Washington, D.C., September 30, 2019 —IFC, a member of the World Bank Group, has listed its first Canadian dollar green bond on the Euronext Dublin and Luxembourg stock exchanges.
This is the first time IFC has listed a green bond on Dublin’s stock exchange.
The proceeds of the five-year green bond - the largest Canadian dollar-denominated deal ever issued by IFC - will finance IFC investments in green projects, including renewable energy, green buildings, sustainable forestry, and energy efficiency.
Paschal Donohoe TD, Minister for Finance & Public Expenditure and Reform, Ireland said, “I welcome this opportunity to support our World Bank partners, IFC, in their valuable work of promoting private sector investment in climate action. Having successfully launched Ireland’s first Sovereign Green Bond in October 2018, we recognise their importance as a vital source of climate finance and we are pleased to be part of the World Bank’s important legacy in this field. The initiative also builds on Ireland’s positive engagement with the World Bank following the listing of an IBRD 10-year Global Sustainable Development Bond on Euronext Dublin earlier this year.”
"Ireland is determined to step up our response to climate change and this is why sustainable finance forms a horizontal priority of the Government's strategy for the development of the international financial services strategy, 'Ireland for Finance'. The transition to a low-carbon sustainable economy will require significant investment in sustainable infrastructure and in this context, the listing of an IFC green bond on Euronext Dublin is a very welcome development", commented Michael D'Arcy TD, Minister of State for Financial Services, Ireland.
Karin Finkelston, IFC Vice President, Partnerships, Communication and Outreach said, “ This initiative signals IFC’s support for Ireland’s sustainable finance agenda in the context of its international finance strategy. Green bonds help crowd in billions of dollars of private sector investments in clean energy, waste management, energy-efficient buildings, transport and green banking. We are proud to partner with Ireland on green finance.”
IFC is one of the world’s largest financiers of climate-smart projects for developing countries and has been a leader in the green bond market since its first issuance in 2010. In 2013, IFC became the first institution to issue a $1 billion global benchmark green bond, helping to transform the market from niche to mainstream. IFC has issued over $10 billion of green bonds in 18 currencies since the beginning of the program.
IFC is committed to increase its climate investments to 28% from its own account, and mobilize an additional $13 billion a year in private financing by 2020.
IFC Green Bond Terms
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Issuer:
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IFC (International Finance Corporation)
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Amount:
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CAD 750 million
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Pricing date:
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September 4 th , 2019
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Settlement date:
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September 13 th , 2019
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Maturity date:
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September 13 th , 2024
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Issue price:
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99.477%
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Reoffer yield:
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1.484%
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Coupon:
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1.375%
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Listing:
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Luxembourg Stock Exchange, Euronext Dublin
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Lead Managers:
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BMO Capital Markets, RBC Capital Markets, Scotiabank
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Investor Distribution
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About IFC
IFC—a sister organization of the World Bank and member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work with more than 2,000 businesses worldwide, using our capital, expertise, and influence to create markets and opportunities where they are needed most. In fiscal year 2019, we delivered more than $19 billion in long-term financing for developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information, visit www.ifc.org .. For more information, visit www.ifc.org .
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Ireland and Sustainable Finance
Sustainable finance forms a horizontal priority of the 'Ireland for Finance' strategy for the development of Ireland's international financial services sector to 2025. Under the strategy, the Finance Green Ireland Committee will develop a national blueprint to guide Irish green and sustainable finance activities. This blueprint will guide activities across the themes of skills development, innovation, and international collaboration.
Since the beginning of 2018, Ireland has also achieved the following goals:
· The National Treasury Management Agency issued its first-ever green bond, raising €3 billion
· Ireland became one of the first countries in the world to divest public money from fossil fuels following the passing of the Fossil Fuel Divestment Bill
· Dublin was named the European headquarters of UN Environment Financial Centres for Sustainability (FC4S)
· The Central Bank of Ireland became a member of the Network for Greening the Financial System, a global network of over 30 central banks and supervisors
· Ireland joined the Coalition of Finance Ministers for Climate Action
The listing of a 10-year euro-denominated global bond by the World Bank on Euronext Dublin
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