North Rhine-Westphalia €1.585 billion 0.125% sustainability bond issue

Overview:

• The Federal State of North Rhine-Westphalia issued a €1.585 billion sustainability bond.
• The bond has a coupon of 0.125%, matures in March 2023 and was listed on the Düsseldorf Stock Exchange. 
• Proceeds of the bond will be used to fiance projects that that have an environmental or social benefit.
• It was the second sustainability bond the state has issued; the first was sold in December 2014. 
• The issuer was advised by its in-house legal team and the budget department of its finance ministry.
• The underwriters were Bayerische Landesbank, HSBC Trinkaus & Burkhardt, Merrill Lynch International, Natixis, and UniCredit.

Ben Naylor - Regional Editor