Sustainability Bonds

Since 2015, the State of North Rhine-Westphalia regularly issues Euro Benchmark Bonds in sustainable format. The State wants to provide investors who seek sustainable investments with an opportunity to finance selected environmental and social projects of the State. At the same time, North Rhine-Westphalia contributes to the internationally growing segment of Socially Responsible Investments (SRI).

    Award for „Most Impressive Local Government Green/SRI Bond Issuer”

  • The State of North Rhine-Westphalia has won the award for “Most Impressive Local Government Green / SRI Bond Issuer" by the journal "GlobalCapital" in 2018/2019.
    The winners of the GlobalCapital Sustainable and Responsible Capital Markets Awards were elected by market participants such as investors, investment banks and issuers. They therefore reflect the market's opinion on the most important achievements and innovations and the most impressive performers in the year from July 2018 to June 2019.
    Winners of the 2019 GlobalCapital SRI Awards

  • Moody's reports on State’s Sustainability Bonds
  • The rating agency Moody's reports on the Sustainability Bonds of the State of North Rhine-Westphalia and praises the pioneering role of the State. Moody's considers the State’s development in this market segment to be credit positive.
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The State of North Rhine-Westphalia successfully placed its sixth Sustainability Bond with a total volume of € 2.5 billion on the market on November 19 2019. The bond was issued for the first time in two tranches with different maturities of ten and 20 years. Net proceeds finance environmental and social projects of the budgetary year 2019. The bond particularly targets investors focusing on socially responsible investments.

Following a roadshow through European and Asian countries in February and early March 2019, which served to present the concept of the fifth Sustainability Bond to institutional investors, a bond with a volume of € 2.25 billion was successfully placed on the market on 6 March. The Sustainability Bond is particularly targeted at investors who value sustainable and responsible investments and is used to refinance social and environmental projects, such as education, research and infrastructure.

After a series of investor meetings throughout Asia and Europe in February and early March 2018 the Sustainability Bond #4 was issued on 6 March 2018 with a volume of EUR 2.025bn. The bond is designed for investors focusing on Socially Responsible Investments (SRI).

After a series of investor meetings throughout Europe in February 2017  the Sustainability Bond #3 was issued on 28 February 2017 with a volume of EUR 1.825 bn.

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Sustainability Bond #2 of the State of North Rhine-Westphalia

The State of NRW sucessfully issued its second Sustainability Bond in March 2016. The bond is designed for investors focusing on Socially Responsible Investments (SRI).

Rechte: iStock

Sustainability Bond #1 of the State of North Rhine-Westphalia

In December 2014 the government of the State of North Rhine-Westphalia decided to issue its first State Treasury Note in a “Sustainability Bond” format in 2015. The concept itself and the selected projects have been audited by oekom research, a leading rating agency for Sustainability Bonds and Green Bonds. The overall evaluation of the audit was positive.

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Stiftung Umwelt und Entwicklung NRW Landesarbeitsgemeinschaft Agenda 21 NRW Bertelsmann Stiftung Wuppertal Institut für Klima, Umwelt, Energie