July 16, 2013 / 12:00 PM / in 5 years

European Investment Bank launches 650 mln euro green bond

LONDON, July 16 (Reuters) - The European Investment Bank (EIB) has issued a 650 million euro ($848 million) “green bond” to help it finance renewable energy and energy efficiency projects, the bank said.

There was strong demand for the Climate Awareness Bond, particularly from asset managers, insurance companies and pension funds in the Benelux region, Germany and France, said the EIB.

The bond, the largest of its type in the euro market, has a maturity date of Nov. 15, 2019 and carries an annual coupon of 1.375 percent.

Bank of America Merrill Lynch, Credit Agricole CIB, DZ Bank and UniCredit acted as joint bookrunners.

The EIB’s Climate Awareness Bonds are used to finance renewable power generation projects in the hydro, wind, solar and geothermal sectors as well as energy efficiency projects in district heating, building insulation and energy loss reduction.

Since 2007, the bonds have raised over 1.7 billion euros.

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