EBRD's first ever climate resilience bond 'paves way' for more green products

Oversubscribed by $200m

The rise in extreme weather conditions has increased social awareness of global warming among investors, according to Craig Davies, who is head of climate resilience investments at the European Bank for Reconstruction and Development (EBRD).

As such, Davies said the firm issued its first-ever climate resilience bond for $700m at the end of last month, with the likes of BNP Paribas, Goldman Sachs and Skandinaviska Enskilda Banken AB acting as joint bookrunners. The initial target was to raise $500m, but the product was oversubscribed by $200m due to market interest chiefly from Europe and North America, said Davies. Investment industry backs calls for Government issuance of green gilts "The oversubscribed issuance, given it was led by an organisation of this size and scope, will only encourage the private sector to follow ...