• First Climate Awareness Bond in Polish Zloty entirely placed with JAPAN POST INSURANCE Co., Ltd.
  • Issue extends beyond Euro new CAB-documentation tuned on EU Sustainability Taxonomy 

On Monday 13 May 2019, the European Investment Bank (EIB) issued a new PLN 1bn Climate Awareness Bond (CAB) due 15-Nov-2029. The bond was priced with a spread of 7bp over the POL GB Oct 2029. The transaction, sized to reflect EIB’s current treasury needs in Polish currency, has been purchased on reverse enquiry by JAPAN POST INSURANCE Co., Ltd., the insurance arm of the Japan Post Group (JPG). JPG has declared its commitment to climate friendly operations, including the purchase of green bonds, in its CSR Basic Policy and Medium-Term Management Plan 2020. Recently, Japan Post Insurance has also announced its decision to support the Recommendations of the Task-Force on Climate-related Financial Disclosures (https://www.jp-life.japanpost.jp/en/news/archives/pdf/pr190422en.pdf).

Climate Awareness Bonds are bonds whose proceeds are allocated to EIB’s lending to activities that contribute to climate change mitigation. Their use of proceeds has recently been upgraded to align with evolving EU sustainable finance legislation and the related technical expert group conclusions on taxonomy. This PLN CAB inaugurates this new documentation in non-EUR currencies.

As highlighted by the G20, a shared definition of core aspects of sustainability is needed to build a consistent set of standards for sustainable investment instruments (e.g. green loans and green bonds). The Network of Central Banks and Supervisors for Greening the Financial System (NGFS), of which Japan Financial Services Agency is member, has published recently a first comprehensive report, highlighting the value of the European Commission’s work on a EU Sustainability Taxonomy in addressing lack of clarity in sustainable finance. NGFS stressed the importance of ensuring synergies between taxonomies in different jurisdictions, referring to the series of White Papers (The Need for a Common Language in Green Finance) published jointly by the EIB and China Green Finance Committee.

Bertrand de Mazières, Director General, Finance Directorate, at EIB, said: “EIB believes in the importance of green bonds for the promotion of clarity as motor of sustainability in both finance and the real economy. This inaugural PLN Climate Awareness Bond extends their ongoing cooperation in capital markets and highlights increasing Japanese attention to the global dimension of the issues addressed by the EU Action

Plan on Financing Sustainable Growth.”

Atsushi Tachibana, Chief Investment Officer, at Japan Post Insurance, said: “Japan Post Insurance has recently declared support to Task Force on Climate-related Financial Disclosures (TCFD) and committed to contributing to a sustainable society through measures including investments in Green Bonds. We are following closely EU’s ongoing discussions on evolving sustainable finance legislation. We believe our investment in EIB’s CAB supports such development of Green Finance in EU.”

Summary Terms and Conditions 

Issue Amount

PLN 1bn

Pricing Date

13 May 2019

Payment Date

23 May 2019 (T+8)

Maturity Date

15 November 2029

Annual Coupon

2.875%, act/act ICMA unadjusted following

Re-offer Spread

POL GB Oct-29 +7.0bps




Luxembourg and Warsaw

Lead Managers

Citi, J.P.Morgan

Total CABs outstanding exceed amount to EUR 21.9bn across 27 lines with maturities up to 2047. As of 13 May 2019, the EIB had raised over EUR 29bn i.e. more than 58% of the announced EUR 50bn programme.

For more information please contact Aldo Romani, Head of Sustainability Funding: +352 4379 86230


Dominika Rosolowska