Green Bond Fact Sheet
National Treasury Management Agency
Issue date: 17-Oct-2018 date: 18-Mar-2031 Tenor: 12.4

Date: 17-Oct-2018

Issuer Name

National Treasury
Management Agency

Amount Issued

EUR3bn (USD3.459bn)

Country of risk

Ireland

CBI Database

Included

Issuer Type1

Sovereign

Bond Type

Senior unsecured

Green Bond Framework

Link to Framework

Second party opinion

Sustainalytics

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 emissionvehicles☐ 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
☐ 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☒ Other☒ Adaptation &resilience☐ Land remediation☐ Energy/water efficiency

ICT☒ Sustainable agriculture☐ Adaptation & resilience

Industry: process

Issue details
Reporting

The issuer intends to report allocation proceeds in an Annual Allocation Report,
including allocation per project/programme and category and amount of
unallocated proceeds. In addition, Ireland is committed to publish an Impact
Report on a biennial basis.

Company information

The National Treasury Management Agency is the agency that manages the assets
and liabilities of the Government of Ireland.

Firsts, records andcertifications

Third largest sovereign bond after the Republic of France’s Green OAT andBelgium’s Green OLO. Second green bond from an Irish issuer after Gaelectric
Holdings’ green private placement in January 2016.

Proceeds description

Proceeds will finance projects in renewable energy, green buildings, transport,
water and wastewater, land use and adaptation, and the Green Bond Framework
sets out high-level examples of eligible green projects for each category. For green
buildings, for instance, support schemes for residential, commercial, public andindustrial energy efficiency programmes are listed as eligible.

Climate Bonds view

This is the fifth sovereign green bond to come to market in 2018 and ninth overall,taking global sovereign green bond issuance to a total of USD29.1bn. There’s a hostof other European nations that should also issue.
The framework lacks a clear set of eligibility criteria for each category. We would
like to see issuers disclosing more detailed eligible project types, as well as related
thresholds/requirements. For green buildings, for instance, setting a threshold of
at least 25% energy efficiency improvements is aligned with best practice. We willkeep monitoring proceed allocations to ensure that the nominated projects arealigned with our Taxonomy.

Underwriters

Barclays, Citi, Danske, HSBC, BNP Paribas, JP Morgan

Deal comments
Credit Rating

A2 (Moody’s), A+ (S&P), A+ (Fitch)

Pricing summary

The total order book of over €11 billion included in excess of 170 individual
accounts, a substantial number of which were new accounts. (source)

Investors summary

95% of the deal was distributed to non-Irish investors, including the UK 23%;
Germany/ Austria and France 19% each; Nordics 12%; BeNeLux 11%; followed byOther Europe at 6%; Americas 4% and rest of the world 1%. In terms of investor
categories, 33% each of the deal was sold to Asset Managers as well as Banks; 19%

to the pension and insurance sector; 8% to Central Banks/Official Institutions; 6%
to Hedge Funds; and the remaining 1% to other investors. (source)

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