City Developments Launched Singapore's First Green Bond
April 7, 2017
City Developments has become the first company in Singapore launched the green bond. The two-year senior secured green bond has raised SGD100 million at 1.98% fixed rate due 2019. The investors were mainly financial institutions and fund managers.
The demand for green bonds is fuelled by the Paris Climate Change Agreement, which took effect on 4 November 2016. Singapore has since ratified the Paris Agreement, and pledged to reduce its carbon emissions intensity by 36% from 2005 levels by 2030 as well as stabilise its emissions with the aim of peaking around 2030. More investors are seeking to fund low-carbon and climate-resilient projects that are aligned with the goal of limiting global warming to below two degrees Celsius, the company said.
Climate Bonds Certification of this green issuance has been verified by KPMG using the Climate Bonds Standard. The green bond is issued under the CDL Properties(CDLP) SGD700 million secured Medium Term Note (MTN) Programme first established in 2001. DBS Bank (DBS) is the sole bookrunner on this transaction.
By APMR News Staff Writer
Article Published on : 2017 April 7, 8:45 pm GMT+800
Article Last Updated : 2017 April 8, 6: 55 am GMT+800