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Green Evaluation: DZ BANK AG Proposed €250 Million Fixed-Rate Nonpreferred Senior Notes

DZ BANK intends to issue €250 million of fixed-rate nonpreferred senior notes due December 2027 as part of its ongoing debt issuance program. The proposed issuance will be DZ BANK’s second green bond, the proceeds of which DZ BANK will allocate to a portfolio of loans originated for operational onshore wind power projects in the U.S. and Canada. The portfolio currently consists of 13 projects across four states in the U.S. and two provinces in Canada, with a total installed capacity of about 1,990 megawatts. DZ BANK’s total credit exposure to the portfolio is currently about €307 million by way of nonrecourse project finance loans to these projects. In our view, DZ BANK’s green bond framework is aligned with the four components of the green bond principles.

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