Citi Issues Inaugural Structured Green Bond
March 25 2019 - 01:54PM
Business Wire
Citi has issued and traded its first structured green bond,
distributed by UBS Global Wealth Management. The proceeds will fund
green projects in renewable energy, energy efficiency, sustainable
transportation, water quality and conservation, and green buildings
as defined in Citi’s Green Bond Framework.
The five-year bond provides exposure to 3-month USD LIBOR with a
floor, payable quarterly.
“This issuance is the next step in our commitment to supporting
sustainable finance and growing investor appetite in the green bond
market. The bond is a floored floating rate note, and is structured
to combine the benefits of a tailored approach towards risk-return
with sustainability criteria,” said Bhaavit Agrawal, Global
Head of Rates Structured Notes at Citi
Citi was a co-founder of the ICMA Green Bond Principles in 2014,
and since then has had a key role in the development of the market.
In January 2019, Citi announced its inaugural Green Bond issuance,
a €1 billion 3-year fixed rate offering. Sustainalytics, a
second-party provider and leader in ESG and corporate governance
research and ratings, has reviewed Citi’s Green Bond Framework and
has confirmed in their Second Party Opinion that it is aligned with
Citi’s broader sustainability objectives as well as with the ICMA
Green Bond Principles.
“As sustainability and ESG considerations continue to be
prioritized by investors, Citi will continue to offer a range of
innovative investment opportunities for the full range of our
investor clients around the globe,” added Lorenzo Leccesi, Citi’s
EMEA Head of Retail Cross Asset Solutions.
In 2015, Citi announced a $100 Billion Environmental Finance
Goal to finance and facilitate $100 billion over 10 years to
support environmental solutions and accelerate the global
transition to a low-carbon economy. Citi also recently announced
that it will source renewable power for 100 percent of its global
energy needs by 2020. Both initiatives are part of Citi’s
contribution to advancing the United Nations Sustainable
Development Goals (SDGs). They are also key goals of Citi’s
Sustainable Progress Strategy, which sets out Citi’s guiding
principles, priorities and ambitions in environmental finance,
environmental and social risk management, and the firm’s own
operations and supply chain.
Important Notice
This announcement is not intended to, and does not, constitute,
represent or form part of any offer, invitation or solicitation of
an offer to purchase, otherwise acquire, subscribe for, sell or
otherwise dispose of, any securities whether pursuant to this
announcement or otherwise.
The distribution of this announcement in certain jurisdictions
may be restricted by law or regulation and therefore any person who
comes into possession of this announcement should inform themselves
about, and comply with, such restrictions. Any failure to comply
with such restrictions may constitute a violation of the securities
laws or regulations of any such relevant jurisdiction. This
announcement is not for distribution, directly or indirectly, in or
into the United States or to, or for the account or benefit of,
U.S. Persons, as defined in Regulation S of the U.S. Securities Act
of 1933, as amended (the “Securities Act”). The bonds described in
this announcement are not required to be registered under the
Securities Act or with any securities regulatory authority of any
state or other jurisdiction of the United States.
About Citi
Citi, the leading global bank, has approximately 200 million
customer accounts and does business in more than 160 countries and
jurisdictions. Citi provides consumers, corporations, governments
and institutions with a broad range of financial products and
services, including consumer banking and credit, corporate and
investment banking, securities brokerage, transaction services, and
wealth management.
Additional information may be found at http://www.citigroup.com
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