Green Bond Fact Sheet
The State of the Netherlands
Issue date: 21-05-2019

Maturity date: 15-01-2040

Date: 22/05/2019
Tenor: 21

Issuer Name

State of the Netherlands

Amount Issued

EUR5.98bn/USD6.68bn

Country of risk

The Netherlands

CBI Database

IncludedIssuer Type1

Sovereign

Bond Type

Senior unsecured

Green Bond Framework

Green Bond Framework

Second party opinion

Second Party Opinion

Certification Standard

Climate Bonds Standard Version 2.1
including:

Assurance report

Pre Issuance Verification
LetterSustainalytics

Green bond rating

N/A☒ Energy☒ Solar☐ Onshore wind
☒ Offshore wind
☐ Geothermal☐ Hydro☐ Tidal☐ Biofuels☐ Bioenergy☐ Waste to energy☐ District heating☐ Electricity grid

☐ Energy storage☐ Energy performance☐ Infrastructure☐ Industry: components☐ Adaptation & resilience☒ Buildings☒ Certified Buildings☐ HVAC systems☐ Energy performance☐ Water performance☐ Energy storage/meters☐ Other energy related☐ Industry: components☐ Adaptation & resilience☒ Transport☐ Electric vehicles☐ Low emission vehicles☐ Bus rapid transit☒ Passenger trains☐ Urban rail

☐ Freight rolling stock☐ Coach / public bus☐ Bicycle infrastructure☐ Energy performance☐ Transport logistics☐ Infrastructure☐ Industry: components☐ Adaptation & resilience☒ Water & wastewater☒ Water distribution☐ Water treatment☐ Wastewater treatment☐ Water storage☐ Storm water mgmt
☒ Flood protection☐ Desalinisation plants☐ Erosion control☐ Energy performance☐ Infrastructure☐ Industry: components☐ Adaptation & resilience

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Certification Verifier

Solar
Marine Renewable Energy
Water Infrastructure
Low Carbon Buildings (Upgrades)
Low Carbon Land Transport

Use of Proceeds☐ Waste management☐ Recycling☐ Waste prevention☐ Pollution control☐ Landfill, energy capture☐ Energy performance☐ Infrastructure☐ Industry: components☐ Adaptation & resilience☐ Land use &agriculture☐ Afforestation/parks☐ FSC Forestry☐ FSC Cellulose & paper☐ Land remediation☐ Energy/water efficiency☐ Sustainable agriculture☐ Adaptation & resilience☐ Other☐ Adaptation & resilience☐ ICT☐ Industry: process

Issue details
ReportingCompany information

There will be publicly available reports produced annually until the proceeds are fully allocated. These
reports will be verified by an independent auditor of the Dutch State.
The Netherlands is a member of the EU and therefore has the EU climate targets. Netherlands was
one of the eight member states who publicly called for the EU to adopt more ambitious (net zero by2050) targets in May 2019.
The Dutch Government has stated that they intend for the program to reach EUR 10 billion ofissuance. More information about the green bond program may be found here.

Firsts, records andcertifications

This is the first Sovereign Green Bond issued by a European country to receive Climate Bonds
Certification. In December 2017, Nigeria issued a Certified Sovereign Bond (NGN1.7bn/USD30m).
This is the first sovereign green bond with a AAA rating.

Proceeds description

Climate Bonds view

A large portion of the proceeds will fund the government’s Delta Plan, which is the world’s mostadvanced and sophisticated floodplain management system, as most of the Netherlands is the Rhine’s
floodplain and is very low lying and vulnerable to flooding and sea level rise. This management system
will manage the country’s resilience to increasing sea levels as well as freshwater distribution.
The proceeds will also finance and refinance the government’s subsidies for solar energy
developments, offshore wind energy developments, the government’s Incentive Scheme for Energy
Performance in the Rental Sector (“STEP”), and the government’s investments in its passenger railwaynetwork.
Countries in Europe are increasingly interested in issuing sovereign green bonds. This is a welcome
development as they act as important signals to various market stakeholders. Previously, Poland,France, Belgium and Ireland have also issued green bonds.
During the first announcement of the green bond programme, the Minister of Finance said, “Ourambition is to issue a dark green bond”.
https://english.dsta.nl/subjects/g/green-bonds

Underwriters

None

Deal comments

Credit Rating
Pricing summary
Investors summary

AAA
Compared to a benchmark Germany bond, spread is 18 bps over. Yield is 0.557%.
32 investors with green credentials were given an additional allocation of up to 10%. 22% of theoverall issuance was allocated to such green investors.

From the Dutch Treasury’s green bond webpage. https://english.dsta.nl/subjects/g/green-bonds

1Issuer categories: ABS, development bank, financial corporate, government-backed entity, loan, local government, non-financial
corporate, sovereign