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Ireland raises €3B from green bond sale

Ireland has raised €3.0 billion through the sale of a 12-year sovereign green bond, joining seven other countries in entering the market for green investment.

The bond received 11.3 billion of orders from more than 170 individual accounts, Ireland's National Treasury Management Agency said. It will mature March 18, 2031, and pays a fixed coupon of 1.35%. The reoffer price was 99.447% and the reoffer yield was 1.399%.

Ireland plans to use the net proceeds of about €2.98 billion from the offering to fund new eligible green projects or refinance existing ones.

Poland, France, Indonesia, Belgium, Lithuania, Fiji and Nigeria have issued green bonds since 2016, while about 15 other countries are preparing such offerings, including the U.K. and Sweden.

Barclays, BNP Paribas, Citi, Danske, HSBC and J.P. Morgan were the lead managers for the offering. Bank of America Merrill Lynch, Cantor Fitzgerald, Davy, Deutsche Bank, Goldman Sachs International, Morgan Stanley, NatWest Markets, Nomura International, Société Générale and UBS were co-lead managers. HSBC and J.P. Morgan assisted the National Treasury Management Agency as structuring advisers on the bond.