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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

Rating Upgrade

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

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.

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

1,470,192

CHF 180M maturing 2028

100

8

1,310,325

CHF 160M maturing 2033

82

7

274,194

* 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.

Allocation by Sector
(USD Million, as of December 2021)

 

Renewable Energy

Sustainable Water & Wastewater Management

Energy Efficiency

Pollution Prevention and Control

Total Allocation

CHF 125M maturing 2026

$          126

$                  –

$            –

$              –

$        126

CHF 180M maturing 2028

175

11

186

CHF 160M maturing 2033

100

29

4

3

136

Total

$          401

$                40

$            5

$              3

$        448

 

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

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.

Summary of 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

353,929

$          53

42

16

Puerto Libertad Solar Park

Renewable energy

Son., Mexico

440,390

34

27

9

El Mezquite Wind Farm

Renewable energy

N.L., Mexico

367,601

17

14

6

Santa Maria Solar Park

Renewable energy

Chih., Mexico

148,775

10

8

7

Orejana Solar Park

Renewable energy

Son., Mexico

155,178

8

7

7

SEPV Imperial Solar Park

Renewable energy

CA, USA

4,097

3

2

18

Total

 

 

1,470,192

$        126

100

 

1 Impact of entire project based on corresponding project closeout report.
CO– 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.

Allocation to Date 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 Park2

Renewable energy

Son., Mexico

169,443

 

 

$        100

54

77

El Mezquite Wind Energy

Renewable energy

N.L.., Mexico

367,601

 

 

21

11

7

Santa Maria Solar Park

Renewable energy

Chih., Mexico

148,775

 

 

17

9

12

Orejana Solar Park

Renewable energy

Son., Mexico

155,178

 

 

16

8

13

Chihuahua WWTPs2

Wastewater treatment

Chih., Mexico

9,583

2,375

809,232

11

6

76

SEPV Imperial Solar Park

Renewable energy

CA, USA

4,097

 

 

5

3

31

Puerto Libertad Solar Park

Renewable energy

Son., Mexico

418,371

 

 

1

1

 

El Centro Solar Park3

Renewable energy

CA, USA

15,036

   

14

8

 

Total

 

 

1,310,325

2,375

809,232

$       186

100

 

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.
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

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.

Allocation to Date 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)

Wildcat2

Energy storage

CA, USA

819

 

 

 

$            4

3

 

Jim Hogg County

Drinking water

TX, USA

 

43

4,558

 

4

2

94

Maverick County3

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 Park2 

Renewable energy

CA, USA

15,036

     

37

22

 

Total

 

 

274,193

346

17,558

130

$       136

82

 

Pending allocation

$        30

18

 

Anticipated impact of entire project based on the corresponding project certification document, unless otherwise indicated.
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