Australia’s first Gender Equality Bond has raised $384 million for ‘employers of choice.’
Funds raised from the National Australia Bank’s five-year gender equality bonds will be used to “refinance loans made to a portfolio of businesses” that are recognized by the Australian government for their commitment to boosting female leadership and closing the gender pay gap.
The NAB has been busy: it also helped float Australia’s biggest green bond to date, issued by the state of Queensland’s state financing arm, which raised A$750 million ($572 million).
The seven-year bonds carry a three percent coupon and are expected to be used to finance solar projects like the 15-megawatt Sunshine Coast Solar Farm in the Queensland suburb of Valdora, and low-carbon transportation.
Australia’s socially responsible debt market stands at around $3.5 billion.
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Photo credit: McKinsey