London Stock Exchange welcomes Barclays Celebrating its Green Bond issuance

Sasha Wiggins, Group Head of Public Policy and Corporate Responsibility at Barclays this morning opened the market at London Stock Exchange in recognition of the listing of the bank’s second Green Bond. The bond was listed on Tuesday 3 November, raising £400m to support the development of Barclays’ Green Mortgages portfolio.

Commenting on the Green Bond issuance Sasha Wiggins, Group Head of Public Policy and Corporate Responsibility at Barclays, said:
“It is a great privilege to be able to open London Stock Exchange this morning and mark the issuance of our second Green Bond.  Barclays has been a leading participant in the Green Bonds market for over five years and the strong demand for our 2020 Green Bond underlines the continuing high levels of interest in securities that are used to fund climate-friendly activities.
“Barclays is committed to aligning its financed emissions with the goals of the Paris Agreement, and has set an ambition to reduce those emissions to net-zero by 2050.  We are accelerating the transition to a low-carbon economy through our target of providing £100bn of green financing by 2030, and by investing £175m over five years in innovative green companies.”

Denzil Jenkins, Interim CEO of London Stock Exchange Plc, commented
“Welcome to Barclays, opening London’s markets today, on their return to the Sustainable Bond Market with their £400 million green bond, the largest sterling green bond issued by a financial institution this year to finance mortgages for energy efficient residential properties. The Sustainable Bond Market now counts over 240 active bonds from 65 issuers raising over $65 billion, and is a key part of how governments, financial institutions and companies globally can help support the transition to a low carbon economy.” 

Barclays 2020 Green Bond, which matures in 2026, attracted strong institutional investor interest with orders amounting to more than £2bn (an oversubscription of 5 times).  It will offer a yield of 1.70%. 

The funds raised will be allocated towards the financing and/or re-financing of mortgages on energy efficient residential properties in England and Wales originated within the last three years. More than half the funds raised will be allocated to refinance Barclays’ Green Home Mortgage Product mortgages, which are offered to customers at a discount provided their property meets certain energy efficiency thresholds. 

Barclays has been a longstanding participant in the Green Bonds market.  In 2015 the bank announced one of the largest Green Bond investment commitments globally – up to £2bn – and in 2017 issued its inaugural Green Bond, the first from a UK bank used to fund domestic residential mortgage assets. 

In 2019 Barclays increased its Green Bond investment commitment, signalling an intention to invest up to £4bn in Green Bonds over time.  It also committed to deliver £100bn of green financing by 2030.  Since 2015 Barclays has also been a very active underwriter of ESG Bonds for clients through its Investment Bank, underwriting more than US$40bn of deals.

The 2020 Green Bond has received Climate Bonds Initiative certification and, in addition, Barclays has a second party opinion on its 2019 Green Bond Framework from the Carbon Trust as an assurance provider, confirming that the framework meets the International Capital Market Association Green Bond Principles 2018.

 

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