Green Bond Fact SheetSan Diego Association

Date:23-Aug-2019

Issue date: 14-09-2019 Maturity date: 15-11-2027 Tenor: 8.3
Issuer NameSan Diego Associationof Governments

Amount Issued

USD335m

Country of risk

USA

CBI Database

Included

Issuer Type1

Local Government

Bond TypeUS MUNI

Green Bond Framework

N/A

Second party opinion

N/A

Certification Standard

Not certified

Assurance report

N/A

Certification Verifier

N/AGreen bond rating

N/A☐ Energy☐ Solar☐ Onshore wind
☐ Offshore wind
☐ Geothermal☐ Hydro☐ Tidal☐ Biofuels☐ Bioenergy☐ District heating☐ Electricity grid☐ Energy storage☐ Energy performance☐ Infrastructure☐ Industry: components☐ Adaptation & resilience☐ Buildings☐ Certified Buildings☐ HVAC systems☐ Energyperformance☐ 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☐ Wastewatertreatment☐ Water storage☐ Storm water mgmt
☐ Flood protection☐ Desalinisation plants☐ Erosion control☐ Energy performance☐ Infrastructure☐ Industry: components☐ Adaptation & resilience☐ Waste management☐ Recycling☐ Waste prevention☐ Pollution control☐ Landfill, energy capture☐ Energy performance☐ Infrastructure☐ Waste to energy☐ Industry: components☐ Adaptation & resilience

Use of Proceeds☐ 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
Reporting

SANDAG commits on reporting on the use of proceeds annually, until full allocation.
Disclosure will be accessible online, as well as on annual reports. SANDAG might also be
providing disclosure with respect to a number of design and operational characteristic of theproject, which are in line with the overarching objective of improving mobility and supporting
sustainability in the area This level of commitment remains voluntary.

Company information

SANDAG (San Diego Association of Governments) is a regional transportation agency
composed by regional local governments’ representatives. SANDEG serves as a regional
decision-making forum for issues including transportation, environmental management,housing, energy, air quality, and fiscal management.

Firsts, records andcertificationsFirst green bond issuance from SANDAG.

Proceeds description

Proceeds are almost entirely allocated towards the extension of the existing ‘San Diego
Trolley Blue Line’ light rail system. The rail transit, which will extend over 10.92 miles acrossthe County of San Diego, aims at enhancing connection across different academic
institutions located in the region, as well as medical centres and research hubs.
Additionally, the rail transit will also link lower income communities to health care,
employment and activity centres in the University City Community.

Climate Bonds view

Investments towards railway systems are essential to achieve decarbonisation of thetransport sector. This is particularly important in the US where most of the transportation
system is heavily reliant on personal vehicles. The project is also helpful as it facilitates
mobility in the region.
Wells Fargo

Underwriters
Deal comments
Credit Rating

A- (S&P)

Pricing summary
Investors summary

1

The bond was sold to 51 investors, with participation from a number of environmentallyand socially conscious investors. Orders exceeded USD3.1bn.

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