FirstRand issues first sustainability bonds for green investments
FirstRand Bank received bids for the instruments from 15 institutions with demand exceeding the amounts available by more than double
FirstRand Bank, a wholly owned subsidiary of financial services group FirstRand Ltd, has raised more than R2bn in funding for green and social investments by issuing its first sustainability bonds, which received strong demand from investors.
The bank raised R958m through the sale of a five-year sustainability bond as well as an additional R1.071bn via the issuance of a seven-year note, with bids for the two instruments totalling a combined R4.277bn. Demand for the five-year note totalled R2.103bn while for the seven-year bond it reached R2.174bn, meaning the debt instruments were 2.1 times oversubscribed as investor demand exceeded the amounts available by more than double...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.