Information for Investors

Since 2018, NADBank has issued three green bonds totaling US$478 million that have supported 15 projects to date. 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 2021 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 2021, US$322 million from these two issues had been allocated to 14 projects.

* Seven of the 15 projects have received allocations from more than one bond.

Renewable energy made up the largest portion of green bond eligible projects—about 90% of the proceeds allocated to date. This allocation is consistent with the expertise the Bank has developed in renewable energy projects in recent years. Water projects are the second largest portion, in line with the historical priorities of the Bank.

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: 

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

Proceeds from this bond issued in July 2018 were fully allocated to six renewable energy projects by year-end.

¹ Impact of entire project based on corresponding project closeout report.
CO₂ – Carbon dioxide in tons per year, GHG – Greenhouse gases.

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

As of December 31, 2021, all the proceeds of this bond had been allocated. This issue spans two years of allocations with seven projects receiving funds in 2020 and an eighth project receiving funds in 2021.

¹ Impact of entire project based on corresponding closeout report, unless otherwise indicated.
² Anticipated impact of entire project based on corresponding project certification and financing proposal. 
³ Project cost information is confidential.
CO₂ – 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

Proceeds from this bond issued in May 2020 are still in the process of being allocated. At the end of that year US$13 million from this issue had been allocated to four projects, including a commitment for a project that is still disbursing. An additional US$123 million was allocated to three projects during 2021, for a total of seven projects with allocations from this issue.

¹ Anticipated impact of entire project based on the corresponding project certification document, unless otherwise indicated.
² Project cost information is confidential.
³ Impact of entire project based on corresponding closeout report.
CO₂ – Carbon dioxide in tons per year; GHG – Greenhouse gases