Information for Investors

Since 2018, NADBank has issued three green bonds totaling US$478 million that have supported 12 projects to date. All infrastructure projects financed with the proceeds of the green bonds are consistent with the 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 NADBank Green Bond Reports 2018 and 2020.

The first green bond issued by NADBank in July 2018 was a CHF 125 million bond maturing in 2026. All of the net proceeds, equivalent to US$126 million were allocated to six renewable energy projects in 2018. 

NADBank has 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. Both were issued in 2020, and their proceeds are currently being allocated. As of December 2020, US$185 million from these two issues have been allocated to 11 projects. 

* Five of the 12 projects have received allocations from more than one bond.

Renewable energy made up the largest portion of the green bond eligible projects—about 92% 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 in 2018.

¹ Expected impact of entire project.
² Targets from the respective project certification and financing proposal. 
CO₂– Carbon dioxide in tons per year, GHG – Greenhouse gases.

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

Proceeds from this bond issued in May 2020 are still being allocated.  As of December 2020, US$172 million of the proceeds had been allocated to seven projects, including committed amounts that are still being disbursed. Some of the projects also received allocations from the 2026 bond. 

¹ Expected impact of entire project. 
² Targets from respective project certification and financing proposal. 
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.  As of December 2020, US$13 million from this issue had been allocated to four projects, including committed amounts that are still being disbursed.

¹ Expected impact of entire project.
² Targets from the respective project certification and financing proposal.
CO₂ – Carbon dioxide in tons per year; GHG – Greenhouse gases; lps – Liters per second