CTBC Bank (中國信託銀行) on Thursday received approval from the Taipei Exchange (TPEX) to issue the nation’s first sustainability bond valued at NT$1 billion (US$34.6 million), with the proceeds to be used for green energy projects and social development.
The five-year bond with a coupon rate of 0.43 percent has drawn positive responses from investors and is slated to be traded on the TPEX next month, the bank said.
The banking unit of CTBC Financial Holding Co (中信金控) plans to spend the proceeds on renewable energy, energy technology and social development projects, but it has not finalized the details, the bank said.
Photo: Lee Chin-hui, Taipei Times
The bond issuance comes after the TPEX established a framework for sustainability bonds earlier this month.
The exchange said that the proceeds from sustainability bonds must be used to finance eligible green projects focusing on areas such as renewable energy, energy efficiency, energy conservation, greenhouse gas reduction, waste recycling, conservation of agricultural and forestry resources, biodiversity conservation and pollution prevention.
The funds can also be spent on eligible social projects, such as basic infrastructure, affordable housing, employment generation, food security and sustainable food systems, the exchange said.
Bond issuers should disclose information about the use of funds every year and their annual reports must be certified by a third-party institution, it said.
Green bonds are expected to raise NT$50 billion in funds this year, after Taiwan Power Co (台電) and Taiwan Semiconductor Manufacturing Co (台積電) plan to issue NT$12.8 billion and NT$12 billion in green bonds next month and in December respectively, the exchange said.
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