Standard Bank issues landmark sustainability linked bond
30 Nov 2023
Country
South Africa
Year
2023
Sector
Financial Institutions
Business Unit
Debt Capital Markets
Standard Bank issued a sustainability-linked bond, embedding targets linked to the financing of renewable energy and projects with positive social impact. The bank tapped three existing notes (SBSL01, SBS81 and SBS82) for a total volume of ZAR2.45 billion across 2.7-, 4.7- and 6.7-year notes in a senior, unsecured, floating rate format.
The tapped three-year note of ZAR978 million was off the back of an initial note, issued in August 2023, which was Standard Bank’s first sustainability-linked bond to be listed on the JSE’s sustainability segment. The transaction tangibly demonstrates the bank’s commitment to sustainability and to continuing to develop the market.
Standard Bank acted as sole arranger and sustainability coordinator, and advised in marketing, timing and pricing the notes. It also supported on the legal, debt sponsor and settlement workstreams.