DOHA: QNB Group on Tuesday announced the successful completion of its first green benchmark bond issuance. This is the first-ever green bond issued by a Qatari bank.
Under the MTN Programme, a $600-million tranche in the form of senior unsecured notes was issued with a maturity of five years and listed on the London Stock Exchange under the Sustainable Bond Market segment.
Proceeds from this green bond issuance would be used to finance or refinance assets in verified Eligible Green Projects.
QNB Group received subscriptions in excess of $1.8 billion, demonstrating the global investor’s confidence in the bank’s solid financial fundamentals and strong financial performance.
The issuance was part of QNB Group’s ongoing strategy to ensure diversification of funding in terms of type, tenor and geography as an example of commitment to ESG principles.
Sustainable strategy
In 2017, QNB Group launched a group-wide sustainability strategy across the organisation.
The strategy has been developed in alignment with the objectives of Qatar National Vision 2030 (QNV2030), United Nations Sustainable Development Goals (UNSDG) and the sustainability criteria guidance as set forth by the Qatar Stock Exchange.
Building on this initiative, QNB Group set up its Green, Social and Sustainability Bond Framework in February and has been in regular contact with several ESG investors over the last number of months.
QNB Group’s current green assets portfolio currently consists of green buildings, energy efficiency projects and sustainable water and wastewater management in Qatar and international jurisdictions where QNB Group is present.