NWB Bank issues its largest sustainable bond so far despite difficult market conditions

NWB Bank has successfully issued a 3-year €2 billion SDG Housing Bond. This is the bank’s largest sustainable bond so far. Despite difficult market conditions, the bank managed to draw a significantly oversubscribed order book, which in turn allowed NWB Bank to revise the credit spread down. The proceeds of the SDG Housing Bond will be used for the financing of affordable, and sustainable social housing in the Netherlands.

“We are very pleased with this transaction, especially since the current market conditions, despite all efforts from central banks to boost liquidity, are not easy. At the same time, we are happy to see that investors also in these times take sustainability into consideration”, says Frenk van der Vliet, Chief Commercial Officer at NWB Bank.

In total, NWB Bank has issued more than €13 billion in sustainable bonds, making NWB Bank the largest issuer of SRI bonds in the Netherlands. Internationally, the bank is considered a leading issuer of SRI bonds within the SSA (Sovereigns, Supranationals, and Agencies) space. NWB Bank has committed itself to raising at least 25% of its annual long-term funding through sustainable bond issuances.

The €2 billion 3-year SDG Housing Bond was issued under NWB Bank’s €60,000,000,000 Debt Issuance Program. The 3-year bond will settle on the 14th of April 2020 and be repaid in full on the 14th of April 2023. The bond has a coupon of 0.00% and a re-offer price of 100.548%, for a re-offer yield of -0.182%. The notes will be listed on the Luxembourg Stock Exchange.

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Simon Zwagemakers
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