SA's first green bond issuer gets Nasdaq invite

By Staff Reporter Time of article published Sep 22, 2020

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By Philippa Larkin

JOHANNESBURG - Nedbank Corporate and Investment Banking (CIB) has been invited by Nasdaq, the world’s second-largest stock exchange, to join its Sustainable Bond Network as a contributing member - the first South African green bond issuer to be honoured in this way.

The Nasdaq Sustainable Bond Network, which was established last year, is a web-based platform created to ensure the transparency of green, social and sustainability bonds across the world.

Nedbank CIB joins companies such as the International Finance Corporation, African Development Bank, HSBC, Fannie Mae, Commerzbank and Nordic Investment Bank. Last year saw a record number of green bond issuances as companies, financial institutions and governments raised $185billion (about R3.02trillion) to fund environmentally sustainable projects.

This was boosted by record investor appetite for sustainable investments, according to data by global law firm Linklaters.

Bruce Stewart, head of debt capital market origination at Nedbank CIB, said yesterday that the invitation came after CIB’s successful listing of two renewable-energy bonds on the JSE last year.

He said Nedbank was the first South African bank to list a green bond in April last year. It followed this with a second instrument.

The proceeds of both bonds were now supporting solar and wind-renewable energy projects.

He said: “We hope that our membership will add value to our fellow member organisations and green bond investors, and look forward to contributing towards global growth and further impacting sustainable capital investment markets.”


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