CLIMATE FINANCE..OPEC Fund raises USD 1 bn from its first sustainability bond

OPEC Fund issues maiden sustainability bond: The Vienna-headquartered OPEC Fund for International Development has raised USD 1 bn from a three-year fixed-rate sustainability bond that will be used to finance or refinance sustainable development projects aligned with the fund’s goals, including renewable energy, it said in a statement on Friday. The sustainable bond — the OPEC Fund’s first — was issued last Wednesday, the statement notes.

Who bought in?

The bond drew “strong demand” from investors globally, the statement said, without disclosing the subscription rate. 52% of the investors were from Europe, MENA and Africa, 27% from the Asia-Pacific area, and 21% from North America. Central banks and other state institutions comprised 62% of the investors, 19% were banks, 9% were asset managers, and 8% were ins. or pension funds, the statement adds, without noting what the remaining 2% consisted of.

Where will the money go?

Money raised from the issuance will be allocated according to criteria in the fund’s Sustainable Development Goals Bond Framework (pdf), published in September last year, the statement says. This document is aligned with key green finance guideline documents published by the International Capital Market Association (ICMA), it adds. The OPEC Fund finances development projects in low and middle-income countries.

Advisors: Citi, Crédit Agricole, Goldman Sachs, Nomura and TD Securities were lead managers on the bond issue and Crédit Agricole Corporate and Investment Bank was the sole sustainability advisor, according to the statement.

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