-denominated Climate Awareness Bond (CAB). The issue carries an annual coupon of 2.250% and has a final maturity date of 7 March 2020. At GBP 500m, it is EIB’s largest CAB transaction this year. It was priced... investors. This has enabled EIB’s first GBP green bond to be issued in liquid size. EIB CAB issuance so far this year – EUR 2.2bn - considerably exceeds last year’s volume of EUR 1.4bn, illustrating... inaugural Sterling denominated Climate Awareness Bond (CAB) issue is a further testament to EIB’s ability to be at the forefront of the development of this new product, and highlights the continued growth
On 11 July 2013, the EIB issued a EUR 650m Climate Awareness Bond. The issue carries an annual coupon of 1.375%, has a final maturity date of 15 November 2019 and has been priced in line with the existing EIB ECoop curve at MS+4 bps. For further information, please see the press release .
CAB due Nov 2019 now the largest green bond outstanding in any currency
Tap timed on the publication of Green Bond Principles by key market promoters
Proceeds earmarked for use in the fields of renewable energy and energy efficiency
On 13 January, the European Investment Bank („EIB‟) re-opened the EUR green bond market with the first transaction of the year, a EUR 350m tap of the Climate Awareness Bond (CAB) due 15 November 2019. Total size after the increase is a record EUR 1.5bn, which makes this issue the largest climate-themed bond outstanding in any currency. The transaction
On 8 January, the European Investment Bank („EIB‟) priced a new CHF 350 million Climate Awareness Bond (CAB). The issue carries an annual coupon of 1.625% and has a final maturity date of 4 February 2025. This is EIB’s first CAB transaction of the year, and the first ever CHF-denominated Climate Awareness Bond. The issue was placed with Swiss investors. Climate Awareness Bonds raise... an environmental-themed bond – the Climate Awareness Bond. Since inception, CABs have raised EUR 3.4bn equivalent. 2013 was a record year for CAB issuance – the EIB issued its largest annual volume ever
The Project Bond initiative is a joint initiative by the European Commission and the EIB. Its objective is to stimulate capital market financing for large-scale infrastructure projects in the sectors... objectives in these sectors could reach as much as EUR 2 trillion. The Project Bond initiative is designed to enable eligible infrastructure projects promoters, usually public private partnerships (PPP... to those promoters, whose debt will effectively be divided into two tranches: senior and subordinated. The subordinated debt, or Project Bond Credit Enhancement (PBCE) can take the form of a loan from
CAB 11/19 increased to largest Green Bond in any currency
Total CAB-issuance expanded to EUR 4.3bn
EUR 500m tap driven by SR investors buying CABs in EUR for the first time
On 18 th February 2014, the European Investment Bank (‘EIB’) priced the fourth and largest tap of the EUR Climate Awareness Bond due November 2019, the most sizeable Green Bond outstanding in any currency. The increase carries a coupon of 1.375% and could be priced in line with EIB’s ECoop secondary market curve, 4 basis points tighter than the original tranche issued on 11 July 2013. The bond is EIB’s first CAB
Size - EUR 650m, the largest climate-themed bond in EUR market ever
Mini-benchmark approach - allowing for liquidity, flexible sizing to investor demand and transparent pricing in line with the EIB... , rated Aaa/AAA/AAA (Moody’s / Standard and Poor’s / Fitch), today issued a EUR 650m Climate Awareness Bond. The issue carries an annual coupon of 1.375%, has a final maturity date of 15 November 2019 and has been priced in line with the existing EIB ECoop curve at MS+4 bps. The bond generated strong demand among a series of investors genuinely interested in the socially responsible features
The Greater Gabbard offshore transmission link has become the first UK based infrastructure project to attract finance from institutional investors using the Project Bond Credit Enhancement... successfully placed with a broad range of investors. Proceeds from the bond issue have been released, the bonds have started trading on the Irish Stock Exchange and technicalities concluded to allow financial close. The European Investment Bank has provided a GBP 45.8 million guarantee, representing 15% of the bond issued, as a credit support under the Project Bond Credit Enhancement model
Benchmark / reference bonds are characterised by large / liquid issuance sizes, benchmark maturities, regularity of issuance and a quest for transparent pricing. The bulk of EIB's benchmark bond issues are in euro (EUR), sterling (GBP) and US dollars (USD), which historically have offered a yield pick-up in excess of the sovereign benchmark. EUR - benchmark programme
GBP - benchmark programme
USD - benchmark programme
Benchmarks are also issued in various other currencies . Targeted bond issuance addresses specific investor needs or niche opportunities. It comprises both plain vanilla
On July 17, the European Investment Bank (‘EIB’) priced its largest SEK denominated Climate Awareness Bond (CAB) transaction of 2013. The SEK 750 million new issue offers a 7 year maturity and pays a quarterly coupon of 3-Month STIBOR +43bp. The bond was placed with one Scandinavian investor. Climate Awareness Bonds raise funds from fixed income investors to support EIB lending for renewable... ”). Comments on the issue: Eila Kreivi , Director and Head of Capital Markets Dept. at the EIB , said: “EIB’s largest SEK Climate Awareness Bond transaction of the year follows EIB’s largest EUR Climate
EIB issues a very wide range of debt products, in terms of size, currencies, maturities and structures. The EIB has been the most frequent public international bond issuer (source: IFR, June 2013). Its bonds are bought by institutional and retail investors around the world. The Bank offers large benchmark/reference bonds ,
public bonds , and
private placements typically in smaller size
Through its flexible product range, the Bank aims to be responsive to investor needs. EIB also operates a buyback policy .
On July 30, the European Investment Bank (‘EIB’) priced a SEK 400 million tap of its SEK 750 million Climate Awareness Bond (CAB) maturing on July 24, 2020. The bond was placed with Scandinavian... lending for renewable energy and energy efficiency. The sole Lead Manager for the transaction was Danske Bank.
Summary Terms and Conditions for Bond Issuance:
Issue Amount SEK 400m (bringing... to projects through the annual Corporate Responsibility report and a dedicated Climate Awareness Bond Newsletter. EIB funding strategy and results The Bank’s funding strategy combines a consistent
The issuing activities of the EIB are under the responsibility of the Finance Directorate of the EIB, which includes the Capital Markets and Treasury Departments. The Capital Markets Department conducts bond issuance and handles selected swap activities related to such issuance. The Treasury Department is responsible, among other things, for investing the Bank's liquidity and asset/liability management. In this context, the Treasury manages the Bank's commercial paper issuance, portfolio investments and derivatives and foreign exchange transactions. The Treasury Department also prices all
On 26th February, the European Investment Bank (‘EIB’) priced a new ZAR 300 million Climate Awareness Bond (CAB). The issue carries an annual coupon of 7.75% and has a final maturity date of 12 March... the annual Sustainability Report (formerly Corporate Responsibility Report) and the dedicated Climate Awareness Bond Newsletter. Since inception, CABs have raised EUR 4.6bn equivalent in 7 currencies... demand for this product among the European retail investor community. ” Summary Terms and Conditions for Bond Issuance
Issue Amount ZAR 300m
Pricing Date 26 February 2014
Payment Date 12 March
from Socially Responsible (SR) investors. In 2007, the Bank widened its SRI appeal as the first SSA borrower to issue an environmental-themed bond - the Climate Awareness Bond (CAB). With the first CAB... CAB, first launched in July 2013, is currently the largest green bond outstanding in any currency at EUR 2bn, responding to investor demand for a liquid product in the SRI space. In 2014, issuance... within and outside of the EU. For more details on the projects supported by Climate Awareness Bonds, please consult the EIB Climate Awareness Bond newsletter (link below). Please find here the latest
On 26th January, the EIB, rated Aaa/AAA/AAA (st/-/cw-), issued a new £600m 25-year bond due 8th June 2037.
This is EIB’s first new long dated sterling line in 2012, the longest Supranational or Agency sterling issue of the year, and the largest EIB Sterling issue with maturity over 20 years since February 2009. The bond priced at UKT 4.25% March 2036 +95bps and has a coupon of 3.875%. For further information, please see the Press release .
The European Investment Bank (EIB), the long-term lending arm of the European Union, announced the completion of a new SEK (Swedish Krona) 750m Climate Awareness Bond (CAB) due November 2023... investors with the opportunity to finance projects contributing to climate protection, while enjoying an attractive spread over the relevant Swedish government bond, combined with high credit quality... on demand from a wide range of international and domestic investors, EIB has established a new benchmark bond on its SEK curve at an attractive spread over the Swedish government bond with the same
Today the European Investment Bank (EIB) priced its first bond in domestic Norwegian format geared for the local market. The NOK 1bn (EUR 135m) issue carries a quarterly coupon of 3mNIBOR+20bp and has a final maturity date of 27 th February 2018. It has been placed with local fund managers and bank treasuries. The bond will be registered with the Norwegian Central Securities Depository... record as an issuer in international NOK format. Growing demand from Norwegian institutional accounts eager to diversify their NOK investments has allowed the Bank to launch its first domestic bond
The first transaction under the Project Bond Credit Enhancement initiative has successfully taken place. Investment in the Castor underground gas storage project, that will provide storage for 30% of Spain’s daily gas consumption, was supported by the successful issue of the first European Investment Bank supported project bond. The EIB will provide a total of EUR 500 million for the project. The Castor project is being developed by ACS Group and Dundee Energy and the promoter is the Spanish Ministry of Industry. The EUR 1.4 billion bond issue for the Castor project was supported by a EUR 200
January, the European Investment Bank (EIB), rated Aaa/AAA/AAA (st/-/cw-), issued a new £600m 25-year bond due 8 th June 2037. This is EIB’s first new long dated sterling line in 2012, the longest... , the book was upsized from an initial target level of £300m to £600m, with books closing at 12:30 London time. The final order book was in excess of £650m. The bond priced at UKT 4.25% March 2036 +95bps and has a coupon of 3.875%. The attractive yield level was a key source of appeal for investors. The bond attracted 32 investors, mostly UK real money investors. Almost all orders were on a cash basis
On the 23rd of April, the European Investment Bank (EIB), the long-term lending arm of the European Union (EU) announced completion of a new 7-year SEK (Swedish Krona) 1bn Climate Awareness Bond (CAB). This is EIB’s first new CAB line in 2012. Other CAB issuance this year comprises a tap in February for SEK 700m (residual maturity 3-years). This new Climate Awareness Bond issue offers the opportunity for investors to finance projects involving climate protection, while enjoying an attractive spread over the relevant Swedish government bond and swaps, combined with high credit quality
The Europe 2020 Project Bond Initiative, which aims to improve capital market financing of infrastructure, passed its final approval stage today. Following signature of a Cooperation Agreement between the European Commission and European Investment Bank, clarifying risk sharing, the pilot phase of the project bond initiative is ready for roll-out. “The Project Bond Initiative provides... Commission Vice President Olli Rehn said: "We are providing solutions to support long-term investment and to put the EU back on the road to sustainable growth. The project bond initiative is a key element