LONDON (Reuters) - The European Investment Bank (EIB) has raised a further 350 million euros ($477.9 million) on its Climate Awareness Bond (CAB), making it the largest ever “green bond” at 1.5 billion euros, the bank said on Tuesday.
The EIB’s latest issue, which has a maturity date of November 15, 2019, continues a remarkable spate of such bond sales. Corporate green bonds raised nearly $10 billion last year, with about half of that coming in November.
Proceeds from green bonds are used on projects to cut greenhouse gas emissions, adapt to climate change or expand the use of renewable energy.
Until recently, they were mainly the preserve of development banks, but interest has been growing among new buyers and corporate bond investors.
Reporting by Nina Chestney; Editing by David Goodman