By Aleesia Forni
Virginia Beach, Sept. 18 – World Bank (International Bank for Reconstruction and Development) (Aaa/AAA/) priced $250 million of 0.65% green bonds due 2016 at par, according to a company release.
BofA Merrill Lynch was the lead manager.
Green bonds raise funds for projects seeking to mitigate climate change or help affected people adapt to it. They also include financing for forest and watershed management and infrastructure to prevent climate-related flood damage and build climate resilience, according to the release.
The offering was prompted by a reverse inquiry from the California State Treasurer’s Office. Investing in the bonds will help reach California’s goals for climate change mitigation.
“We appreciate the California State Treasurer’s Office’s continued interest in World Bank Green Bonds with this latest deal. They were the World Bank’s first USD investor back in 2009 when we issued our first USD green bond. Now with over $1 billion invested in green bonds, they have been instrumental in helping grow the green bond market,” said Doris Herrera-Pol, director and global head of capital markets at the World Bank, in a news release.
World Bank offers loans to developing countries and is based in Washington, D.C.
| Issuer: | World Bank (International Bank for Reconstruction and Development)
|
| Amount: | $250 million
|
| Description: | Green bond
|
| Maturity: | Sept. 23, 2016
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| Lead manager: | BofA Merrill Lynch
|
| Coupon: | 0.65%
|
| Price: | Par
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| Yield: | 0.65%
|
| Trade date: | Sept. 17
|
| Settlement date: | Sept. 23
|
| Ratings: | Moody’s: Aaa
|
| Standard & Poor's: AAA
|
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