Vattenfall, a leading European energy company, today announced the listing of the first green bond listed at Nasdaq (Nasdaq: NDAQ) Stockholm under its new recent EUR 10 billion Swedish law governed euro medium term note (“EMTN”) program.
The full amount of the loan, 500 million EUR, is earmarked for projects defined in Vattenfall's framework for green bonds, with four categories: renewable energy and related infrastructure, energy efficiency, electrification of transport and heat, and industrial projects.
“We are pleased with the strong demand amongst investors who will now support the transformation to a sustainable energy system. Vattenfall is also proud that this is the first ever EUR corporate green bond of a benchmark size out of Sweden as well as the first issuance under an EMTN program under Swedish law on Nasdaq Stockholm,” says Anna Borg, CFO at Vattenfall.
The recently launched Green Bond Framework has been given a dark green rating from the analytics agency Cicero, the best rating a green bond framework can score based on Cicero’s methodology.
“The trend towards sustainable investments is here to stay and we expect it to continue to have an escalating impact on our industry in the coming years,” says Ann-Charlotte Eliasson, Head of European Fixed Income listings at Nasdaq. ”As Nasdaq continues to explore opportunities in the ESG space, we look forward to work together with all our stakeholders to achieve better, more transparent and sustainable markets.”
A euro medium term note is a medium-term, flexible debt instrument designed to make it easy for issuers to raise capital and enter foreign markets. There are essentially no differences between bonds issued under EMTN programs and MTN programs. However, EMTN programs have historically been governed by English law and listed in foreign markets and this represents the first EMTN program under Swedish law with listing at Nasdaq Stockholm.
”We are proud to have worked with Vattenfall on this ground-breaking issue,” says André Andersson, Head of Banking & Finance at Mannheimer Swartling. “And we are particularly happy that investors seem to realise that Swedish law works equally well for the issuance of sophisticated financial instruments in the European Debt Market.”
More than 6655 instruments, with a volume of over EUR 8,755 million, are listed on the Nasdaq’s European Debt Markets. Mortage Bonds, Government Bonds and Corporate Bonds are the three largest categories. The Nasdaq Sustainable Debt Market, the world’s first when it was launched in 2015, is one of the world’s leading markets for sustainable bonds. Nasdaq offers listing solutions for bonds in all major currencies.
