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Asian Development Bank to issue green bonds

The Asian Development Bank is planning to issue its first green Uridashi bond in the Japanese market.

Uridashi bonds are securities issued outside Japan and sold to Japanese investors.

The policy lender will use the proceeds to finance work to address the mitigation of climate change in Asia and the Pacific. Proceeds from the issuance will be allocated within the Asian Development Bank's treasury to a special subportfolio that is linked to its lending operation to eligible projects.

The bank plans to double its annual climate financing to US$6 billion by 2020, up from US$3 billion in 2015.

Daiwa Securities Group Inc. will arrange and distribute the issuance to Japanese retail and institutional investors in May.