The European Bank for Reconstruction and Development issued €600 million in green bonds due Jan. 10, 2024.
The EBRD said in a news release that the offering represents its "inaugural benchmark green bond in the Euro market." Proceeds of the bond issuance will be used to support different projects related to energy efficiency, renewable energy, water management, waste management, air pollution prevention and sustainable transport.
The issue pays a coupon of 0.000%. EBRD said it had targeted €500 million for the deal but was able to upsize the transaction to €600 million while still tightening the price.
Bank of America Merrill Lynch, Crédit Agricole CIB and Morgan Stanley served as joint bookrunners.
The EBRD said that to date, it has invested over €12.2 billion in environmentally and socially sustainable projects under its Sustainable Resource Initiative as of the third quarter of 2018.