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Daimler joins Europe’s green bond parade

ImpactAlpha, September 8 – German automaker Daimler has issued a €1 billion ($1.2 billion), 10-year bond to transition to clean cars. Daimler’s bond follows a €500 million issuance from Spain’s Banco de Sabadell last week. 

In other firsts, Germany and Sweden both floated their first sovereign green bonds last week. Germany raised €6.5 billion with its 10-year note, while Sweden issued a bond for 20 billion crowns ($2.3 billion).

Germany’s and Sweden’s moves are aligned with a broader E.U.-strategy to sell both green and social bonds to support the block’s economic recovery while financing a sustainable transition. The E.U. is looking to issue up to €750 billion in such bonds, a move that would nearly double the green bond market. 

Earlier this year, Royal Schiphol Group, which operates Amsterdam’s airport, issued a €750 million green bond to finance infrastructure upgrades and “clean transportation.” The bonds will also boost liquidity amid the COVID induced travel slowdown, the company acknowledged.

Finland’s Evli Bank launched a dedicated fund to invest in European corporate green bonds. Says Evli’s Juhamatti Pukka, “Success in environmental and sustainability issues has a significant effect on long-term credit quality.”

The Triodos Bank is launching a similar fund for the U.K.’s retail investors.

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