Nordea facilitated the issuance of a USD 350 million green bond for the Folksam Group.
The Folksam Group, a Swedish insurance and pension savings company, acquired green bonds issued by the International Finance Corporation (IFC), which is part of the World Bank. The private placement of USD 350 million, the equivalent of close to SEK 3 billion, allowed Folksam to reach its green bond target of SEK 12 billion and set a new goal of SEK 25 billion by the end of 2018.
"At Nordea we are proud to have facilitated this transaction with two of the most prominent green bond actors in the market today. Both IFC and Folksam have shown great leadership through their commitment to broaden the market for green bonds. This deal was no exception," says Jacob Michaelsen, Head of Sustainable Bonds at Nordea.
A green bond represents a bond whereby the issuer agrees to use the proceeds to finance or refinance assets and loans that have a positive environmental and/or climate impact, such as loans to customers with investments in renewable energy segments like wind and hydro.
Read more about the transaction here.
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