FirstRand Bank has issued three green bonds with a combined value of R3.4 billion, with proceeds directed to eligible green assets such as renewable energy projects in South Africa. The JSE listing of the bonds, which are senior unsecured floating-rate notes, was announced in mid-May 2024.
The three instruments have different maturities. The FRJ27G bond, with a face value of R500 million, carries a three-year tenor. The FRJ29G bond, at R1,713 million, is structured over five years, while the longest-dated instrument, FRJ31G at R1,146 million, has a seven-year maturity.
USE OF PROCEEDS
The proceeds of all three bonds are to be allocated to eligible green assets such as renewable energy projects.