[autom.vertaling] De EIB lanceert de Banden van de Voorlichting van het Klimaat van de Zweedse Kroon van het Debuut (en)
BEI/09/215
3 November 2009
EIB Launches Debut Swedish Krona Climate Awareness Bonds
· The EIB has launched new “Climate Awareness Bonds” (CAB), for the first time in Swedish Krona.
· The proceeds will be used for future projects in the fields of renewable energy and energy efficiency, thereby supporting climate protection.
The European Investment Bank (EIB), the EU Bank, owned by the EU Member States and rated Aaa/AAA/AAA (Moody’s / Standard and Poor’s / Fitch), has launched new “Climate Awareness Bonds” (CAB), for the first time in Swedish Krona. The lead manager is Swedbank. The bonds are targeted at EIB’s Scandinavian investor base.
The bonds issued in fixed and floating rate format for a total amount of SEK 2.25 billion, will mature on 17 February 2015. The SEK 1.7 billion fixed rate tranche will pay an annual coupon of 2.95%, i.e. 33 bps over the interpolated government bond curve. The SEK 550 million floating rate tranche will pay a quarterly coupon of 3-month Stibor +10bps.
The outstanding feature of EIB’s “Climate Awareness Bonds” is that the proceeds from the issues are used to finance projects supporting climate protection. In this case, the funds raised will be used for investment in future EIB lending projects in the fields of renewable energy and energy efficiency, key areas for international climate protection and where the EU has committed to taking development leadership. The Swedish EU Presidency furthermore has climate protection as a key priority on its agenda.
The EIB has financed renewable energy projects in the last 5 years, for in excess of EUR 6 billion. The Bank’s 2009-2011 Corporate Operational Plan sets a minimum floor that at least 20% of its energy projects in the EU should cover renewable sectors. The annual target for lending in projects supporting the energy objective is EUR 10 billion.
Future renewable energy and energy efficiency projects which could receive financing from the proceeds of the bonds include:
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-Renewable energy projects such as wind, hydro, solar and geothermal production, and
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-Energy efficiency projects such as district heating, cogeneration, building insulation, energy loss reduction in transmission and distribution and equipment replacement with energy efficiency improvements of 20% or more.
The net proceeds of the issue of the bonds, which may be converted into euro, will be allocated within EIB's treasury to a sub-portfolio of the operational money market portfolio. So long as the bonds are outstanding, the balance of the sub-portfolio will be reduced, at the end of each quarter, by amounts matching disbursements made during the quarter to future lending projects within the fields of renewable energy and energy efficiency. Pending such disbursement, the sub-portfolio will be invested in money market instruments.
Information about the progress in the disbursements will be included in the annual activity report of the Bank, permitting public monitoring of disbursements .
In 2007 EIB launched its first “Climate Awareness Bond” in EUR.
Comments on the issue:
Bertrand de Mazières , Director General of Finance at the EIB, said: “The EU has taken a leading role in tackling climate change. Global warming poses a challenge that requires cooperation and joint action. With these bonds EIB works hand in hand with investors and the banking community, further highlighting EIB’s commitment to promoting EU objectives. Having already disbursed all the funds from the first CAB issued in 2007, we thought that it was a good moment to launch a new CAB in another currency. On July 1, Sweden took over the Presidency of the EU and placed climate issues among its top three objectives. This together with the high SRI credentials of our Swedish investor base led us naturally to turn to the SEK market for the new initiative.”
Michael Wolf, CEO of Swedbank: “ Swedbank, as an environmentally certified bank, is proud to be part of offering these Climate Awareness Bonds. The bonds offer a unique opportunity for investors to actively make “a green investment” while at the same time enjoying a higher return than through corresponding government bonds with the same high AAA/Aaa rating. The initiative also fits the goals of the current Swedish EU presidency, which has climate questions at the top of the agenda. We’ve so far seen good interest from investors and hope to raise further awareness for this kind of investment which offers a win-win situation for all involved parties .”
Summary Terms and Conditions for the new Climate Awareness Bonds:
Fixed rate tranche
Issue Amount
SEK 1,700 million
Pricing Date
03 November 2009
Payment Date
17 November 2009
Maturity Date
17 February 2015
Issue/Re-offer Price
99.888%
Annual Coupon
2.95%
Re-offer Spread
33bp over the interpolated government bond curve
Format
Under the EIB’s Debt Issuance Programme
Listing
Luxembourg
Floating rate tranche
Issue Amount
SEK 550 million
Pricing Date
03 November 2009
Payment Date
17 November 2009
Maturity Date
17 February 2015
Price
100%
Coupon
3-month Stibor + 10bps
Format
Under the EIB’s Debt Issuance Programme
Listing
Luxembourg
BACKGROUND INFORMATION
Background information on EIB as an Issuer
The European Investment Bank, based in Luxembourg, was set up in 1958 under the Treaty of Rome. Owned by the European Union Member States, the EIB is the EU’s long-term lending institution, financing projects that promote European economic development and integration. Besides supporting projects in the Member States, its main lending priorities include financing investments in future Member States of the EU and EU Partner countries. The EIB operates on a non-profit maximising basis and lends at close to the cost of borrowing. The Bank’s consistent AAA rating is underpinned by firm shareholder support, a strong capital base, exceptional asset quality, conservative risk management and a sound funding strategy.
The annual funding ceiling for 2009 has been set at EUR 80 billion. Year-to-date the Bank has raised over EUR 75 billion, or around 94% of this year’s funding programme.
Further Background on the EIB's Corporate Responsibility Credentials
The European Investment Bank (EIB) Group has the core principles of Corporate Social Responsibility (CSR) at the heart of its strategy, objectives and policies. CSR is sound business practice. It emphasises the importance of achieving a balance between economic growth, social well-being and the protection of the environment, in support of the goal of sustainable development. It underwrites institutional sustainability through competitiveness, the productive use of resources and good governance (including anti-fraud and anti-corruption measures). It involves the financial and business sectors, governments, employees and civil society working together for “our common future”.
Background information on Swedbank
Swedbank’s vision is to be the leading financial institution in the markets where we are present. Swedbank has 9.4 million retail customers and 600,000 corporate customers with 419 branches in Sweden, 278 branches in the Baltic countries and another 215 branches in Ukraine. The group is also present in Copenhagen, Helsinki, Kaliningrad, Luxembourg, Moscow, New York, Oslo, Shanghai, St Petersburg and Tokyo. As of December 2008 the group had total assets of SEK 1,812 billion and approximately 21,000 employees. For more information about Swedbank, please visit www.swedbank.com.
EIB Contacts:
Richard Teichmeister +352 4379 86206
Yamina Safer +352 4379 86219
Swedbank Contacts:
Stefan Goldberg +46 8 700 9211
Andreas Torp +46 8 700 9953