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 “Sustainibility 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.

Sustainable investment

The State would like to cover demand from investors, who want to support the State’s ex-penditures on Education and Sustainability, Social Coherence and Inclusion, Public Transport and Local Mobility, Climate Protection and Energy Transition, Protection of Natural Ressources, and Sustainable Urban Development. In so doing, the State intents to participate in the internationally growing market of sustainable investments. The State-owned NRW.Bank successfully issued “Green Bonds” in 2013 and 2014.

Audited with positive result

The expenditures which the net issue proceeds of the Sustainability Bond are intended to cover belong to the 2014 budget and are related to the important activity areas and cross border themes of the States Sustainability Strategy. This strategy was initiated by the State Government in November 2013. Finalization is targeted for the end of 2015. After a first consultation in autumn 2014 and a second scheduled for autumn 2015, the State‘s government intends to subsequently adopt the strategy.

For the Sustainability Bond, a framework concept was established, comprising six project categories which were developed from the activity areas and cross border themes of the Sustainability Strategy. 22 specific projects from the six categories have been selected. Further information on these projects can be found in a detailed project list.

The Sustainability Bond was presented to investors on a roadshow across Europe which started in February 2015. Books were opened on 04th of March 2015. On the back of strong demand, the issue size was set at EUR 750m. The Notes maturing on 11th of March 2025 bear a coupon of 0.5%.

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