DEAL: Middle East’s first green bond

Author: Lizzie Meager | Published: 23 Apr 2017

The National Bank of Abu Dhabi (NBAD) has closed the first ever green bond from an entity in the Middle East, opening the door to a new asset class in the region.

The bank first considered the deal last August, but delayed it due to low investor appetite. The $587 million five-year deal was issued almost immediately following its recently closed merger with another Abu Dhabi-based bank, FGB.

The UAE has committed to efforts to reduce climate changeNBAD will use the proceeds of the issuance, listed on the London Stock Exchange, for a range of eligible green projects including renewables, energy efficient buildings, waste management and decarbonising technologies."There’s clearly a push across the region in terms of environmental concerns and sustainability, so we would expect others to be...


 

 

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