programme is here.

Don’t Miss!
Brazil’s Minister of Infrastructure, Tarcísio Freitas, as special Guest Speaker in our Wednesday Webinar, discussing green
infrastructure pipelines. On today!
Our Markets Monthly ‘Coffee Break’ Webinar on Thursday 11th 13:00 London Time. 15 mins of May market analysis &conversation with Lea Muething.
Next Thursday 18th June Tetsuya Oishi from GPIF joins speakers from UBS Asset Management & Huaxia Bank AssetManagement sharing investor perspectives on green bonds in Asia.

Latest Reports

Japan - Green Finance State of the Market 2019
An updated in-depth overview of the Japanese green bond market, highlighting developments since
the inaugural 2018 publication. With USD17bn in cumulative issuance at the end of 2019, Japan
reached 9th place in global country rankings and 2nd in Asia-Pacific, after China.

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Hong Kong Green Bond Market Briefing 2019
Produced in partnership with HSBC, and supported by the Hong Kong Monetary Authority (HKMA)
and the Hong Kong Green Finance Association (HKGFA), Climate Bonds Initiative’s second Hong Kong
Briefing Paper examines a range of green bond deals from domestic issuers, and for the first timeassesses their post-issuance disclosure.

Securitisation as an enabler of green asset finance in India
This report discusses the role green asset backed securities (ABS) can play in helping India finance its
green infrastructure and improve the lives of the poor and disadvantaged. However, we
acknowledge that securitisation requires specialised structuring expertise, complex credit analysis
and a specialised investor base.

May at a glance
May 2020 saw green bonds worth USD14.6bn come to the market, bringing total cumulative issuance to USD845bn.
Despite the monthly figure being a 53% decline year-on-year (May 2019 was last year’s peak in issuance) the figure reflectsthat the volume is stabilising after the sharp dip in March.

The effects of the COVID-19 pandemic remain omnipresent. The interest rate environment is still at an all-time low after
cuts in the major markets including the US and the UK, as the Fed and the Bank of England have slashed rates to stimulate
lending. These circumstances have also made it possible for the UK to print its first negative-yielding government bond.
Nevertheless, the credit market has been supported by different quantitative easing measures, such as the ECB Pandemic
Emergency Purchase Programme which started in mid-March this year.
The social and sustainability bond rally continues, with the French agency Unédic raising EUR4bn (USD4.4bn) – one of thelargest social bonds ever issued. In the meantime, institutional investors such as BlackRock are targeting the pandemic
with impacts funds focusing on COVID-19 and the SDGs.
Measures to support a green recovery from the pandemic are starting to materialise. Companies in Canada will have todisclose climate impacts in order to qualify for Covid-19 relief and Norway has proposed a package of NOK3.6bn

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(USD370m) to support green technology projects. Germany announced the largest set of green recovery measures so far(EUR130bn/USD145bn) this week, including support for electric vehicles and R&D on green hydrogen, among others. The
EU’s recovery package will also have a green component. However, work remains to be done, as the Guardian reports thatmost of the post-COVID stimulus – as much as USD500bn equivalent – remains tagged to brown industries.
At the same time, companies aren’t shying away from further commitments: Southern Company (USA) has justannounced its goal to a transition to net zero carbon emissions by 2050. On the financial side, Citigroup (USA) said it islaunching a new business unit called Sustainability & Corporate Transitions.
The transition agenda is advancing on government level as well: China has removed ‘clean coal’ from its list of eligible
projects for green bonds. Japanese experts propose a national ‘transition taxonomy’ for finance and the government isestablishing an online platform along with a high-level international political meeting to discuss green transitions andrecovery from the pandemic. Support from third-parties is headed in that direction as well as Sustainalytics recently
launched its transition bonds Second Party Opinion service.
Third-party reviews remain key in the green bond market. After a dip in March, Climate Bonds Certifications have seen an
increase in issuance volume passing the cumulative $120bn milestone. Certified Climate Bonds amounted to USD2.6bn in
May 2020 compared to USD1.5bn in April and USD1bn in March 2020. A high-profile Certification came from Eurogrid, a
non-financial corporate from Germany, which completed its debut green issuance with a deal worth EUR750m (USD834m– see New issuer spotlight).

In May, Non-financials as well as Financial corporates issued relatively more than other issuer types compared to lastyear; Non-financial corporates also in absolute terms. Of the latter, Asja Ambiente Italia SPA (Italy) issued its third dealraising EUR1m (USD1m) in order to finance the development of new high-quality biomethane production plants. With its
debut issuance, Credit Suisse (Switzerland) included Equity as an asset class that is eligible for green funding. On a similarnote, K2A (Sweden) has created a green Equity framework. Also, on the debt side, different bond structures keep
appearing in the green space: the hydrogen engines and fuelling solutions provider Plug Power Inc. from the USA issued
the country’s first green convertible.
Government-backed entities dominated issuance volume in May. With newcomers Swisscom (Netherlands – watch out
for a special blog post coming this week) and Sacramento Municipal Utility District (USA) with EUR500m/USD556m and
USD400m, respectively (see New issuer spotlight), total volume from this issuer type added up to USD5.6bn. Dutch public
sector specialist bank NWB Bank (Netherlands) is using its USD500m deal proceeds on for example funding energy
recovery and the extraction of phosphorus from wastewater.
As opposed to this time last year, there was little Sovereign issuance in May 2020. Repeat issuer Republic of Lithuania
raised a total of EUR28m (USD31m) for green projects.

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The US is leading country rankings this month with USD5.2bn, which is more than a third of the total volume. This camemainly from multiple US Muni bonds making up 52% (USD2.7bn) of that figure and marking the second highest monthly
volume of that instrument type after December 2017.
The US was followed by France (USD3.1bn), Germany (USD1.4bn) and multiple other countries belonging to developed
markets, making this segment comprise 91.8% of all May issuance. Only the Lithuanian Sovereign can be credited toemerging markets. Nevertheless, Luxembourg – appearing less frequently in the country list- saw CPI Property Group
return to the market financing Green Buildings, Renewable Energy and Land Use.

> Check out the full list of new and repeat issuers.
> Click on the issuer name to access the new issue deal sheet in our online Bond Library.

Worth reading
ICMA published a report in which it lays out definitions for sustainable finance. The Paris Agreement is part of thesedefinitions - ICMA
…and:
•
•
•
•
•

From the European Action Plan to the renewed strategy on sustainable finance – Finance for tomorrow
Roadmap for ASEAN sustainable capital markets – ASEAN Capital Markets Forum
Emerging Markets Green Bonds Report – Amundi Asset Management
Implications of the Covid-19 pandemic for global sustainable finance - UNEP
Keeping Green and Impact in Focus - Monetary Authority of Singapore

New issuer spotlight - Certified Climate Bonds
Eurogrid (EUR750m/USD812m), Germany, had its inaugural green bond issuance with a 12-year instrument. The assets
are Certified against the Marine Renewable Energy criteria under Climate Bonds Standard V3. The proceeds will be used tofinance and refinance two offshore connections, Ostwind 1 and Ostwind 2, which connect to wind farms in the Baltic Sea.
Collectively the farms have an installed capacity of approximately 1.5GW and are situated 90km from the German
mainland. Ostwind 1 was completed in 2019, and Ostwind 2 is currently in development. This deal is the first green bond
explicitly linked to offshore wind in the Baltic Sea, and offshore wind transmission infrastructure.
Both allocation as well as impact reporting will be available to investors within one year from the date of issuance until full
allocation.

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Banco Votorantim (BRL250m/USD50m), Brazil, debuted in March 2020 with a green bond Certified against the Solar andWind Criteria of the Climate Bonds Standard, maturing in four years’ time. The proceeds will be used to finance new loans
for solar PV and wind energy systems to retail customers (homes and other small buildings) in Brazil. This deal marks
several firsts for Certification in Brazil. Read more in our Banco BV blog post.
The issuer is committed to reporting annually on all assets and projects funded with the bond, for both segments.

New issuer spotlight
Swisscom (EUR500m/USD556m), Netherlands, came to market with an inaugural 8.5-year green senior unsecured
instrument. Sustainalytics provided an SPO on the company’s framework. Three eligible project categories are included:
Energy Efficiency (network development, network operations, Internet of Things networks, products and solutions, andenergy efficiency improvements in buildings); Renewable Energy (installation of off-grid energy solutions, including solar
panel installation and biomass heating that complies with EU Taxonomy criteria); and Clean Transportation (reducing thecarbon footprint of the company’s fleet).
An annual allocation report will be published on Swisscom’s website until full proceed allocation. This includes the total
amount of investments and expenditures, the share of financing vs refinancing and the balance of unallocated proceeds (ifany). Where feasible, Swisscom will also report on the environmental impact of its green funding or refer to existingsustainability reporting. This reporting will be produced annually on a project portfolio basis.
Climate Bonds view: In early May 2020, Swisscom became the sixth organisation in the Communications industry to issue agreen bond. Swisscom managed to accumulate EUR5bn worth of interest in the bond, translating into a book that was ten
times covered. It is clear that investor confidence in credit overall has been supported by the ECB Pandemic Emergency
Purchase Programme since mid-March, but even in this context, interest of this magnitude is notable, and points to the factthat issuers from this sector remain a rarity in the green bond market. Investors evidently welcome the opportunity to add
much needed industry diversification to green bond portfolios, which tend to be heavily biased towards utility, financial,
and real estate issuers.

Credit Suisse London (EUR500m/USD541m), Switzerland, entered the market with a five-year senior unsecured green
debut benefitting from an SPO from ISS-oekom. The proceeds will go towards financing or refinancing projects in the
Renewable Energy (Solar), Low Carbon Buildings and Clean Transportation (Electric Vehicles) space.
The framework also covers Energy Efficiency, Conservation Finance, Sustainable Waste Management, Sustainable Water
Infrastructure and Circular Economy. Excluded projects include those involving coal-fired power generation, defence,large-scale hydropower, gambling, mining, nuclear energy, oil and gas, palm oil, tobacco, and wood pulp.
Eligible financial products comprise debt (e.g. bank, bridge and construction loans, bonds, warehouse facilities, mezzanine
debt, back leverage, revolvers, and corporate debt) and equity (e.g. tax, project, corporate).
Until funds are fully allocated, Credit Suisse will publish an annual monitoring report. This will include the total amount ofproceeds allocated and unallocated, as well as qualitative and, where possible, quantitative indicators of the projects’environmental impact.
Climate Bonds view: It’s positive to see another global bank joining the green bond market. Financial corporates have great
potential to scale up green finance as they provide capital in smaller increments. This framework covers multiple different
financial instrument types spanning both the equity and debt space. Such breadth and detail are almost unprecedented andset a good example for peers. Also, the wide range of eligible project categories is positive, as it offers much needed diversity
and access to capital for different borrowers.

Groupe BPCE (EUR1.3bn/USD1.4bn), France, completed its inaugural issuance with a 10-year instrument benefiting froman SPO from Vigeo Eiris. The proceeds are secured on mortgages to properties in the top 15% of energy efficiency inFrance and will finance further eligible green mortgage loans for green buildings. The company clearly defines in their

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Methodology Note for Green Bonds/Green Buildings what types of assets are eligible, for example certain building
certifications and carbon efficiency targets.
Allocation as well as impact reporting will be published on the company’s website on an annual basis.
Climate Bonds view: This is the second covered bond from France and one of the largest of its kind globally so far. The deal
bumps France up to third in terms of volume issued through green covered bonds, which now stands at a total of USD2.2bn
for the country.
This deal tries to meet the increasing demand for green bonds and in particular covered bonds, which are advantageous forinvestors due their high rating. In addition to being the second longest-dated green covered bond in the market, it marks
the second instrument of this type in 2020. We hope to see more covered green bonds in the remainder of this year.

IndoSpace Core (INR1bn/USD14m), India, took out its first green loan which will finance and refinance green buildingsthat have achieved the EDGE green building certification developed by the IFC.
Climate Bonds view: This is the first green loan issued by an Indian entity and the third instrument from India to financegreen buildings. As in emerging markets in general, green debt instruments most commonly finance renewable energy
projects, such as solar and wind power. It is therefore great to see that funding is being directed also towards other areasthat are needed for sustainable and resilient economies. We hope this encourages more emerging markets issuers to financesimilar projects.

New issuers continued...
Public Sector
•
•
•
•
•
•

City of Marysville (USD40m), USA, 28.7Y original term, assured by BAM GreenStar.
Midway City (USD5m), USA, 20.1Y original term, assured by BAM GreenStar.
Sacramento Municipal Utility District (USD400m), USA, 30.3Y original term, SPO provided by Kestrel Verifiers.
Sewerage District No. 1 of the Parish of Tangipahoa (USD5m), USA, 29.4Y original term, assured by BAM
GreenStar.
Southern California Public Power Authority (USD55m), USA, 3.9Y original term, no third-party review.
State of Wisconsin (USD80m), USA, 19.1Y original term, no third-party review.

Loans
•
•

LYS Energy (SGD14m/USD10m), Singapore, tenor not disclosed, no third-party review – issued in April 2020.
Wereldhave N.V. (EUR100m/USD110m), Netherlands, 2Y original term, SPO provided by ISS-oekom – issued in
April 2020.

Visit our Bond Library for more details on May deals and a full history of debut green issuances going back to 2017.

Green bond outlook – selected deals
Issuer NameCountry

Closing Date

SourceSpareBank 1 Boligkreditt AS
Neoen SA
Svensk Fastighetsfinansiering AB
Vasakronan
National University of Singapore
Hungary
BASF
Deutsche Bank AG
Bayerische Landesbank

NorwayFranceSweden02/06/2020
02/06/2020
03/06/2020

SwedenSingapore

03/06/2020
03/06/2020

Hungary
Germany
Germany
Germany

tbc
05/06/2020
10/06/2020
18/06/2020

Global Capital
Renewables Now
MarketScreener
Vasakronan
The Business Times
Hungary Today
BASF
Institutional Asset Manager
BayernLB

6

June already saw multiple issuances coming mainly from Germany and Sweden. The deals range from issuers that havemultiple green bonds outstanding, such as Vasakronan and Svensk FastighetsFinansiering (SFF), to market newcomers.
Deutsche Bank AG (Germany) has successfully placed its first green bond. Similarly, the National University of Singapore(Singapore) has raised green funds for the first time, becoming the first university in Asia to issue a green bond. To top it
off, after recently establishing a framework for financing instruments based on sustainability criteria, BASF (Germany) had
its debut green bond issuance (more on these deals in the next Markets Monthly). Also, the green bond rumour mill keeps
spinning. Aquafin (Belgium) might be readying another deal.
Sovereign Green Bond Club
Hungary was the latest newcomer to the Sovereign Green Bond Club and Nigeria is still eyeing a green bond as part oftheir increased borrowing plans. The Swedish Debt Management Office launched a green bond framework and confirmed
its debut issuance will be completed sometime in August. Egypt is currently exploring the possibility of green bonds tofinance projects such as electric trains. Spain has also signalled that its sovereign green bond remains on the agenda. Read
more in our LinkedIn round up.

Data and references
Repeat issuers in May

Repeat issuers: January to April 2020 (not previously included)
•
•
•
•
•
•
•

FMO: SEK1.5bn/USD158.6m - March 2020
Fannie Mae: USD329.9m - April 2020 (12 deals)
Neoenergia Itabapoana Transmissao de Energia SA: BRL300m/USD54.2m - April 2020
Province of Québec: CAD500m/USD384.1m - Febuary 2020
Republic of Lithuania: EUR20m/USD22.2m - March 2020Societe du Grand Paris: EUR50m/USD55.6m - April 2020
State Bank of India: USD100m - March 20207

Pending and excluded bonds
We only include bonds with at least 95% proceeds dedicated to green projects that are aligned with the Climate Bonds
Taxonomy in our green bond database. Although we support the Sustainable Development Goals (SDGs) overall and see
many links between green bond finance and specific SDGs, in particular SDGs 6, 7, 9, 11, 13, 14 and 15, the proportion ofproceeds allocated to social goals should be no more than 5% for inclusion in our database.

Excluded
Issuer Name

Amount issued

Issue dateReasonSinohydro Bureau 8 Co.,Ltd.

CNY680m/USD97.9m

29/04/2020

Working capital/General needs

Changzhou Binjiang Economic
Development Zone Investment
Development Group Co., Ltd.
BBVA

CNY500m/USD72m

27/04/2020

Working capital/General needs

EUR1bn/USD1.1m

04/06/2020

Sustainability/Social bondUmweltbank

EUR40m/USD46.8m

20/07/2018

GB not aligned

Oregon Metro

USD90m (10 tranches)

30/04/2020

Sustainability/Social bond

City of Phoenix

09/04/2020

Sustainability/Social bond

New York State Housing FinanceAgencyCalifornia School Finance Authority

USD393m (24tranches)
USD24.9m
USD55.8m
USD19m (4 tranches)

31/03/2020
31/03/2020
26/02/2020

Sustainability/Social bond
Sustainability/Social bond
Sustainability/Social bondBank of America

USD1bn19/05/2020

Sustainability/Social bond

EIB

AUD350m/USD240.2m
USD1bnEUR4bn/USD4.4bn

26/05/2020
19/05/2020
25/05/2020

Sustainability/Social bond
Sustainability/Social bond
Sustainability/Social bondNational Bank of Canada

UYU434.5m/USD10.1m
UYU1.5bn/USD35.4m
UYU4.3bn/USD98.4m
UYU1.1bn/USD24.9m
UYU1.2bn/USD27.3m
UYU1.2bn/USD27.3m
INR330m/USD4.6m
EUR3bn/USD3.3bn
GBP1.5bn/USD2bn
USD3.5bn
IDR450bn/USD31.5m
TRY750m/USD122.3m
EUR35m/USD38.9m
EUR2.5bn/USD2.8bn
GBP1.8bn/USD2.3bn
NZD600m/USD398.4m
SEK750m/USD79.3m
GBP1.5bn/USD2bn
RUB2bn/USD32.4m
ZAR500m/USD35.1m
IDR2tn/USD137.1m
USD1.6bn
USD4bnEUR20m/USD22.2m

07/05/2020
07/05/2020
30/04/2020
14/04/2020
18/03/2020
18/03/2020
04/05/2020
24/04/2020
22/04/2020
11/03/2020
09/03/2020
25/02/2020
25/02/2020
21/02/2020
21/02/2020
19/02/2020
14/02/2020
04/02/2020
03/02/2020
30/01/2020
12/10/2018
19/06/2019
14/05/2020
19/03/2020

Sustainability/Social bond
Sustainability/Social bond
Sustainability/Social bond
Sustainability/Social bond
Sustainability/Social bond
Sustainability/Social bond
Sustainability/Social bond
Sustainability/Social bond
Sustainability/Social bond
Sustainability/Social bond
Sustainability/Social bond
Sustainability/Social bond
Sustainability/Social bond
Sustainability/Social bond
Sustainability/Social bond
Sustainability/Social bond
Sustainability/Social bond
Sustainability/Social bond
Sustainability/Social bond
Sustainability/Social bond
Sustainability/Social bond
Sustainability/Social bond
Sustainability/Social bond
Sustainability/Social bondInstituto de Credito Oficial

EUR500m/USD555.8m

13/05/2020

Sustainability/Social bond

African Development Bank

SEK2.5bn/USD264.4m

14/04/2020

Sustainability/Social bond

UnédicWorld Bank (IBRD)

8

Cassa Depositi e Prestiti (CDP)

EUR750m/USD820.2m

11/02/2020

Sustainability/Social bond

BNG Bank

CPC

USD75m
SEK1.5bn/USD158.6m
NZD500m/USD332m
NZD1.2bn/USD825.4m
NZD300m/USD199.2m
USD100m

11/05/2020
04/05/2020
24/04/2020
12/06/2018
01/05/2020
31/01/2020

Sustainability/Social bond
Sustainability/Social bond
Sustainability/Social bond
Sustainability/Social bond
Sustainability/Social bond
Sustainability/Social bondNTPC

JPY40bn/USD367.9m

04/02/2020

Not aligned

IBRD

AUD150m/USD102.9m

01/05/2020

Sustainability/Social bond

Changxing County Yongxing
Construction Development Co.,Ltd.
Yichang Xingfa Group Co.,Ltd

CNY700m/USD100.8m

16/04/2020

Working capital/General needs

CNY1bn/USD144m

13/04/2020

Working capital/General needs

Guizhou Water Investment Group Co.,Ltd.
Huaneng Tiancheng Financial Leasing
Co.,Ltd.
Ningxiang Economic andTechnological Development Zone
Construction Investment Co.,Ltd.
Changxing County Traffic Construction
Investment Company
Guangzhou Metro Group Co.,Ltd.

CNY1bn/USD144m

12/03/2020

Not aligned

N/A
N/A
CNY620m/USD88m

02/03/2020
02/03/2020
28/02/2020

Working capital/General needs
Working capital/General needs
Working capital/General needs

CNY1.5bn/USD216m
CNY650m/USD93.3m
CNY1.5bn/USD216m

18/02/2020
02/01/2020
10/01/2020

Working capital/General needs
Working capital
Working capital

Bank of Dongguan Co.,Ltd.

CNY2bn/USD292.2m

24/08/2018

Not aligned

Changzhou Binjiang Economic
Development Zone Investment
Development Group

CNY500m/USD1.1bn

27/04/2020

Working capital

Housing New ZealandPending
Issuer Name

Amount issued

Issue dateReasonProcredit Holding

EUR11m/USD12.2m

29/05/2020

Insufficient information

Triview Metropolitan District

USD16m (18 tranches)

27/05/2020

Insufficient information

Deutsche Hypo

EUR50m/USD55.6m

26/05/2020

Insufficient information

Swedavia

SEK250m/USD25.8m

26/05/2020

Insufficient information

Beijing Jingneng Clean Energy

CNY15bn/USD2.2bn

19/05/2020

Insufficient information

Huaneng Lancang River Hydropower

CNY500m/USD72m

20/05/2020

Insufficient information

Asian Development Bank

HKD115m/USD14.8m

13/05/2020

Insufficient information

RBS Group

USD600m

22/05/2020

Insufficient information

Copenhagen Infrastructure Partners

TWD90bn/USD3bn

01/04/2020

Insufficient information

Sustainable Energy Utility Inc

USD53m (15 tranches)

21/05/2020

Insufficient information

Plug Power

USD200m

18/05/2020

Insufficient information

Mtr Corp Ltd

HKD200m/USD25.8m
USD50mUSD123m (25tranches)

18/05/2020
14/05/2020
13/05/2020

Insufficient information
Insufficient information
Insufficient information

Dublin Unified School District

9

Power Authority of the State of New
York
LBBW

USD1.1bn (5 tranches)

12/05/2020

Insufficient information

EUR24m/USD26.7m

13/05/2020

Insufficient information

Citigroup

EUR10m/USD11.1m

11/05/2020

Insufficient information

Schaeffler

EUR350m/USD389m

11/05/2020

Insufficient information

City of Ottawa

CAD300m/USD230.4m

11/05/2020

Insufficient information

MadridEUR700m/USD778.1m

08/05/2020

Insufficient information

Bancomext

USD200m

17/04/2020

Insufficient information

Kiatnakin Bank

USD100m

20/04/2020

Insufficient information

Münchener Hypothekenbank eG

EUR15m/USD16.7m

07/05/2020

Insufficient information

NXP BV/NXP Funding/ NXP USA (NXP
Green innovation)
Aggregated Micro PowerInfrastructure
Yapi ve Kredi Bankasi AS

USD1bn01/05/2020

Insufficient information

GBP11.5m/USD15.1m

06/05/2020

Insufficient information

USD50m21/01/2020

Insufficient information

Guizhou Water Invest Grp Co

CNY800m/USD115.2m

17/01/2020

Insufficient information

Modern Land (China) Co Ltd

USD200m

26/02/2020

Insufficient information

Sumitomo Mitsui Fin & Leasing

JPY1.5bn/USD13.8m

05/03/2020

Insufficient information

Asian Development Bank

HKD300m/USD38.6m

24/01/2020

Insufficient information

EBRD

EUR30m/USD33.3m

31/01/2020

Insufficient information

Landesbank Baden-Wuerttemberg

EUR1bn/USD1.1bn

18/02/2020

Insufficient information

Clarion Funding Plc

GBP350m/USD458.4m

22/01/2020

Insufficient information

As always, your feedback is welcome!
Watch this space for more market developments. Follow our Twitter or LinkedIn for updates. E-mail data requests todataenquiries@climatebonds.net.

‘Till next time,
Climate Bonds

Disclosure: Some of the organisations mentioned in this communication are Climate Bonds Partners. A list of Partners isavailable here.
Disclaimer: The information contained in this communication does not constitute investment advice in any form and the Climate Bonds Initiative is not an
investment adviser. Any reference to a financial organisation or debt instrument or investment product is for information purposes only. Links to external
websites are for information purposes only. The Climate Bonds Initiative accepts no responsibility for content on external websites.
The Climate Bonds Initiative is not endorsing, recommending or advising on the financial merits or otherwise of any debt instrument or investment product andno information within this communication should be taken as such, nor should any information in this communication be relied upon in making any investment
decision.
Certification under the Climate Bond Standard only reflects the climate attributes of the use of proceeds of a designated debt instrument. It does not reflect thecredit worthiness of the designated debt instrument, nor its compliance with national or international laws.
A decision to invest in anything is solely yours. The Climate Bonds Initiative accepts no liability of any kind, for any investment an individual or organisation
makes, nor for any investment made by third parties on behalf of an individual or organisation, based in whole or in part on any information contained within
this, or any other Climate Bonds Initiative public communication.

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