es

Information for Investors

NADBank leverages its funds by issuing debt in international capital markets or with other financial institutions for the purpose of financing its lending operations or refinancing existing borrowings. Its financial strength is based on its strong liquidity policy, prudent risk management and rigorous lending and oversight processes.

Credit Rating

FitchRatings (Global Scale)

AA/F1+ / stable

Rating Report

Moody's Investors Service (Global Scale)

Aa1/Prime-1 / stable

Rating Report

FitchRatings (Local Scale)

AAA(mex) / stable

Rating Report

Moody's Investors Service (Local Scale)

AAA(mex) / stable

Rating Report

Green Bonds

To date, NADBank has issued three green bonds totaling US$478 million that have been fully allocated to 16 eligible projects. All proceeds of the green bonds are managed and allocated to infrastructure projects in accordance with the Bank’s NADBank Green Bond Framework, which was first developed in 2018 and updated in 2020. The framework is consistent with the rules established in the Green Bond Principles by the International Capital Market Association and received a positive second party opinion. Further details on the NADBank Green Bond Program can be found in the 2022 Green Bond Report.

NADBank issued its first green bond in July 2018 for CHF 125 million maturing in 2026. The net proceeds from this issue, equivalent to US$126 million, were allocated to six renewable energy projects.

In 2020 NADBank issued two additional green bonds: a CHF 180-million bond maturing in 2028 and a CHF 160-million bond maturing in 2033, equivalent to US$186 and US$166 million, respectively. As of December 2022, all the proceeds from these two issues had been allocated to 15 projects.

Green Bond Program Allocation Summary

Green Bond Issue

% Allocated

No. of Projects Supported

Greenhouse Emissions Avoided
(CO2 tons/year)

CHF 125M maturing 2026

100

6

1,580,609

CHF 180M maturing 2028

100

8

1,391,889

CHF 160M maturing 2033

100

8

303,935

* Six of the 16 projects received allocations from more than one bond.

Renewable energy and energy efficiency made up 91% of the proceeds allocated with US$435 million in total allocations across all three issuances. The remaining 9% was allocated to water-related projects (8%) and a solid waste management project (1%), which came from the issuances maturing in 2028 and 2033.

Allocation by Sector
(USD Million, as of December 2022)

 

Renewable Energy

Energy Efficiency

Sustainable Water & Wastewater Management

Pollution Prevention and Control

Total Allocation

CHF 125M maturing 2026

$          126

$            –

$            –

$              –

$        126

CHF 180M maturing 2028

175

11

186

CHF 160M maturing 2033

100

34

29

3

166

Total

$          401

$          34

$            40

$              3

$        478

 

Project Evaluation and Selection

The NADBank Green Bond Framework identifies eligible projects that may be financed with the proceeds of green bonds. These projects fall into one of four sectors: 

Sustainable Water & Wastewater Management

Pollution Prevention and Control

Renewable Energy

Energy Efficiency

  • Improvements to water systems
  • Improvements to wastewater collection, treatment and reuse systems
  • Water conservation
  • Storm drainage & flood control
  • Industrial emission reduction (excludes investments in fossil fuel-powered equipment)
  •  Waste treatment & disposal
  •  Site remediation
  • Wind farms
  • Solar parks
  • Building upgrades
  • Industrial equipment retrofits (excludes investments in fossil fuel-powered equipment)
  • Public lighting
  • Electric power distribution systems

All projects selected for financing must be certified by the NADBank Board of Directors based on technical, financial and environmental criteria, as well as ensure public access to information. As part of the environmental criteria, the projects must demonstrate not only compliance with applicable environmental regulations and clearance processes but must also demonstrate a positive impact on the environment.

Use of proceeds

Green Bond Maturing 2026
CHF125 million, equivalent to US$126 million

All the proceeds of this bond were allocated in 2018 to six renewable energy projects.

Allocation of Proceeds and Anticipated Impact

Project

Sector

State, Country

Expected Impacts1

GHG emissions avoided
(CO2 tons / year)

Allocation to Bond

(USD Million)

Share of Bond

(%)

Bond Share of Project Costs

(%)

EDPR Wind Farm

Renewable energy

Coah., Mexico

381,424

$          53

42

15

Puerto Libertad Solar Park

Renewable energy

Son., Mexico

440,390

34

27

9

El Mezquite Wind Farm

Renewable energy

N.L., Mexico

428,787

17

14

5

Santa Maria Solar Park

Renewable energy

Chih., Mexico

161,881

10

8

7

Orejana Solar Park

Renewable energy

Son., Mexico

163,808

8

7

7

SEPV Imperial Solar Park

Renewable energy

CA, USA

4,319

3

2

18

Total

 

 

1,580,609

$       126

  100

 

1 Estimated impact of entire project at time of approval, based on corresponding project certification document.
CO– Carbon dioxide in tons per year, GHG – Greenhouse gases.

Green Bond maturing 2028
CHF180 million, equivalent to US$186 million

All the proceeds of this bond were allocated to seven renewable energy projects and one project related to wastewater treatment. The allocation of this issuance spans two years with seven projects receiving funds in 2020 and an eighth project receiving funds in 2021.

Allocation of Proceeds and Anticipated Impact

Project

Sector

State, Country

Expected Impacts1

Allocation to Bond

(USD Million)

Share of Bond

(%)

Bond Share of Project Costs

(%)

GHG Emissions Avoided
(CO2 tons/year)

Wastewater Treatment Capacity (lps)

Population Benefitted by Water Services

Don Diego Solar Park

Renewable energy

Son., Mexico

169,443

 

 

$        100

54

77

El Mezquite Wind Energy

Renewable energy

N.L.., Mexico

428,787

 

 

21

11

7

Santa Maria Solar Park

Renewable energy

Chih., Mexico

161,881

 

 

17

9

12

Orejana Solar Park

Renewable energy

Son., Mexico

163,808

 

 

16

8

13

Chihuahua WWTPs

Wastewater treatment

Chih., Mexico

9,583

2,375

809,232

11

6

76

SEPV Imperial Solar Park

Renewable energy

CA, USA

4,319

 

 

5

3

31

Puerto Libertad Solar Park

Renewable energy

Son., Mexico

440,390

 

 

1

1

        0

El Centro Solar Park

Renewable energy

CA, USA

13,678

   

14

8

       15

Total

 

 

1,391,889

2,375

809,232

$       186

100

 

1 Estimated impact of entire project at time of approval, based on corresponding project certification document.
CO– Carbon dioxide in tons per year, GHG – Greenhouse gases, lps – Liters per second, WWTPs – Wastewater treatment plants

Green Bond Maturing 2033
CHF 160 million, equivalent to US$166 million

Allocation of this issuance was more diverse in terms of project types, including energy storage and efficiency, water and solid waste (pollution prevention and control). By the end of 2020, US$13 million from this issue was allocated to four projects. An additional US$123 million was allocated to three projects during 2021, and US$30 million was designated for one project in 2022, for a total of eight projects funded from this issue.

Allocation of Proceeds and Anticipated Impact

Project

Sector

State, Country

Expected Impacts1

Allocation to Bond

(USD Million)

Share of Bond

(%)

Bond Share of Project Costs

(%)

GHG Emissions Avoided
(CO2 tons/year)

Water Savings
 (m
3/year)

Population Benefitted by Water Services

Solid Waste Management Capacity
 (tons/day)

Wildcat

Energy storage

CA, USA

819

 

 

 

$            4

3

100

Jim Hogg County

Drinking water

TX, USA

 

43

4,558

 

4

2

94

Maverick County

Solid waste

TX, USA

 

 

 

130

3

2

73

Presidio

Drinking water

TX, USA

 

       303

4,000

 

2

1

33

Corazon Solar Park

Renewable energy

TX, USA

258,338

     

63

38

23

Lower Valley Water District

Water

TX, USA

   

9,000

 

23

14

100

El Centro Solar Park 

Renewable energy

CA, USA

13,678

     

37

22

39

EnerSmart energy storage

Energy efficiency

CA, USA

31,100

     

30

18

25

Total

 

 

303,935

346

17,558

130

$       166

100

 

Estimated impact of entire project at time of approval, based on corresponding project certification document.
CO2 – Carbon dioxide in tons per year; GHG – Greenhouse gases