The European Investment Bank has launched its first Climate Awareness Bond (CAB) transaction of 2013, a SEK 500 million tap of the April 2019 line.
Climate Awareness Bonds raise funds from investors to support EIB lending for renewable energy and energy efficiency. The EIB is among the largest financiers of projects to tackle climate change – the Bank provided over EUR 13bn worldwide in 2012 alone. Since 2007 EIB Climate Awareness Bonds, which offer nvestors the opportunity to contribute to the EIB’s Climate Action financing, have raised over EUR 1.7bn equivalent.
The transaction was marked by strong interest from Scandinavian investors, who took almost half the issue, with Asian and other European accounts (20% and 40% respectively) also providing significant demand. Demand was split between fund managers and bank treasuries. Joint bookrunners for the transaction were Skandinaviska Enskilda Banken AB (SEB) and Bank of America Merrill Lynch.
Commenting on the issue, Bertrand de Mazières, Director General of Finance, at the EIB, said:
“EIB’s first Climate Awareness Bond transaction of the year asserted the sustained investor appetite for climate-flavoured products in the SEK market. The EIB reaffirmed its role as a regular issuer in this format, addressing demand from European and Asian investors.”
Proceeds from Climate Awareness Bonds issues are used exclusively to finance renewable energy and energy efficiency projects that include:
- renewable energy projects such as wind, hydro, solar and geothermal energy production; and
- energy efficiency projects such as district heating, co-generation, building insulation, energy loss reduction in transmission and distribution and equipment replacement with energy efficiency gains of 20% or more.
Christopher Flensborg, Head of Sustainable Products and Product Development at SEB said that the EIB had once again managed to attract new investors to the Green Bond market with their climate awareness bonds and there were clear signs of asset managers now joining the asset owners in climate investments.
The European Investment Bank is the long-term lending institution of the European Union, owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals. The Bank has set a target of EUR 70bn for its 2013 funding programme, an amount similar to the volume ultimately raised in 2012 (EUR 71bn).
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