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ING Bank Śląski's mortgage unit places 1st green covered bond

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ING Bank Śląski's mortgage unit places 1st green covered bond

The European Bank for Reconstruction and Development invested 80 million Polish zlotys in the first green covered bond issued by ING Bank Śląski SA's mortgage unit ING Bank Hipoteczny.

The total volume of ING Bank Hipoteczny's debut green bond placement amounted to 400 million zlotys. Proceeds from the issuance will be used to finance energy-efficient residential buildings. The issuance was certified by the Climate Bonds Initiative and is aligned with its criteria for low-carbon buildings, the EBRD said Oct. 11.

The five-year notes bear interest based on the six-month Warsaw interbank offered rate plus a margin of 0.53% and will mature Oct. 10, 2024, ING Bank Hipoteczny said separately.

ING Groep NV is the ultimate parent of ING Bank Śląski and ING Bank Hipoteczny.

As of Oct. 11, US$1 was equivalent to 3.89 Polish zlotys.