London Stock Exchange welcomes The San Francisco Public Utilities Commission’s Green Bond to the Sustainable Bond Market

The San Francisco Public Utilities Commission becomes first US muni to list green bonds on London Stock Exchange

The San Francisco Public Utilities Commission (SFPUC), a department of the City and County of San Francisco, launched the first US municipal green bond on London Stock Exchange.  
 
The SFPUC is a leader in US municipal green bonds and the first US municipal issuer to list a green bond in Europe. The final terms are for a USD 300,005,000 2.825% bond due 1 November 2041 and a USD 41,430,000 2.945% bond due 1 November 2047.
 
The SFPUC provides drinking water and wastewater services to residents and businesses in San Francisco, wholesale water to three Bay Area counties, and green power to Hetch Hetchy and CleanPowerSF customers in San Francisco.
 
The SFPUC has issued more than USD 2.5 billion in certified green bonds and was the first issuer worldwide to certify green bonds under the Climate Bonds Initiative (CBI) Water Criteria in 2016 and was subsequently recognised in 2017 by CBI with a Green Bond Pioneer Award. In 2018, the SFPUC’s certified Green Gond was recognized by Environmental Finance with the 2019 US Muni Green bond of the Year Award. The Commission’s recently expanded Green Bonds Report includes project impacts, co-benefits such as workforce development, and alignment with the UN Sustainable Development Goals.
 
Eric Sandler, Chief Financial Officer, San Francisco Public Utilities Commission said
: “We are excited to be the first US Municipal green bond issuer to list our bonds on London Stock Exchange.  As a leader in the US market, listing on a European exchange is key to our strategy of driving the global market for green bonds. We see the LSE listing as both a channel for accessing a broader universe of investors seeking to advance positive climate and social change and a means of providing greater liquidity to those investors.”

Harlan L. Kelly, Jr., General Manager, San Francisco Public Utilities Commission said: “We are proud to list our green bonds on London Stock Exchange and lead the way for the rest of the US green municipal market. The SFPUC’s Green Bond Program is a great example of how we embrace the notion of being both environmentally and fiscally responsible.”
 
Denzil Jenkins, Interim CEO of London Stock Exchange Plc said
: “Welcome to San Francisco Public Utilities Commission, opening London’s markets today to celebrate the listing of its $341mn Climate Bonds Initiative Certified Green Bonds on London Stock Exchange’s International Securities Market. This landmark transaction is the first green bond from a US municipal issuer to be listed on London Stock Exchange, with use of proceeds being deployed to fund environmentally beneficial projects. There are currently over 240 bonds on our Sustainable Bond Market, raising over $80 billion from 68 issuers.”

Quick facts

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Market: ISM
Instrument market cap (£m)
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Listing/Admission to trading
22 Oct 2020
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