Rabobank has issued a GBP 400 million Green Non-preferred Senior bond, with all proceeds directed to eligible green assets under the Dutch cooperative bank's Sustainable Funding Framework. The bond, carrying ISIN XS2921544024 and maturing in April 2029, was priced in October 2024.
Non-preferred senior debt occupies a specific position in the capital structure, ranking below ordinary senior unsecured obligations but above subordinated instruments.
FULL PROCEEDS DIRECTED TO GREEN ASSETS
Rabobank confirmed that 100% of the net proceeds from the bond will be allocated to eligible green assets as defined under its Sustainable Funding Framework. The framework sets out the categories of assets that qualify for green funding, comprising renewable energy (wind and solar) projects and green residential buildings.
The October issuance follows earlier green transactions by Rabobank. The bank raised EUR 1.5 billion through a green bond in July 2024, and had previously printed a EUR 1.25 billion green covered bond in November 2023.
REPORTING
The bank said proceeds had been fully allocated to eligible green assets, a commitment it reports on publicly through its annual Green Instruments Report.