Rand Water issues sustainability bonds to align with UN targets
The state-owned utility has become the first in Africa to raise capital with repayments linked to ESG performance
Rand Water, the state-owned utility previously known as the Rand Water Board, raised almost R1.7bn via a bond sale that includes two sustainability-linked notes that are part of its goal to align its operations with the UN Sustainable Development Goals (UN SDGs).
The sale makes Rand Water the first African state-owned entity to issue sustainability-linked debt instruments, which drew more buyers than the value of the securities on offer. The sale is also the largest SA-based rand-denominated sustainability bond issued, sole arranger RMB said in an email...