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Alternative Market Briefing

Nordic institutional investors invest in World Bank green bond

Tuesday, December 03, 2019

Laxman Pai, Opalesque Asia:

The World Bank priced a 20-year DKK 3 billion green bond - its first green bond denominated in Danish kroner.

Institutional investors in both Denmark and Sweden have shown great interest in the bond and several pension funds are already on board.

The 933 billion Danish kroner ATP, Hilleroed, Denmark; the 500 billion Danish kroner Danica Pension, Copenhagen; the 576 billion Danish kroner PFA Pension, Copenhagen; the 114 billion Danish kroner MP Pension, Gentofte, Denmark; the 140 billion Danish kroner PenSam, Farum, Denmark; and the 367.4 billion Swedish kronor ($38 billion) AP2, Gothenburg, Sweden, were among investors of the first green bond issued by the World Bank in Danish kroner since 1997.

The bond carries a coupon of 0.20% per annum and matures on November 15, 2039. Skandinaviska Enskilda Banken AB (SEB) was the lead manager for the transaction.

The World Bank's green bonds are issued to support the financing of different environmental projects - all the way from renewable energy installations to new technologies in waste management.

"Investing in green bonds from the World Bank is a fine way to support the green transition, and at the same time it gives a good risk-adjusted return," a PenSam spokesman said.

ATP said: "As a pension fund with liabilities in Danish kroner and being a dedicated green bond investor, ATP highly appreciates the issuance of IBRD's inaugural DKK green bond".

PFA Pension ......................

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