One of China’s big three policy banks has completed an issue of green bonds to support ecological protection in the Yangtze River Delta area.
China Development Bank (CDB) completed an issue of 12 billion yuan in “Yangtze River Delta Ecological Protection and Restoration” (长江流域生态系统保护和修复) special bonds on 27 July via China’s interbank bond market.
The bonds have a term of 3 years and a coupon rate of 2.15%, while the issue was 3.95 times oversubscribed by both domestic and foreign investors.
Proceeds raised by the bonds will be used for hydrological management and rural environmental management initiatives, and are expected to achieve annual C02 reductions of around 394,000 tons, as well as save on the usage of 168,800 tons of standard coal each year.
CDB has issued around 144 billion yuan in green bonds, of which 119 billion remain outstanding. It is currently the leading green bond issuer on the Chinese market.